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An appeal to self-interest during World War II. Self-interest generally refers to a focus on the needs or desires (interests) of one's self. Most times, actions that display self-interest are often performed without conscious knowing. A number of philosophical, psychological, and economic theories examine the role of self-interest
The invisible hand is a metaphor inspired by the Scottish economist and moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to accidentally act in the public interest, even when this is not something they intended. Smith originally mentioned the term in two specific, but ...
The term enlightened self-interest has been criticized as a mere ideological or semantic device of neoclassical economic theory to justify this type of behavior. It has been considered at best a variant of self-interest that is unsuitable for the establishment of personal and public relations because - like the definition of self-interest in ...
Self-interest is the main motivation of human beings in their transactions" is a theoretical structure in the concept of homo economicus. Over the years, economists have studied and discussed institutional economics, behavioural economics, political economy, economic anthropology and ecological economics. The economic man solution is considered ...
In Economic exchanges, it involves the exchange of goods or services. In Social exchange, it is the exchange of approval and certain other valued behaviors. Rational Choice Theory in this instance, heavily emphasizes the individual's interest as a starting point for making social decisions.
The entitlement to make some economic gains is then considered to be illegitimate, in some way. If this is the case, relevant trading obligations (or civil obligations) are usually considered as not being (fully) met or honored, in the pursuit of economic self-interest. Greed is frequently mentioned as a primary motive for economic opportunism. [9]
As I write this, a top story on the popular tech news aggregator Techmeme is a blog post from investor and self-declared “short term AI optimist, long term AI doomer” Elad Gil, in which he ...
Building upon economic theory, public choice has a few core tenets. One is that no decision is made by an aggregate whole. Rather, decisions are made by combined individual choices. A second is the use of markets in the political system. [8] A third is the self-interested nature of everyone in a political system.