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Legalism is a Chinese political philosophy that holds that self-interest underlies human nature and therefore human behavior. [1] It is axiomatic in Legalism that a government can not truly be staffed by upright and trustworthy men of service, because every member of the elite—like any member of society—will pursue their own interests and thus must be employed for their interests. [2]
In contrast to enlightened self-interest is simple greed, or the concept of "unenlightened self-interest", in which it is argued that when most or all persons act according to their own myopic selfishness, the group suffers loss as a result of conflict, decreased efficiency and productivity because of lack of cooperation, and the increased expense each individual pays for the protection of ...
The research of social preferences in economics started with lab experiments in 1980, where experimental economists found subjects' behavior deviated systematically from self-interest behavior in economic games such as ultimatum game and dictator game. These experimental findings then inspired various new economic models to characterize agent's ...
Rational choice theory uses a much more narrow definition of rationality. At its most basic level, behavior is rational if it is reflective and consistent (across time and different choice situations). More specifically, behavior is only considered irrational if it is logically incoherent, i.e. self-contradictory.
The Gesellschaft is associated with modern society and rational self-interest, which weakens the traditional bonds of family and local community that typify the Gemeinschaft. Max Weber, a founding figure in sociology, also wrote extensively about the relationship between Gemeinschaft and Gesellschaft. Weber wrote in direct response to Tönnies.
To him, the meaning of individual self-interest is a combination of economic and psychological needs. [13] [page needed] Fulfilling self-interest is often common within the economic realm of the social exchange theory where competition and greed can be common. [14]
For example, a five-year loan of $1,000 with simple interest of 5 percent per year would require $1,250 over the life of the loan ($1,000 principal and $250 in interest).
Sociology is the scientific study of human society that focuses on society, human social behavior, patterns of social relationships, social interaction, and aspects of culture associated with everyday life.