The pursuit of profit is frequently viewed in our society as greed and therefore bad. If the statement is true

Question

The pursuit of profit is frequently viewed in our society as greed and therefore bad. If the statement is true, what would the effects of banning profits be in our type of economy?

Answer 1

a lack of innovation.   possibly higher quality products, but i doubt it.  i'm sure we would experience a TREMENDOUS amount of corruption - especially since we've already bit the capitalism apple.  even in communist countries there is corruption, let alone a formerly capitalistic society...

Answer 2

Catastrophic! although this socialist government frown on profits made by big companies, all of our mp's fill their pockets with our money whenever and wherever they can.

It is well to remember that Karl Marx sponged off Engels for years, 'Each according to his ability,each according to his needs' is a load of --------, human greed is entrenched in every one of us, some of us control it and others, do not!

Answer 3

economy is based on profit seeking by firms, and maximizing well-being by consumers. if you ban such behavior, economy will collapse - people will simply have no reason to work. Soviet Union and other communist countries have demonstrated it very clearly.

Generally, "profits are bad" means that profit seeking can cause people to break laws, become unethical and immoral. A democratic society has legal system and free press to prevent this from happening.

Answer 4

banning of profits can never work for any system, bcos every thing has two sides. profit and loss, good and bad, sweet and sour, liberal and conservative (joking). if we ban profit, how do we measure loss. banning of profit is like an economy suicide.

Answer 5

It's the pursuit of profit regardless of who gets hurt along the way, or has to live in poverty, when some of those profits could ease that (eg. 3rd world countries) that's considered bad.

Pursuit of profit in itself is not a bad thing, as long as charities & organizations set up to cater for the destitute are given a slice of the pie....& sometimes they are.