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| Welfare Economics: Greed is Good by Mangesh Ghogre |
| Author : | Mangesh Ghogre |
| Institute : | VJTI '01 & NMIMS '04 |
| Posting Date : | 27/10/08 |
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This article by Mangesh was recently published in the edit page of the Times of India. The article looks at greed from a different viewpoint.
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One of my articles was recently published in the edit page of the Times of India. Here is the link http://epaper.timesofindia.com/Repository/ml.asp?Ref=VE9JTS8yMDA4LzA5LzI5I0FyMDE2MDc=&Mode=Gif&Locale=english-skin-custom
. The same has also been reproduced below:
Welfare Economics: Greed is Good by Mangesh Ghogre
I was recently handed an above-average salary hike by my employer. In all modesty, one wasn't bothered about the hike and said to oneself, "I might be earning more than i need." I received a lot of keep-it-up compliments but the one that stood out came from my long-time friend and mentor who quipped, "Don't be modest and complacent. Good people should earn more money." A little digging revealed that the intent of the statement was not greed. On the contrary, it implied how money in the wrong hands has proved bad for the well-being of mankind, in turn indicating the extent of good that more money in the right hands could do! We usually associate qualities like simplicity and non-greediness with good people. In the Indian context, at least, we don't expect good people to senselessly run after money or be downright greedy for more money. Modesty rules.
But here is a new way of looking at earning money. When money falls in the pockets of good people, it will probably be put to a use that is positive for mankind.
For example, they may deposit it in a bank, which brings the money back into the economic system. If not, they may spend on eating, travelling, entertaining, studying, etc. which in turn props up employment and thus reduces poverty. On the other hand, when money lines the pockets of the wrong people, it usually degenerates the good. For example, it could be used for corrupting people or processes, for destroying societal harmony and well-being or for down-right heinious activities like terrorism. For these wrong people, money is the fuel to stoke the fire of negative energies like hatred, impropriety, distrust and revenge. So, good people should aspire to earn more money - not just to become rich and fulfil their own desires, but also to protect the scarce resource called money from falling into the wrong hands. Good people in a position to grab a bigger share of the limited money pool should collectively own as much money as possible and reduce the share of money in the wrong hands. So, next time you have a chance of making that extra buck, don't think you are being too greedy. If you think you're a good person, your use of that extra money will be in the interest of the larger good. All good people out there should become eternally 'greedy' for more money.
www.mangeshghogre.com
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