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townhall.com Printer-friendly version August 11, 2004
Economic ignorance allows us to fall easy prey to political charlatans
and demagogues, so how about a little Economics 101? It's popular to condemn greed, but it's greed that gets wonderful
things done. When I say greed, I don't mean stealing, fraud, misrepresentation
or other forms of dishonesty. I mean people trying to get as much as they can
for themselves. We don't give second thought to the many wonderful things others
do for us. Detroit assembly-line workers get up at the crack of dawn to produce
the car that you enjoy. Farm workers toil in the blazing sun gathering grapes
for our wine. Snowplow drivers brave blizzards just so we can have access to our
roads. Do you think these people make these personal sacrifices because they
care about us? My bet is that they don't give a hoot. Instead, they along with
their bosses do these wonderful things for us because they want more for
themselves. People in the education and political establishments pretend they're
not motivated by such "callous" motives as greed and profits. These people
"care" about us, but from which areas of our lives do we derive the greatest
pleasures and have the fewest complaints, and from which areas do we have the
greatest headaches and complaints? We tend to have a high satisfaction level
with goods and services like computers, cell phones, movies, clothing and
supermarkets. These are areas where the motivations are greed and profits. Our
greatest dissatisfaction is in areas of caring and no profit motive such as
public education, postal services and politics. Give me greed and profits, and
you can keep the caring. How about the idea that if it saves just one life it's worth it? That's
some of the stated justification for government mandates for childproof medicine
bottles, gun locks, bike helmets and all sorts of warning labels. No doubt
there's a benefit to these government mandates, but if we only look at benefits,
we'll do darn near anything because there's always a benefit to any action. For example, why not have a congressionally mandated 5 miles per hour
highway speed limit? According to the U.S. Department of Transportation, there
were 43,220 highway fatalities in 2003, with an estimated cost of $230 billion.
A 5 mph speed limit would have spared our nation this loss of life and billions
of dollars. You say, "Williams, that's preposterous!" You're right. Most people
would agree that a 5 mph speed limit is stupid, impractical and insane. That's
one way of putting it, but what they really mean is: The benefit of saving
43,220 highway deaths and the $230 billion that would result from mandating a 5
mph speed limit isn't worth all the inconvenience, delays and misery. Admittedly, the 5 mph speed limit is an extreme example, a reductio ad
absurdum. Nonetheless, it illustrates the principle that our actions shouldn't
be guided by benefits only; we should also ask about costs. Again, when
politicians come to us pretending they're Santa Clauses or tooth fairies
delivering benefits only, we should ask what's the cost, who's going to pay and
why.
©2004 Creators Syndicate, Inc. Contact Walter E. Williams | Read Williams's biography townhall.com
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