Why Democratic Socialists Are Wrong About “Profit”

by | Jul 20, 2022

One of the most incredible attributes of free markets is the ability to harmonize our self-interests with the interests of greater society. Contrary to the popular demonization of profits as extraction of surplus value, profits in freed markets actually represent the adding of value to society. Making a profit in free markets requires one to combine or transform some good(s) in such a way that its resulting configuration is valued more by the consumer than the cost of labor and original materials, including time, used to produce it.

Spontaneous Order: The Capitalist Case for a Stateless Society, p. 104

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Keith Knight is Managing Editor at the Libertarian Institute and host of the Don't Tread on Anyone podcast.

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