A “free market” story I read tonight reminded me of one of the most surprising aspects of the Wright Brothers’ invention of the airplane. The Bishop’s Boys author Tom D. Crouch makes the point that Wilbur and Orville Wright were not motivated by profit when they began their chase for powered flight. The Wrights took their airplane designs on more as an interesting hobby, funded by their very successful bicycle shop. They were not venture-funded and did not answer to Wall Street. Their innovation grew mainly from their intense curiosity and desire to create things.
That’s not to say that they were altruistic because they certainly weren’t. Once they began flying, the brothers became secretive and litigious. They went after anyone else who seemed to infringe on their patents, with the aim of making as much money as possible.
While they were not top-notch businessmen, they were top-notch engineers. Their love of engineering, not their love of money, wound up making them a fortune.