by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Entrepreneurs can get a bad rap, especially when people see them as scheming to make a quick buck while hurting the consumer.
Economist Felix Livingston of Flagler College says that bad rap is well-deserved if those entrepreneurs use the power of government to help them win an unfair advantage over their competitors. That’s called crony capitalism or cronyism. But Livingston says entrepreneurs who follow the true tenets of capitalism — working hard every day to serve consumers with better products and services — are honorable and deserve praise.
Livingston discussed the concept of “honorable entrepreneurship” during a presentation for Campbell University’s Politics, Law, and Economics Lecture series. Click play below to watch the 53:47 event.