When pharmaceutical companies refused to waive their intellectual property rights to the COVID-19 vaccines, they were attacked for putting profits before people. When landlords increase rents to a level that tenants cannot afford, the property owns are condemned for putting profits before people. These attacks, and others like them, are unjust. Profits are pro-people.
The claim that businesses put profits before people is founded on the premise that businesses should place the interests of consumers above their own interests. However, there is no conflict between the interests of a business and the interests of its customers. Each wants to obtain a value. The business wants money, and the consumer wants a product or service. It is a trade that benefits both parties.
Those who make the profits before people claim want to obtain values without trading a commensurate value. They want the benefit of a vaccine or a home, but they do not want the producers to benefit.
A business will not invest the time, effort, and money to produce the values that we need to sustain our lives if it isn’t going to benefit—make a profit. The profit motive is why farmers and ranchers produce the food we need. It motivates energy companies to produce electricity, gasoline, and jet fuel. Without the profit motive, who would produce smart phones, computers, automobiles, and the countless other products that we need?
I want my grocer to make a profit, because that allows him to maintain his store and keep the shelves full. If my mechanic doesn’t make a profit, he will close his shop, and I will not have someone dependable to service my car. I want my favorite restaurants to be profitable so they will be there when I want to dine out. I want businesses to profit so that they are able to satisfy my needs and desires.
Profits enable businesses to serve people. Profits are pro-people.