Ludwig von Mises
Check out this awesome article from Values and Capitalism: “People-vs-Profits” is a False Dichotomy.
I wished business schools would remind themselves of this. I think b-schools students should be taught Austrian Econ, as a prerequisite
Personally, I’d replace “profits” with “incentives”. People far to often think of profits as purely monetary gains. But some people believe in gains that are not necessarily monetary in nature, such as emotional gains.
There are those that engage in supplying consumers for some sort of emotional gain and that, to them, is the incentive of doing business.
This is where the theories of economics start to diverge with the theories of ethics and philosophy; specifically with the ethics of altruism of David Hume.
Maybe it’s just me, but if we started talking about “income” and “profits” as things that go beyond just monetary gains, maybe we’d attract more individuals to the ideas of capitalism and anarcho-capitalism.
Markets are nothing more than the collective action of society and ethics are the collective belief of that society, than there’s no one to blame for unethical behavior of the market than society as a whole.
Therefore, if one wishes to clean up the market of unethical behavior, one shouldn’t punish the market with regulations. Instead, one should try to teach society to embrace and practice better ethics.— We need ethical evolution, not market regulation.