Economic Myths

Instead of just parroting what you hear on the news, how about using your noodle instead? Walter Williams does that, and with panache:

How about the criticism that businesses are just in it for money and profits? That’s supposed to be an anti-business slam but upon simple examination, it reflects gross stupidity or misunderstanding. Wal-Mart owns 8,300 stores, of which 4,000 are in 44 different countries. Its 2010 revenues are expected to top $500 billion. Putting Wal-Mart’s revenues in perspective, they exceed the 2009 GDP of all but 18 of the world’s 181 countries. Why is Wal-Mart so successful? Millions of people voluntarily enter their stores and part with their money in exchange for Wal-Mart’s products and services. In order for that to happen, Wal-Mart and millions of other profit-motivated businesses must please people.

Compare our level of satisfaction with the services of those “in it just for the money and profits” to those in it to serve the public as opposed to earning profits. A major non-profit service provider is the public education establishment that delivers primary and secondary education at nearly a trillion-dollar annual cost. Public education is a major source of complaints about poor services that in many cases constitute nothing less than gross fraud.

via Walter E. Williams : Economic Myths, Fallacies and Stupidity

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