The importance and ethics of companies are underappreciated, says Tyler Cowen, an economist and author of “Big Business”
IF THERE is one truth that millennials hold to be self-evident, it is that big business is bad. Soulless corporations pollute the planet, overpay their bosses and gouge consumers. Big tech turns us into screen addicts. Big Pharma makes life-saving drugs unaffordable. Big banks sell us dodgy mortgages.
And let’s not forget your paycheck. “Meeting payroll,” to invoke a now old-fashioned phrase, is nothing less than a heroic act. Someone or some group put in the hard work and thought up the innovations required to create a company from scratch—I know it’s easy enough to take this for granted if you aren’t the one who did it. On top of the paycheck, jobs are among our biggest sources of pride and a significant way to meet friends and establish social networks.
Larger firms, in particular, which you can think of as wildly successful businesses and thus embodiments of the logic of business, tend to be more tolerant of employee personal tastes than smaller firms. A local baker might be reluctant to make a wedding cake for a gay couple, but Sara Lee, which tries to build very broadly based national markets for its products, is happy to sell to all.
One of the most frequently cited whipping boys is the financial sector, which is portrayed as too large and out of control. The reality is that the financial sector has held to a fairly constant 2 percent share of American wealth, though of course that wealth has grown and so has finance with it.
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