Is profit a dirty word? Would the world be better off without them? Or are profits progressive — the only thing that can move potatoes from Idaho to Manhattan and medicine from America to Africa? Professor and economist Walter Williams explains.
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Walter E. Williams is a professor of economics at George Mason University. Born in Philadelphia in 1936, Walter E. Williams holds a bachelor's degree in economics from California State University (1965) and a master's degree (1967) and doctorate (1972) in economics from the University of California at Los Angeles. In 1980, he joined the faculty of George Mason University in Fairfax, Va., and is currently the John M. Olin Distinguished Professor of Economics. He is also the author of Race and Economics: How Much Can Be Blamed on Discrimination? and Up from the Projects: An Autobiography. The awards and honors Williams have received are many. These include the National Fellow at the Hoover Institute of War, Revolution, and Peace; the Ford Foundation Dissertation Fellowship; the National Service Award from the Institute for Socioeconomic Studies; and the George Washington Medal of Honor from the Valley Forge Freedom Foundation. In 1984-1985, he received the Faculty Member of the Year Award from the George Mason University Alumni. He is also a member of the American Economic Association, the Mont Pelerin Society and is a Distinguished Scholar of the Heritage Foundation. Williams participates in many debates and conferences, is a frequent public speaker and often gives testimony before both houses of Congress. This editorial was made available through Creator's Syndicate.