A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.
I believe in the United States of America as a government of the people, by the people, for the people; whose just powers are derived from the consent of the governed; a democracy in a republic; a sovereign nation of many sovereign states; a perfect union, one and inseparable; established upon those principles of freedom, equality, justice, and humanity for which American patriots sacrificed their lives and fortunes.
I therefore believe it is my duty to my country to love it; to support its constitution; to obey its laws; to respect its flag; and to defend it against all enemies.
I really like Milton Friedman’s take on capitalism although I fear he is often misunderstood by most people in the mainstream media.
For example, he is often credited with being the “profits before people” advocate for corporations after his famous paper on the “stakeholder vs shareholder” conflict.
One tiny point he makes in that paper (and often ommitted from academics) is that he says companies should seek to maximize profits so long as the actions are legal and “within the ethical customs of society” (or something close to that).
Anyway, there are many “ethical customs” in our society that Friedman would certainly approve of being done by today’s corporations even if they didn’t maximize profits…for example, let’s say Wal-Mart decided to switch to expensive LED lighting in all of their stores. The cost of these bulbs would more than likely negatively affect corporate profits, by taking reasonable steps to reduce our impact on the environmental is an “ethical custom” of society.
Got off on a tanget there…sorry about that, thanks for sharing that link, it is very timely and I haven’t seen it before!