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Estera Kaszen

Managing & New Business Director 

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The idea that individual vices can be transformed into common wealth through the existence of markets is explored in the works of Matt Ridley and Tomas Sedlacek. In his book "The Rational Optimist," Ridley argues that markets are one of the key drivers of human progress, while Sedlacek's "The Economy of Good and Evil" explores the moral and ethical implications of market-based systems. Together, these authors provide a compelling case for the transformative power of markets.

Ridley argues that markets are able to transform individual vices, such as greed and selfishness, into benefits for society as a whole.

He cites examples such as the pursuit of profit, which drives entrepreneurs to create innovative products and services that benefit consumers. In this way, individual vices are harnessed for the greater good, leading to a more prosperous and dynamic society.

Sedlacek explores the ethical implications of market-based systems, and suggests that the moral values of individuals are reflected in the functioning of markets. He argues that markets can be seen as a type of social network, in which individuals interact with each other to exchange goods and services. In this way, the market reflects the values of the individuals who participate in it.

One example of this can be seen in the growing trend towards ethical and sustainable products. As consumers become more aware of the impact of their purchasing decisions, they are seeking out products and services that align with their values. This has led to the growth of markets for products that are organic, fair trade, or sustainably produced.

In addition to transforming individual vices into common wealth, markets also have the power to incentivize innovation and efficiency. As businesses compete for customers, they are motivated to develop more efficient production methods and to create better products and services. This competition can lead to greater prosperity and economic growth for society as a whole.

Regulations against human nature

Of course, markets are not without their flaws and drawbacks. Sedlacek points out that markets can also reflect and intensify on, or trough their inner mechanics encourage negative values, such as greed and exploitation. In order to ensure that markets operate in a way that benefits society, it is important to have strong regulations and oversight.

Being self-regulated and balanced or totally seduced be rewards and consumption, finally becoming a "cheap dopamine addict" is possible the greatest internal tension that troubles modern humans. Possibly China's hybrid model, where environment fostering innovations is clashed with strong state regulations is the most effective answer to this troubling tensions and that's why Chinas economy performs so well. However genetic profile and historic-sociological differences between East and West have to be taken into account before holding strong such conclusions.

A forgotten hero, early sociologist of the Dutch Empire era

Finally, one dutch man, not so well known as Ridley and Sedlacek, made a founding stone for this thinking in times of flourishing with trade Dutch Empire. His name was Bernard Mandeville.

Image source: Internet

The "Fable of Bees" is a book by Bernard Mandeville that was published in 1714. The central theme of the book is that the pursuit of individual self-interest can have positive consequences for society as a whole. Mandeville argues that individual vices such as greed and envy, when harnessed by the market system, can lead to economic growth and prosperity. This idea is still relevant today and is consistent with Matt Ridley's concept of the pursuit of profit as a driver of innovation and progress.

Image source: Internet

Ridley's idea of the pursuit of profit suggests that entrepreneurs are motivated to create innovative products and services that benefit consumers, in order to generate profits for themselves. This self-interest, when combined with competition in the market, drives entrepreneurs to constantly improve and innovate, resulting in better products and services for consumers.

Mandeville's idea of individual vices being harnessed for the greater good is in line with Ridley's concept. Mandeville argues that the market system harnesses individual vices such as greed and envy to create economic growth and prosperity. Similarly, Ridley argues that the pursuit of profit, which is often associated with greed, drives entrepreneurs to create innovative products and services that benefit consumers and society as a whole.

Moreover, Mandeville's idea of the market system as a self-correcting mechanism is also consistent with Ridley's concept. Mandeville argues that in a market system, the pursuit of individual self-interest results in a natural balance of supply and demand, which leads to a more prosperous and dynamic society. Similarly, Ridley suggests that the pursuit of profit results in a self-correcting market system where entrepreneurs who fail to meet consumer demands are eliminated from the market, while those who succeed are rewarded with profits.

Mandeville's "Fable of Bees" and Ridley's concept of the pursuit of profit both suggest that individual self-interest, when harnessed by the market system, can lead to economic growth, prosperity, and innovation. Mandeville's idea of individual vices being harnessed for the greater good is consistent with Ridley's concept of entrepreneurs pursuing profits, which ultimately benefits consumers and society as a whole.

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