Seminal work on free-market economics

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Self-Interest versus Selfishness Adam Smith, in what has been called the seminal work on free-market economics, wrote, "It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest."60 Self-interest, then, is what Smith believed to be the motivator for eco-nomic engagement and growth. Is there a difference between self-interest and selfishness? Where would social responsibility fit in the Smith view of the relationship between ethics and economics? However, 17 years before writing Wealth of Nations, Smith wrote The Theory of Moral Sentiments and included the following observation about ethics and business: "How selfish soever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others and render their happi-ness necessary to him though he derives nothing from it except the pleasure of seeing it."61 What does this quote reveal about Smith's attitudes toward social responsibility.

Reference no: EM133573972

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