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Self interest essay

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Self interest essay example

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Self interest essay

  1. 1. Running Head: SELF-INTEREST 1 Self-Interest Name: Institution:
  2. 2. SELF-INTEREST 2 SELF-INTEREST Capitalism dictates that economic development is a result of personal self-interest and not community interest. According to Adam Smith, the selfish desire to poses luxury goods drives the economy (Smith, 2012). Selfishness drives people to acquire more wealth and, as a result, grow the economy of the country. This paper gives the view of Adam Smith on self-interest and relevance to the economy. According to Smith, he reasoned that the market had the ability to self-regulate without the interference of any one. In that, people’s greed and self-interest would be responsible for the growth of the market. As mentioned above, his theories showed that it requires only self-interest and greed to balance the economy (Smith, 2012). With an increase in greed and self-interest, the economy of the country would grow adequately as the greedy individuals do. Smith did not need an external intervention to balance the market. This is because the market itself is rational, and thus, does not require any external regulation from the government. The market itself is capable of performing its own balance mechanism (Smith, 2012). Greed and self-interest are capable of causing harm to the economy of a country. They require checks and balances from the government. This is because, without regulations, the economy could be in the hands of few people. Without regulation on greed, many people could suffer as the greedy could keep on taking and accumulating wealth as the kind get poorer than they were before. Adams perspective on greed and the economy is evident in today’s world. Presently the rich get on getting richer while the poor get poorer. Still in the greedy peoples’ economy, the economy grows despite the constant imbalance in the peoples’ wealth level.
  3. 3. SELF-INTEREST 3 Reference Smith, A. (2012). The Wealth of Nations, Part 2. New York: Nabu Press.