| | This much is true: It is not against the interests of people to compete with each other economically, even though someone will win and someone will lose, because even the losers are better off in a society that allows economic competition than the winners are in a society that does not allow it. What is good for me economically is also good for you, even if, in the short run, I win and you lose, because if you are better at something than I am, then it's in my interests for you to do it, and for me to do something else that I am better at, and for the two of us to trade, which is what is meant by David Ricardo's "law of comparative advantage."
How do we find out what people are best at? By allowing them to compete with each other. By sorting out the winners and losers, competition assigns people to their most productive occupations. In contemporary lingo, capitalism is a "win-win" situation, which is what Adam Smith meant when he referred to it as a "harmony of interests." And this, I suspect, is what Ayn Rand was alluding to when she said that "there are no conflicts of interest among rational men."
- Bill
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