If President Obama were just an ordinary Joe, not engaged in the legislation of public policy, then his suggestion of modesty would be reasonable. But since he has the influence and or power to enforce it, it is of serious concern. Moderation is arbitrary. Enforcing moderation is a slippery slope.
Interesting question. I don't think greed is the corruption, I think greed leads to the corruption in the sense that initially someone just wants to make a lot of money, and perhaps even do so by honest means...but when some plateau is reached...and the greed is not satiated, the corruption kicks in. Just like a drug addict really...they need more and more drugs...and so often have to turn to crime to support the habit. I think what Obama is saying is that making an honest living is great...being a slave of greed such that you become corrupt in the chasing of that endless greed is not so good. Fulfillment of greed doesn't bring contentment, it brings momentary satiation, just like fulfilling any primal drive...but quickly returns with even greater vengeance to be fulfilled...and the desire returns with greater force such that people have no concern whether their actions are damaging to themselves or society at large. It is a spiritual sickness, the level of greed we see in our country...and this spiritual sickness is happening in a Christian country? Once again, the schism manifests itself.
This is the Liberal dogma.The thought that earning money is pure exploitation of the weak. That consumers use no thought process or access the value of exchanging their money for good or services. People have successful business's and create wealth because they provide products and services to consumers who choose to exchange their currency for it. In fact it is business and not Government who produce almost all the goods and services this society runs on. I would declare that the more wealth one has created, the more good they have done for society.
Actually, it is true Christian dogma if you will...and the dogma of most religions who preach moderation and desire for God above lust for money. If you don't understand the difference between someone wanting to build a company (not for money) and someone who is not building anything but personal wealth...Heaven help you. This is the sickness we see in the American corporation who exports jobs overseas, and simultaneously claims to be a patriotic American...
Again, If you ever made a dollar in a business you would know it takes incredible products and pricing, incredible customer service, incredible support to get a customer to have confidence in your product and then be willing to trade hard earned dollars for that product. You and all Liberals make it sound like companies are ripping everyone off. Everything you own is made by companies. From toothpaste to clothing to lawnmowers. When it comes to personal wealth much of that is earned by stock and option owners of these companies. Stock and options are available to anyone in public. Companies need money. It is their blood. They need to earn it. Unlike NGO or Non-profits, who need to beg for money. They beg and beg so they can pay their top people more money then Obama is even comfortable with.
This is a great article, Ricter, thank you... I have a lot of respect for both Adam Smith and Amartya Sen.
YW. I hope to get my hands on Smith's "Moral Sentiments" this weekend. And I've wiki'd Sen's published works, looking for a spot to jump in.
It's heavy-duty development economics... Why don't you start with his Nobel Prize lecture? http://nobelprize.org/nobel_prizes/economics/laureates/1998/sen-lecture.pdf