Profit is a lovely thing. It is, in fact, the whole and entire aim of any form of economic activity. That what is produced by the effort is worth more than the resources used - plus the effort - in making it. This really is the all of it. We want to do things that have added value - that profit - and not do things that do not.

Note that this is entirely different from the capitalist profit - that’s the portion of that value added that the capitalists get. That sort of profit is only of use as an incentive to keep people trying to make the more basic form of value add. Yes, incentives matter and that sort of profit is certainly a motivation for the capitalists. But the distinction is still important. All economic activity needs to be profitable if it’s to be sensible. It is not true - not in the slightest - that all economic activity needs to be capitalist.

The value add also doesn’t need to be monetary it just has to be value. We’re certainly open to the argument that the value of nappies is not just in the money that changes hands but in the existence of dry and smiling babbies. Or even of dry floors.

But the other side of this is that we really do have to pay close attention to not doing those things which subtract from value:

A new “grocery tax” designed to achieve the Government’s net zero targets will push up household shopping bills by up to £1.4 billion a year, The Telegraph can reveal.

Ministers have been accused of “quietly” passing legislation that will see as much as £56 added to household costs annually, according to the Government’s calculations.

The green levy – which will see retailers and manufacturers charged per tonne of packaging materials they use – is aimed at helping the UK to reduce waste and meet its net zero targets.

Recycling is a lovely thing - if it adds value. Using fewer resources is a lovely thing - if that adds value. If there’s an overall cost to both, or either, then that’s not value adding by definition. That this is going to cost that £56 a year per household is simple proof that this is value subtracting - by at least that £56 a year per household.

Therefore, obviously, we shouldn’t do it.

Yes, yes, we know, “reducing waste” is a part of the new religion, that worship of Gaia. As we’ve noted before, it’s been some time since we Britons really insisted upon a State religion that all must adhere to. We do think that that interregnum in between was better than the imposition of either.

Tim Worstall