Definition of Self-interest:
Ones personal interest or advantage, especially when pursued without regard for others.
Self-interest refers to actions that elicit personal benefit. Adam Smith, the father of modern economics, explains that the best economic benefit for all can usually be accomplished when individuals act in their self-interest. His explanation of the Invisible Hand reveals that when dozens or even thousands act in their own self-interest, goods and services are created that benefit consumers and producers. Moreover, Smith and other economists have also studied the behaviors of rational self-interest which suggest that most people will act in an economically rational way when faced with behavioral decisions affecting their own personal income and well-being which can also contribute to the positive effects of the Invisible Hand.
Focus on actions or activities that are advantageous to an individual or organization. For a business or individual to survive and grow, a degree of self-interest is necessary. When there is too much focus on self-interest the benefits of the group at large diminishes.
Self-interest can be both a psychological and economic term. In general, it refers to individual actions and behaviors that provoke positive personal benefits. Throughout the years, economists have studied self-interest and the behaviors of rational self-interest to help develop theories and assumptions for the economy.
Synonyms of Self-interest
Self-seeking, Self-serving, Self-obsession, Self-absorption, Self-regard, Egocentrism, Egotism, Egomania, Introversion, Selfishness, Acquisitiveness, Autism, Careerism, Ego, Ego trip, Egocentricity, Egocentrism, Egoism, Egoisticalness, Egotism, Egotisticalness, Graspingness, Greed, Individualism, Interest, Narcissism, Personal aims, Personal ambition, Personal desires, Personalism, Possessiveness, Privatism, Remoteness, Self-absorption, Self-admiration, Self-advancement, Self-centeredness, Self-centerment, Self-consideration, Self-containment, Self-devotion, Self-esteem, Self-indulgence, Self-interestedness, Self-jealousy, Self-occupation, Self-pleasing, Self-seeking, Self-serving, Self-solicitude, Self-sufficiency, Selfishness, Selfism
How to use Self-interest in a sentence?
- The Invisible Hand Theory suggests that when entities make economic decisions in a free market economy based on their own self-interest and rational self-interests it manifests unintended, positive benefits for the economy at large.
- The assumption that individuals are primarily motivated by self-interest.
- Economist Adam Smith was primarily the first person to study self-interest in economics, leading to his Invisible Hand Theory.
- Self-interest refers to actions that elicit personal benefit. .
Meaning of Self-interest & Self-interest Definition