Everybody makes money for a living, but most of us actually do something that has a point, in addition to just making money. We examine and treat patients, we teach students, we draw up contracts and wills, we write for newspapers, magazines, and web sites, we clean floors, or we serve meals.

Practical wisdom is what's called for in situations that have a moral dimension to them.

People who work in financial services don't have one shred of concern about the well-being of the people they serve. They're only interested in themselves.

Too little attention is paid to the dark side of incentives. They are anything but a magic bullet. Psychologists have known this for years, but it seems largely hidden from the world of commerce.