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Bonus Quotation of the Day…

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… is from page 467 of Ron Chernow’s excellent 1998 biography of John D. Rockefeller, Sr., Titan: He [J.D. Rockefeller, Sr.] was also insistent that his massive philanthropy paled in importance beside the good he had done in creating jobs and furnishing affordable kerosene at Standard Oil. DBx: Rockefeller was correct. Wealth cannot be philanthropically given away unless it is first created. Nor can wealth be “redistributed” by the state unless it is first created. And wealth is created only by improving the lives of others through voluntary trade, including trading pay for labor services, and trade of goods and services for consumers’ expenditures. And, by the way, Rockefeller – contrary to popular myth, and as Chernow shows (but as Allan Nevins showed even more clearly) – was an

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… is from page 467 of Ron Chernow’s excellent 1998 biography of John D. Rockefeller, Sr., Titan:

Bonus Quotation of the Day…He [J.D. Rockefeller, Sr.] was also insistent that his massive philanthropy paled in importance beside the good he had done in creating jobs and furnishing affordable kerosene at Standard Oil.

DBx: Rockefeller was correct. Wealth cannot be philanthropically given away unless it is first created. Nor can wealth be “redistributed” by the state unless it is first created. And wealth is created only by improving the lives of others through voluntary trade, including trading pay for labor services, and trade of goods and services for consumers’ expenditures.

And, by the way, Rockefeller – contrary to popular myth, and as Chernow shows (but as Allan Nevins showed even more clearly) – was an energetic, honest, and truly creative entrepreneur whose net contributions to humanity through his business were immense.

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Don Boudreaux
He is a professor of economics at George Mason University in Fairfax, Virginia. Previously, he was president of the Foundation for Economic Education.

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