In the last few months, we have shared what John Templeton thought were five economic vices: envy, greed, pride, intolerance, and moral relativism, as cited in his speech to Buena Vista College entitled “The Religious Foundation of Liberty and Enterprise.” Now we are exploring what he listed as the five economic virtues.
The second economic virtue is that of creativity. This is another word for entrepreneurship. It is the ability to imagine possibilities that have yet to come in to existence.
From the economic point of view, the virtue of creativity is the most important cause of wealth in society. It introduces new goods and services. It helps us to use our resources more effectively. It creates jobs and raises our living standards. It is the key to bringing the world from poverty to prosperity.
Of course, creativity demands the freedom to act. Wherever people are left free to exercise their creative capacities, the wealth of society will grow.
Millions of new businesses appear every year. But where enterprise is hindered, both prosperity and human liberty suffer. The society will stagnate. People will not be able to fulfill the highest potential.
Economic progress is in part driven by both the virtue of creativity and the related virtue of emulation. Success in a market economy comes from improving the degree of efficiency in the way goods, services, and labor are used. And others’ success at this can induce us toward right ambition. It leads us to seek entrepreneurial gain and to fmd better ways of doing things, making us better and more productive members of society.
