In Praise of the Miser

The miser in our society gets a bad name. He is seen as hoarder of money and uncaring/selfish person. All the worst connotations imaginable about money, the miser gets thrown upon him for no real proof except he might have money and isn't spending it to help the economy/help others/provide jobs. YEt the miser does something else for the economy that is a good thing and also the claims against most misers might be untrue about hoarding wealth.

The first thing a miser does is not consume extra resources, he does not need. The miser lives in a smaller house than the money could buy, eats out less, buys fewer clothes, and wastes nothing. This might go against the grain of what we have been taught about the economy. Under the current assumption that we need to spend money to boost the economy the miser is hurting everyone. Yet the miser is doing the opposite. The miser makes every good cheaper for everyone else because he takes himself out of competing for the same resources. He lives humbly, so that others that want a lavish lifestyle get it cheaper and more of it. All resources on earth are finite and each person who leaves it for others helps rather than hurts the economy

The miser collects huge amounts of wealth from his non spending. This is terrible why isn't he sharing his wealth with others. Oh but he is sharing his wealth in just a different way. He puts the money in place that are safe and secure investments. Providing even more of his money to boost the economy through investments. Yes he might get a small percentage for the privilege of using his money but he cannot use the money in a more productive way. He allows others who can create the next Apple and Exxon to get a start and provide even more to our lives.

The miser does even more and yes he is probably not the best citizen in the country but most misers provide a service to the economy like everyone else and should not be vilified because their contribution is different than other economic actors. Each person has a role to play and they do it best when we encourage their actions as reasonable and helpful to everyone. Just remember because someone did not want that shirt in J.Crew you can now buy it.