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I have read a good deal of "The Wealth of Nations", although it was some time ago, but have only read excerpts from "The Theory of Moral Sentiments". What I was saying earlier about "self- interest, broadly construed" (a phrase I borrowed from Milton Friedman) means that regardless of the precise nature of our motivations, we all have our own agenda, and will exert ourselves to fulfill it, whereas we feel it to be onerous to be coerced into fulfilling someone else's agenda, and will balk. Even though there are plenty of people who do not receive the remuneration they would like, as long as they see working, saving, and investing as the only legitimate means of improving their lot, they will be enterprising. The United States depended upon the energies of immigrants grateful for the opportunity of improvement. One thing that I wish more libertarians appreciated, however, was that there is a minimum of decency required for this to work, to prevent crime and parasitism. |
