By Pursuing His Own Interest?
He Frequently Promotes That of the Society More Effectually Than When He Really Intends to Promote It. .. . in Other Words, There Is Something That Binds...
By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. ... In other words, there is something that binds self-interest, along with public interest, so that individuals who pursue their own interests will inevitably benefit society as a whole.
What did Adam Smith say about self-interest?
Adam Smith's self-interest economic theory proposes that capitalism fueled by self-interest is ultimately the best way to a thriving economy. Because of human desire for money, success, or fame, they will be motivated to improve their quality of work, products, and compete with others.
What is Adam Smith's theory of the invisible hand?
Invisible hand, metaphor, introduced by the 18th-century Scottish philosopher and economist Adam Smith, that characterizes the mechanisms through which beneficial social and economic outcomes may arise from the accumulated self-interested actions of individuals, none of whom intends to bring about such outcomes.
David Miller brings 15 years of experience in global economics, personal finance strategy, and market dynamics. He specializes in turning complex economic trends into actionable insights for everyday readers.
