The moral imperative of profit

Progressives are (grudgingly) willing to tolerate a market society of sorts, but keep stumbling over the "problem" of profit.  Excess Profit taxes, steeply progressive tax rates, the frequent demonizing of "cowboy capitalism" (particularly in Europe) all point to a deep discomfort with the morality of profit.

Most Progressives, sadly, are very poorly educated.  What's astonishing is just how far back in time the case for profit has been made.  Not just an argument from effectiveness - West Germany vs. East Germany, for example.  The moral case for profit, as a superior system to planning and control by an elite, has been common knowledge to educated people for decades.  Hayek, of course, was explicit in his arguments:



Milton Friedman starts with effectiveness, but ends up stating the moral case quite eloquently:



And Margret Thatcher take on the elite view head on, and unleashes a righteous can of moral whoop-ass:



Of course, she was clearly a "political whore" ...

In a less degraded age, the Academy would teach this to each incoming freshman.  Of course, you'd first have to grant tenure to some Chicago School economists ...

UPDATE 19 October 2010 12:13: MadMedic brings some thoughts from Calvin Coolidge.