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What is self-interest?

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Anonymous

∙ 16y ago
Updated: 12/18/2022

Regard for one's own interests, or disregard for others interests.

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∙ 16y ago
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What did Adam smith call the combination of selfinterest and competition that guides the market place?

Adam Smith referred to the combination of self-interest and competition that guides the marketplace as the "invisible hand." This metaphor describes how individuals pursuing their own economic interests inadvertently contribute to the overall good of society, as their actions lead to the efficient allocation of resources. The invisible hand suggests that market forces naturally regulate supply and demand, promoting economic prosperity without the need for central planning.


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