Friday, February 22, 2019

If an Individual Looks out for His Own Interest within the Framework of Private Property and Market Exchange He Is Doing Everything the Society Expects of Him. In Following the Profit Motive His Action Becomes Social

The reformers whose suggestions we are here discussing want to establish additional ethical norms besides the legal order and the moral code designed to maintain and to protect private property. They desire results in production and consumption different from those produced by the unhampered market in which there is no limitation upon the individuals save the one not to violate private property. They want to eliminate the forces which guide the actions of the individual in the market economy. They call them selfishness, egoism, the profit motive, or the like, and they want to replace them with other forces. They speak of conscience, of altruism, of awe of God, of brotherly love. And they want to replace “production for profit” with “production for use.” They believe that this would suffice to secure the harmonious cooperation of men in an economy based on the division of labor so that there would not be any need for interventions—commands and interdictions—by an authority. . . .

If the individual looks out for his own interest within the framework provided by private property and market exchange he is doing everything the society expects of him. In following the profit motive his action necessarily becomes social.

--Ludwig von Mises, introduction to Interventionism: An Economic Analysis, ed. Bettina Bien Greaves, trans. Thomas Francis McManus and Heinrich Bund (Indianapolis: Liberty Fund, 2011), 14-15.


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