The differences and similarities between greed and incentive go way back in time in our history. The wants and needs by humans and trying to pursue their goals are making a bold statement in history now, and from years ago to years in our future. From to the stone age to now, the world has made amazing changes, not just by technology, but also in the way we have grown our economy. In this essay I am going to explain the differences between greed and incentive, what exactly is the difference or is there even a difference? There are many that may argue that there are various similarities or differences, but it all comes down upon who observes the information and takes it in. Also in this paper I’m going to be discussing the following questions: Adam Smith’s quote from 1776, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest”, and, “Would human kind would still be stuck in the stone age if we did not have the incentives provided by profits?” Incentives of the free market promote fairness instead of greed.
Human nature at its finest, look around what do we see? We see a World full of hurt, drowning in a pool of debt. Only caused by greed, wanting what we can’t have but somehow achieving that goal with spending money that we don’t have. However, we have the incentive to chase that dream of having what we don’t need. Greed has played a role in how we got to where we are, according to (Gary Egger). Not just the big house and car, but the best health of any human beings throughout history. Greed has driven economic growth. Although they bear some superficial similarities, the difference between greed and incentives are pronounced.
First, the difference between greed and incentive lies in the definitions. Greed is defined as a selfish and excessive desire for more of something than is needed. Incentive is defined as something that incites or tends to incite to determination or action. The difference between the two are pronounced, greed is a selfish and excessive desire whereas incentive is the encouragement to do something. An example of how they differ depends upon a person’s beliefs. Someone may be selfish and desire such things that aren’t needed and that would be there incentive to go after whatever is wanted. However, one may see that there are similarities between the two definitions. The similarities between greed and incentive are minor but there are a few. Greed is the desire and incentive are the encouragement, so therefore incentive is used to get greed and it can be taken too far. There is a long history of how the two terms are used together. All people are greedy no matter what they say in some way we all show signs of greed even if followed by incentive. Greed is an incentive, the need or want for more money or power can be an incentive to go get the needs and wants of one.
Furthermore, Adam Smith said in 1776 “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” This quote simply means that it is the self-interest of individuals that trade among themselves which helps move the economy in a progressive movement. When it is moved forward there is a more profitable living for the individuals trading in the economy. I believe that human nature in 1776 was that individuals used their trade to bring themselves up in the economy and nowadays people with wealth are at the top of our growing economy.
However, humankind would be stuck in the stone ages if we did not have incentives provided by profits. Profits foster the pursuit of new opportunities and encourage people to take the risks necessary to create new products.
Lastly, the question that ponders in our minds is there a difference between “acting in one’s self-interest” and “being greed?” Again, the difference and similarities lie between the definitions. However, greed and self-interest seem extremely similar in my opinion. Self-interest is a concern for getting what you want or need and not caring about others which also lies in the definition of being greedy. The slight difference between the two depends upon how a person is using self-interest. Another question “Do the incentives of the free market promote fairness or greed?” The incentives of the free market promote fairness rather than greed, there are many businesses that offer the same product from a different company and some may be cheaper. The fairness comes from a company offering a good and the consumer trades money for that item in which the company has produced and paid a laborer for their work with the money they make selling the goods.
First, the difference between greed and incentive lies in the definitions. Greed is defined as a selfish and excessive desire for more of something than is needed. Incentive is defined as something that incites or has a tendency to incite to determination or action. The difference between the two are pronounced, greed is a selfish and excessive desire whereas incentive is the encouragement to do something. An example of how they differ depends upon a person’s beliefs.
Someone may be selfish and desire such things that aren’t needed and that would be there incentive to go after whatever is wanted. However, one may see that there are similarities between the two definitions. The similarities between greed and incentive are minor but there are a few. Greed is the desire and incentive is the encouragement, so therefore incentive is used to get greed and it can be taken too far. There is a long history of how the two terms are used together. All people are greedy no matter what they say in some way we all show signs of greed even if followed by incentive. Greed is an incentive, the need or want for more money or power can be an incentive to go get the needs and wants of one.
All in all, the difference between greed and incentive is pronounced the similarities are superficial. The history behind greed an incentive goes way back to the Stone Age times, and we have made our economy grow while facing some difficulties along the way but most of all it has worked its way out. From self-interest, incentive and greed we have formed an economy and it has worked. While there are similarities and differences in all, there has been progression and will continue to progress.
