A Formula for Happiness

Published: December 14, 2013 256 Comments

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This moral covenant links the founders to each of us today. The right to define our happiness, work to attain it and support ourselves in the process — to earn our success — is our birthright. And it is our duty to pass this opportunity on to our children and grandchildren.

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But today that opportunity is in peril. Evidence is mounting that people at the bottom are increasingly stuck without skills or pathways to rise. Research from the Federal Reserve Bank of Boston shows that in the 1980s, 21 percent of Americans in the bottom income quintile would rise to the middle quintile or higher over a 10-year period. By 2005, that percentage had fallen by nearly a third, to 15 percent. And a 2007 Pew analysis showed that mobility is more than twice as high in Canada and most of Scandinavia than it is in the United States.

This is a major problem, and advocates of free enterprise have been too slow to recognize it. It is not enough to assume that our system blesses each of us with equal opportunities. We need to fight for the policies and culture that will reverse troubling mobility trends. We need schools that serve children’s civil rights instead of adults’ job security. We need to encourage job creation for the most marginalized and declare war on barriers to entrepreneurship at all levels, from hedge funds to hedge trimming. And we need to revive our moral appreciation for the cultural elements of success.

We must also clear up misconceptions. Free enterprise does not mean shredding the social safety net, but championing policies that truly help vulnerable people and build an economy that can sustain these commitments. It doesn’t mean reflexively cheering big business, but leveling the playing field so competition trumps cronyism. It doesn’t entail “anything goes” libertinism, but self-government and self-control. And it certainly doesn’t imply that unfettered greed is laudable or even acceptable.

Free enterprise gives the most people the best shot at earning their success and finding enduring happiness in their work. It creates more paths than any other system to use one’s abilities in creative and meaningful ways, from entrepreneurship to teaching to ministry to playing the French horn. This is hardly mere materialism, and it is much more than an economic alternative. Free enterprise is a moral imperative. 

To pursue the happiness within our reach, we do best to pour ourselves into faith, family, community and meaningful work. To share happiness, we need to fight for free enterprise and strive to make its blessings accessible to all.