This is the Cato Daily Podcast for Saturday, June 1st, 2024. I'm Caleb Brown.

The market is a social space and exclusion from respectable society can create profit opportunities.

Economist Nathan Goodman details the case of New York's Stonewall Inn and the role of private profit seekers, yes even the mafia understand I think a little better, the motivations that make people go into some

enterprise.

Some people enter a business enterprise thinking this is a great market opportunity to I can make a bunch of money doing this and going to help me

might enter an identical enterprise

and think this is going to help me help people

with whom I agree on some important matter or people who are I agree on some important matter,

or people who are beleaguered or down trodden

or need some help.

And I think your point more broadly

is, what's the difference? Like there doesn't have to be a difference

between those things and we don't have to think about them as existing entirely in these separate spheres.

Yeah, I think that's exactly right.

So when it comes to entrepreneurship, to take a concept from Israel Kursner, entrepreneurs

are alert to profit opportunities.

And we can think about that in the realm of commercial

entrepreneurship as opportunities for profits in the sense of

making more money than you have to expend, right?

But there's also what Lidvig von Miza is called psychic profit.

So individuals sometimes have other goals where they might be alert to opportunities to achieve those goals.

And so those pursuing non-profit-related goals may in the process open up opportunities for others

...