• Greed

      In my syndicated column this week, I explain why, in a free market economy, greed works.

      On TV, my Fox colleague Bill O'Reilly says, "The recession was brought on largely by greedy Wall Street corporations."

      Give me a break.

      Bill's smart. If he believes such things, we who care about freedom have done a poor job communicating economics.

      Blaming problems on "greed" is a mindless cliché.

      Yes, Wall Street was greedy -- but that's nothing new. Greed is a constant. Did you ever turn down a raise? We need a free market because it restrains greed. Laws against theft and fraud help, but competition does more. With this election approaching, and statist, eager-to-regulate candidates in ascent, we need more Americans to understand this.

      I'm repulsed by aspects of greed. But the truth is that greed, without government interference, makes us all better off. It grows the economic pie.

      I explored that subject on my FBN show last week:

      Progressive blogger Sally Kohn argued: "We all have a little greed in us. The question is, what values do we hold alongside greed as a society ... so that we operate for the better good of everyone?"

      What values? My vision of the "better good" may be different from hers. I don't want government to decide for me.

      ... Kohn said government is needed to assure equality, just as parents make sure a cake is not unfairly divided among family members.

      "The reality is ... we have fixed resources."

      But we don't have fixed resources! Thanks to economic liberalization, 7 billion people on earth live better than ever. Poverty decreases. That should prove we don't have fixed resources. Rather than one cake or a fixed supply of cake, greedy entrepreneurs -- like Bill Gates and Steve Jobs -- make more and bigger cakes. Everyone gets richer. The producers, however greedy, are heroes.

      The rest of my column here.

      Free Market
      Syndicated Column