Thursday, June 23, 2016
The Non-Explanation of the "Love of Money"
Explaining market operations by invoking "the love of money" is as nonsensical as explaining them by invoking "the love of language". Both money and language are indispensable tools for engaging in large-scale social cooperation based on productive specialization and division of labor, but neither is its goal. The fact that only the former is routinely mistaken for it can only be explained by the influence of common envy masquerading as a psychological insight. As should be all too obvious, envy is the greed of the loser.