On the Private and Public Virtues of an Honorable Entrepreneur by Livingston Felix R.;

Author:Livingston, Felix R.;
Language: eng
Format: epub
Tags: undefined
Publisher: Lexington Books/Fortress Academic
Published: 2012-08-15T00:00:00+00:00

The Business Narcissus

The dishonest entrepreneur whose excessive self-love wrecks his company and the personal lives of those who depend on him is a modern-day Narcissus. In the Greek myth, Narcissus’s mother learns from a seer that her child will live a full life only by restraining his egoism. He is unable to do this, and through his early years Narcissus takes pleasure in teasing and then destroying his many admirers who are mesmerized by his outward appearance. Narcissus’s cruel rejection of the nymph Echo, who is one of his most ardent fans, causes her to experience extraordinary grief. She begins living in caves and mountain cliffs, and because of extreme loneliness she fades away and becomes invisible. Nothing is left of Echo but her voice that can only repeat what others have said.

One day following a long hunt a thirsty Narcissus discovers a clear spring, and while leaning over to quench his thirst he falls in love with the stunning image he sees in the water. Narcissus tries to embrace the beautiful boy and is frustrated when he discovers it is his own reflection. Day after day Narcissus gazes into the pool of water aching to possess what he sees, while knowing that it is not possible. Narcissus is shattered by the grief of not being able to have the one thing in the world he wants most. And so, with a sympathetic Echo looking on, Narcissus ends his life with a dagger.

Economists instruct aspiring entrepreneurs that the only way to achieve long-run success is to win a daily market election with consumers casting their dollar votes. “Each ballot of the consumers,” wrote Ludwig von Mises, “adds only a little to the elected man’s sphere of action. To reach the upper levels of entrepreneurship he needs a great number of votes, repeated again and again over a long period of time, a protracted series of successful strokes. He must stand every day a new trial, must submit anew to reelection as it were” (Mises 1952/2008, 147).

The impatient business Narcissus values success above everything else, and he pursues fame and fortune using unsavory means such as accounting sleights of hand that hide losses or that make his company’s profits seem more robust than they actually are. He does this with little regard for employees, stockholders, and lenders. The outward appearance of the business Narcissus attracts commercial suitors who desperately want to be a part of this success. Images of the business Narcissus appear on the covers of prominent magazines that extol his ingenuity and business prowess. Careless auditors and investment analysts echo the business Narcissus’s claims of monumental success.

At the turn of the century the Enron Narcissus said, “We are very profitable,” and the Arthur Anderson Echo repeated, “Very profitable,” and when Enron Narcissus proclaimed, “You should invest heavily in the company,” investment advisors echoed “Invest heavily in the company.” In the end, the self-admiring business Narcissus stared into a pool of debt while trying to preserve an image of success,

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