Was Sam Walton greedy when he had five stores and wanted more? Or was Jeff Bezos greedy when he tried to sell more than books? If so, thank God for greed.
When academics discuss entrepreneurs' ambition and desire to make more money, they often overlook some of the primary motivations. As someone who started and ran a business, I can tell you that there is a game motivation. You want to win. You want to crush your competitors. It is no different from an athlete who wants to beat all the competition. Money is just the way you keep score. There is also a creation aspect. Some people are motivated to create. Artists create art, often with little to no remuneration. Entrepreneurs want to build something new and make it as big and beautiful as possible. Money is the icing on the cake.
Excellent conversation. I was particularly pleased that Sheldon is up on the literature on Gabriel Kolko. I had Robert Bradley and Roger Donway do an article on that issue for Econlib:
Too many look at an outcome and forget the process, the pain, near failures that a great many who have made fortunes in biz incur along the road. AMZN reinvented itself many times, was close to having gone out of business, but who is aware of that? Most simply look at Amazon as it stands today and the wealth that Jeff Bezos has made for himself and for many others both directly and indirectly.
Sure there are greedy biz people; but there are greedy politicians and all sorts of others across the landscape of human endeavor. Seeking tons of power over others is a form of greed in my view.
Thanks, Bryan for posting the conversation with Sheldon. I, too, was a Cato intern during his tenure there and I thoroughly enjoyed getting to know him and am grateful for what I learned from him. Best wishes, Jacobo
Was Sam Walton greedy when he had five stores and wanted more? Or was Jeff Bezos greedy when he tried to sell more than books? If so, thank God for greed.
When academics discuss entrepreneurs' ambition and desire to make more money, they often overlook some of the primary motivations. As someone who started and ran a business, I can tell you that there is a game motivation. You want to win. You want to crush your competitors. It is no different from an athlete who wants to beat all the competition. Money is just the way you keep score. There is also a creation aspect. Some people are motivated to create. Artists create art, often with little to no remuneration. Entrepreneurs want to build something new and make it as big and beautiful as possible. Money is the icing on the cake.
Excellent conversation. I was particularly pleased that Sheldon is up on the literature on Gabriel Kolko. I had Robert Bradley and Roger Donway do an article on that issue for Econlib:
https://www.econlib.org/library/Columns/y2015/BradleyDonwayKolko.html
I liked Sheldon's point about wanting to be an employee. I also thought the discussion of greed was particularly insightful and nuanced.
Too many look at an outcome and forget the process, the pain, near failures that a great many who have made fortunes in biz incur along the road. AMZN reinvented itself many times, was close to having gone out of business, but who is aware of that? Most simply look at Amazon as it stands today and the wealth that Jeff Bezos has made for himself and for many others both directly and indirectly.
Sure there are greedy biz people; but there are greedy politicians and all sorts of others across the landscape of human endeavor. Seeking tons of power over others is a form of greed in my view.
Where is the transcript? I just don't like podcasts enough.
https://www.thebignewsletter.com/p/the-number-go-up-rule-why-america?utm_source=post-email-title&publication_id=11524&post_id=168396972&utm_campaign=email-post-title&isFreemail=true&r=2x9d6e&triedRedirect=true&utm_medium=email
Thanks, Bryan for posting the conversation with Sheldon. I, too, was a Cato intern during his tenure there and I thoroughly enjoyed getting to know him and am grateful for what I learned from him. Best wishes, Jacobo
hmm im into this space how could i get in touch more?