Modafinal, Steroids, and Competition
That argument views economic competition as something like a football game, where one side wins and the other side loses—if you are not the best you are nothing. If that were true, most of the population of the world would be unemployed. Even without smart drugs, people vary in how able they are—they cannot all be the best.
Suppose the use of modafinal makes me 10% better at whatever I do. The result is not that someone with the same abilities who does not take it is useless, merely that I am ten percent more useful and so can expect an income about ten percent higher, whether my salary as an employee or my earnings if I am self-employed. I can decide for myself whether the additional income, or the additional leisure if I choose to work fewer hours instead of making more money, is worth whatever I think the risks of side effects are. If many people use smart drugs, some of the benefit might to go to other people either as lower prices for what the more productive workers produce or higher returns on other inputs to production. But somebody still gets the benefit of the additional productivity.
The trouble with competitions is that somebody wins them. Professor Hayek denies that free capitalism necessarily leads to monopoly, but in practice that is where it has led ...
[An earlier discussion of the same issues, not in the context of smart drugs]