“In The Short Run” Vol. 2, Issue 2. John Maynard Keynes, perhaps the most famous economist of the 20th century, famously said, “In the long run, we’re all dead.” The purpose of this series is to pose that in the short run, we are all alive, and economics can teach us to live well.
Greed is one of the seven deadly sins. Outwardly, American culture generally condemns greed. Thievery and gluttony are both attributed to greedy desires. But greed runs deep in American culture. The economic systems of our nation, the foreign policies and even the marquee American Dream are all built on greed. Whatever you want, you can earn it in America.
Last issue, I challenged the reader to not settle for the standard dichotomy that society imposes. Beyond the commonplace duality, there are third perspectives that provide depth to oversimplified issues. Greed is neither good nor bad. But to wield it properly, one must adopt a new mindset based on abundance rather than scarcity.
Let us consider the standard views on greed. First, society generally accepts greed as sinful. Ebenezer Scrooge is the perfect example. The villain of Christmas is the miser who greedily saves his money. “The love of money is a root of all kinds of evil” (1 Tim 6:10 NIV) is one of the favorite Bible verses of American culture. Even many of the problems our society faces we attribute to greed. Ask someone why the markets crashed in 2008. “People got greedy,” he will say more often than not.
However, American lives speak contrary to words; they scream that greed is good. Some consider misers the heroes of history. A respected model of economic growth suggests that saving is imperative for countries to develop. In order to succeed as a nation, you need people to be greedy, save their wealth and then consume goods to increase industry and markets. Ask an economist why the markets did so well before they crashed in 2008 and he will tell you, “People got greedy.”
Greed, for good or for evil, is based on a mindset of scarcity. People collect money to prepare for what might happen in the future. People buy capital to produce more goods because what we have will never be enough. Resources are scarce. Instinct tells one to take what he can to protect himself. If he doesn’t someone else will. It’s a zero-sum game.
But to understand how to wield greed well, we must shift our mindset from one of scarcity to one of abundance. Abundance does not mean we feel that we have more material goods than we could ever want, but means that we have enough. The Creator has given us exactly as much as we are supposed to have. This ought to inspire us to a new form of greed: stewardship.
Consider the abundance surrounding us. Human capital overflows. Each individual possesses new ideas and his own perspective. This is potential waiting to be utilized. Nature not only offers an abundance of resources (renewable and non-renewable), but also an abundance of art and beauty. This abundance synergizes into a gestalt, a state where the sum of the parts is less than the value of the whole. Let this inspire us to stewardship, not avarice.
It may seem I’m using stewardship synonymously with good greed; however, that is incorrect. Stewardship is when seeking the best for yourself translates into seeking the good of others and your community. An Arthurian love tale provides an impeccable example.
Eliduc, a knight in the land of Brittany, fell out of favor in his kingdom. Searching for a new home, he stumbled upon a kingdom that accepted him and cared for him. While in the new kingdom, “Eliduc ensured that he was well-served and had all the poor knights who were lodged in the town came to his table." Eliduc goes on to help his new kingdom win a war, claiming “he who does not sometimes go where he surely thinks he will lose will gain little and never rise in esteem." After winning the war and therefore much praise, Eliduc “shared and gave away … his own portion, to both the prisoners and others."
Eliduc, falling out of favor in his hometown, travels away to better his situation. He then gains fame and comfort in his new town while simultaneously helping that province win its war, bringing peace to the kingdom and caring for the poor and imprisoned. Eliduc was endowed with an abundance of talent as a knight; he faithfully stewarded this to improve his own and others situations.
The standard view of greed only looks at one side: the desire for self-gain. But a complete picture based on stewardship and abundance adds the desire to give back. Without this second half, our view of greed is incomplete and flawed. Can we, like Eliduc, embrace our abundance and live as stewards?
*The story of Eliduc is published in The Lais of Marie de France, published by Penguin in 1999.
