Wednesday, August 25, 2010
Self-Interest
Self Interest is a good thing in our economy. People can not just follow their own self interest on random things. Man needs to follow it by rational thinking, this is people producing what other people want to buy. When people buy things it uplifts the producers self interest to keep on producing and becoming more and more interested in what he is producing. This may lead to more people buying his things or vise versa. But he must think rationally. For if he does not then he will lose all self interest. http://aynrandlexicon.com/lexicon/self-interest.html
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Again, you are on track with the thinking of Adam Smith and the principle of the Invisible Hand. I agree, as your link suggests, that we must be rational and not just respond to every whim. It must be an informed and disciplined self-interst that we follow. We will talk a bit more about the terms Supply and Demand when we move into microeconomics.
ReplyDeleteBe sure to explain the connections made by your link.
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