George Orwell admonished, “Sometimes the first duty of intelligent men is the restatement of the obvious.“ That’s what I want to do - talk about the obvious. Suppose that a person is faced with the choice of spending $50,000 on a brand-new car or paying two years worth of college tuition for his 18-year-old. What is the solution? That’s a stupid question. In the world of economic decision-making, there are no solutions - only tradeoffs, where having more of one thing means having less of another. Having one desire fulfilled means having another unfulfilled. For example, there’s no solution to our health-care issues. Congress’ health-care law simply substitutes its judgment on the delivery of medical services in the name of helping the uninsured. The tradeoff is that Americans have less of something else such as fewer personal choices, less after-tax income and very likely a lower quality of medical services.
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. Full Piece
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