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Self Interest
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Published on Nov 19, 2015
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1.
ADAM SMITH
said buyer and seller only have their best interest in mind
Wrote a book that described how the market functions
Said it's the motivating force behind the free market
2.
ROLE OF SELF INTEREST
Motivates economic activity
3.
EVERYONE BENEFITS
Someone else's self interest can benefit you by producing goods that you consume
4.
EXAMPLE OF SELF INTEREST
Baker bakes bread for profit
Hungry consumer buys from baker
Both have self interest met and benefits
5.
SELF INTEREST BALANCE
Competition prevents corruption and cheating
6.
FREE MARKET ENTERPRISE
Works well In a free market
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