The environmental, social, and governance movement has cloaked itself in the garb of justice. It is as much a moral crusade as it is an economic, social, or political one, with the unfortunate effect that those who criticize ESG can easily be sidelined and dismissed as reactionary, selfish, or worse. Be that as it may, I would be remiss if I did not indicate the many problems that arise in pursuing ESG goals. For the sake of clarity and brevity, I will address ESG issues in three separate columns. This column will address the economic problems that arise in pursuing ESG goals. The next section will examine the political problems of implementing and applying ESG criteria. The third will question the moral status of ESG itself as a matter of justice, compassion, virtue, and freedom. These are deep waters, so I must apologize to the reader, as with all columns in my series, if anything that follows seems rushed or oversimplified. (Paul Mueller)