Mini Lesson: Business Economics


A Mini Lesson: Business Economics

In my undergraduate days, I was a business major before making that a minor and majoring in psychology. 

I learned about something called “Enlightened Self-Interest” in my business classes. This is a material-consequential based explanation of why it is best for businesses to take good care of their employees and their customers. It also explains why, in a free-market economic system, private businesses tend to do so.

Radical liberals, socialists, progressives and anarchists preach that private businesses are evil. They argue that businesses abuse both their employees and their customers.

While there is no doubt this is true in some cases, it is certainly not generally true.

In fact it is not true of most successful businesses because there is “Reciprocal Control” between the businesses, its workers and their customers.

If private businesses threat their employees poorly they will leave and be replaced by less skilled and dedicated ones. These businesses, in turn will tend to produce a poorer product and product services.

All of this will tend to lead to dissatisfied customers who, in a free market, most likely seek-out better businesses who will provide them better products and services. 

All of this is why socialism, communism, fascism and obviously, anarchy, fails so badly in comparison to democratic republics and a free-market economies.

Radical liberals/progressives and socialists argue that the “trickle-down theory” does not work.

See for yourself!

Click the following link. Please endure the brief ad that precedes the video. It will be worth your wait. 

V. Thomas Mawhinney, Ph.D.    1/7/18

 

 

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