Alef: The NEXT Conversation

Greed is Good

By Eric Minoff

“Greed, for a lack of a better word, is good.” 

We’ve all heard that before right? It is the short phrase that has typified our view of Wall Street since Michael Douglas’ character Gordon Gekko said it in the 1987 film Wall Street. The villainous nature of Gekko and his insider trading also typified “greed,” which has often been culturally associated as a bad thing. With our recent roller coaster economy, the bonus-hungry culture on Wall Street, and the vocal admonishments of the “culture of greed” by President Obama and others, it is easy to see why “greed” is bad, right?

Well, I disagree. I think Gordon nailed it. Greed is good. Greed, and its ever-present close cousin selfishness, are highly positive traits. Greed motivates us to do things we wouldn’t do without payoff for ourselves. The problem is that these actions always seem to get tied to the wrong things – greed and selfishness are associated with money-grubbing, neglecting others, and the relentless pursuit of an end that only benefits the greedy individual. Greed and selfishness never get tied to volunteerism, service, or socializing, because those are all seen as altruist actions, not selfish ones. Clearly there are still a lot of good people in the world volunteering and helping others, so what is their motivation?

For me, it is my greedy sense of personal entitlement that dictates that I should have a good time. I will do whatever will benefit me most. Why suffer, right? Can you honestly look me in the eye and tell me the last volunteering gig you participated in didn’t benefit you at all? That it didn’t give you some sense of emotional satisfaction? The answer is usually either, “yeah, I enjoyed myself” or “it felt good to do it.”

With that in mind, it is pretty clear why I jump at volunteer programs, become an active planning member in a social group, and give money to charity. All of those things are designed to benefit others but are sources of personal delight to me. I don’t believe in altruism because no one is interested in doing something they hate, even if it is good for others. I believe in trickle-down selfishness – I get my jollies from volunteering and related activities that benefit others.

I worked in an ambulance unit for three years in college, driving the ambulance and managing the unit. I considered it a unique opportunity to step outside of the norm and do something different. Plus, I could live out my Moses fantasy – when driving with the lights and sirens on, the sea of cars would literally part before me. I worked on the unit 20-40 hours a week, on top of my classes and homework. And I was never paid a dime for it since it was a volunteer unit. The only reason I would wake up at 3:00 a.m. on a Thursday to help some slovenly, drunk freshman, was because I enjoyed it. That’s right, I wasn’t there to help people, I was there to enjoy myself. The fact that people were helped, lives were saved, and injuries were mitigated, was simply a tacit benefit of my selfish desires. I was greedy, I wanted to have a really good time. Drawing a page from a favorite political philosopher of mine, Machiavelli, the ends justified the means. Of course, the means (free emergency healthcare) turned out to be pretty good for a lot of people.

So why did I tell that story? Because volunteering is something I do to satisfy myself. I like doing it, and it feels good to know that my actions could directly benefit someone less fortunate. But I am reaping enjoyment, and therefore continuing to volunteer because of my satisfaction. Ayn Rand termed it the “Virtue of Selfishness”: our greed and personal desire for whatever it is we lust after not only benefits ourselves, but also results in positive effects on those around us. All of the sudden, our “greed” becomes altruistic—not because of the reason for it, but because of the resultant effect.

So let your greedy, selfish desires motivate you to action! I know that I’ll be heading to the next volunteer event to enjoy myself…and who knows, maybe some good will come out of it!

Read more posts from Issue #11: Money, Greed, & Guilt.

Photo by Jaap Steinvoorte, licensed under Creative Commons.

Tags: Ayn Rand, Greed, Volunteering, Wall Street

Posted by Sarah, Wednesday, April 7th, 2010, 9:58 am, Money Greed and Guilt.