| | Ms. Armozel, Dr. Machan, Mr. Davison,
Thank you for your comments.
Dr. Machan,
"The reason for the problem is the equivocation between "to be satisfied by" and "to be benefitted from." Many people are satisfied by what does not benefit them--for example, drug abusers, sadomasochists, folks who do not pay attention to what is best for them, etc."
This is true, and it underscores the necessity of rational ethics to inform people as to what genuinely benefits them. If people make objectively beneficial trades, they will prosper; if people make objectively detrimental trades (like giving away $10,000 to buy a box of matches under today's economic conditions, for example), they will suffer. Either way, trade is a positive learning experience. The objectively good trades are rewarded by reality, and the objectively bad trades are punished -- and people who have a shred of rationality in them prefer to be rewarded rather than punished.
This was my reason for writing: "Some individuals will inevitably make mistakes, and their expectations will mislead them to make trades that—in retrospect—they will recognize were harmful. But this is an asset—not a flaw—in the capitalist system. Individuals’ minds are not static; they learn. An individual who has harbored false expectations and acted on them to his detriment will likely be more careful in the future. As he accumulates knowledge and skills, he will make increasingly better decisions. If he refuses to change and keeps failing, nobody will sacrifice to bail him out. "
I think that statement indirectly addresses the problem you mention. But thank you for pointing it out nonetheless. The article should have been more explicit about this specific issue.
Mr. Davison,
I am indeed arguing for a system of trade in which money plays a significant role. Money itself began as a tradeable commodity on the free market (i.e., a precious metal, in most cases) -- a commodity more saleable than the others. For a concise description of money's origins and value, see "Austrian School Arguments on the Free Market Origin of Money": http://www.geocities.com/rational_argumentator/austrianoriginofmoney.html.
I am
G. Stolyarov II
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