1. SMITH, FRIEDMAN, AND SELF-INTEREST IN ETHICAL SOCIETY.
- Author
-
James Jr., Harvey and Rassekh, Farhad
- Subjects
BUSINESS ethics ,SELF-interest ,SELFISHNESS ,CONDUCT of life ,SOCIAL ethics ,MODERN ethics ,JUSTICE ,DURESS (Law) ,SOCIAL responsibility of business - Abstract
We examine the writings of Adam Smith and Milton Friedman regarding their interpretation and use of the concept of self-interest. We argue that neither Smith nor Friedman considers self-interest to be synonymous with selfishness and thus devoid of ethical considerations. Rather, for both writers self-interest embodies an other-regarding aspect that requires individuals to moderate their actions when others are adversely affected. The overriding virtue for Smith in governing individual actions is justice; for Friedman it is non-coercion. [ABSTRACT FROM AUTHOR]
- Published
- 2000