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The Pursuit of Self Interest Benefit Society

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Added on  2020-10-04

The Pursuit of Self Interest Benefit Society

   Added on 2020-10-04

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POL 2000 ANALYSIS OFDEBATE
The Pursuit of Self Interest Benefit Society_1
Table of ContentsMAIN BODY...................................................................................................................................3REFERENCES................................................................................................................................6
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MAIN BODYEssay topic: Does the pursuit of self interest benefit society.In the view and thoughts of Adam smith, who is father of modern economics defined selfinterest as, benefits that are owned by individual (Self interest powerful or evil, 2018). Here, thequestion rise does it benefit to the society or not. According to Adam smith, when everyindividuals performs by their own role, they provide certain benefits to the society. Their selfinterest acts by creating goods and services by which benefits are given to consumers andproducers. Rational self interest in the free market economy, explains about, by purchasing thegoods and services and overall performing for the benefit of society with overall economicdevelopment and well being to sell the goods and services. When goods and services areexchanged freely by determining the value of goods with market interaction is known ascapitalism. Here the self interest of producer and consumer are the basic assumptions actrationally. The concept widely used in this debate is rational, as it explains about the producersand actions of consumers as they both get benefited either intrinsically or financially (Zingales,2015).However, when parties interact based on self interest, unintentionally both get benefitedout of it. As, it the normal outcome of market economy. As long as the competition gets multiplyin terms, among others the profit gets maximised eventually (Ehrenberg, J., 2017). As when afirm enters into new market, the cost of goods and services are gradually reduced for the benefitof own which renders benefit to the consumer and society automatically. Improved goods andservices that are made available to the consumers at lower cost increase the market share byoffering the product to consumer at less price. Actions that elicit most of the personal benefit can be termed as self interest. Benefit thatare provided to the society or not is the motive of this debate to represent it. In the economy ofthe market use of land, labour, capital are the resources taht are voluntarily decision are maderegarding their use and control (Sanford, 2017). Two forces including self interest andcompetition, in the economy plays an prominent role. By describing about it Adam smith builtand foundation to understand about hte function sof market economies.
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