Tag Archives: consumers

Economic Myths #4 – Profits are Evil!


One of the elements of a capitalist system that induces purple-faced rage amongst statists and progressives is the existence of profit. This residual – the amount left over once an entity has deducted its costs from its revenue – is said to line the pockets of greedy shareholders while exploiting labourers and consumers.

First, it is important to understand what we mean and what we do not mean by “profit”. Here we will be discussing only profits that an entity may earn purely as a result of voluntary trade and free exchange; we do not mean those “accounting” profits that companies may rake in as a result of favourable state regulations, direct subsidy from the state, or any other kind of residual of a trade relationship based upon force. These profits – including bank bailouts and stimulus funding – are rightly to be condemned as unjust and immoral, sustaining the power base of the incompetent, wealthy elite at the expense of everyone else. But such a condemnation must not be allowed to throw out a very precious baby with repulsively filthy bathwater – for profit is one of the most vital elements that gives life to an economic system that relies upon the division of labour. Read more

Shopping is the problem


David Davis

Samizdata I think has articulated the anti-G20, anti-everything problem first and best.

“Going Forward”, we must all upgrade to living in caves and animal skins: we must go forwards to our natural state as hunter-gatherers, of fruit, and of healthy greens. Then there will be no need for shops. Our guts can re-evolve back to 300 feet long, we can go back to quadrupedalism, our brains will shrink, and we shall as true animals progress accordingly.

And then, when the next asteroid comes, we shall die. Like the others…all over the observable Universe. God is merciful and Great….scumbags. What was it she called it…? “Requiem for Man”? You know! That strange unreadable woman whom everybody says they hate….(no, not Margaret Thatcher: she was a chemist, you know.)

And poor old Polly Toynbee still does not get it…h/t The Devil. John Redwood thinks she’s deranged, but I guess she will let it pass, and will fly to her house in Italy untroubled…