Two economics lessons in one lovely little piece by Hedge Fund Guy. The second lesson concerns "putting people first":
When people point to companies maximizing profits, versus putting "people" first, this is a good example. Which people do you put first? State-run companies, unions, run these organizations for the current employees, and so as competition crimps future hires, they care not. Maximizing profits serves a greater good, for more people, than maximizing the wealth of current employees, as paradoxical as that may appear.