Thursday, October 13, 2011

Wolf on Jobs and Capitalism

Dr. Milton Wolf gives a nice tribute to Steve Jobs (and a moral defense of capitalism) in his latest 10/11/2011 Washington Times OpEd, "Steve Jobs, billionaire capitalist".

I especially liked how he contrasts the virtues of capitalism and the pursuit of rational self-interest as against the irrational pursuit of supposed self-interest as exemplified by Gordon Gecko in Wall Street.

(Read the full text of "Steve Jobs, billionaire capitalist".)

Under capitalism, people are free to engage in voluntary trade with one another to their mutual benefit. The government's role is to protect honest people from the initiation of force or fraud, but otherwise leave them alone. Because transactions cannot be compelled, they occur when both parties deem it to be in their mutual interest. Hence, capitalism encourages individuals to engage in "win-win" trades with one another.

To the extent we have allowed it to operate, capitalism has brought incalculable benefits to us -- and should be praised as moral and virtuous. Furthermore, long-range success in a capitalist society comes from cultivating and practicing life-affirming virtues such honesty, integrity, and rationality.

Good for the body and good for the soul -- what more could one ask for/