Joel Watts – Question 6 – Answer 1 (Profit)

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Question 6
Elgin’s Answer
Joel’s Answer
Elgin Hushbeck – Question 6 – Reply 1 (Profit)

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(Note: Content corrected an updated 7/30/13, because the editor posted the wrong content.)
1) You say profits must be kept low. But terms like “low” and “high” are relative terms, and frankly very subjective. What is low or high is very likely to vary widely from person to person, and particularly between buyer and seller. What will be the basis for such determinations?
I think high profit would be something along the lines of what the former Exxon executive received as a retirement package. I must turn again to Aquinas. Money is consumable, unlike land and other means of production. To have more money than is consumable by the individual is against natural law (as Aquinas would state). To have consumable money making money consumable money, neither of which will ever be consumed, this is against natural law. If profit is consumed to provide for the poorest, it is a virtue. If profit is wasted (as in left only to consume itself), then it is sinful.
2) You say “But, to keep them low, one must employ external forces, such as government regulations.” How is government going to perform this role, and what gives you any confidence that they have the ability to fulfill this role?
“They” is not a term I thought we would rightfully use in a Republic. I would prefer the term “we.” The anti-trust/monopoly acts worked well until they were balkanized to the point of non-existence. Further, taxes based on high profit (profit unconsumed either in the means of production or in the means of comfort, but profit consumed only in the production of more profit) would likely yield a comfortable natural force, as was evident before the concept of low taxes means a better economy was the trend in the 1960’s.
3) You say you have different expectations for the profit and non-profit. What are these expectations, particularly when it comes to for profit and government?
I thought we were talking about profit and non-profit, not profit and government. I fully expect a profit organization to seek to make profit for the betterment of its members. A non-profit should seek to raise money for the betterment of others.