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Smith, Friedman, and Self-Interest in Ethical Society

Published online by Cambridge University Press:  23 January 2015

Harvey S. James Jr.  and
Farhad Rassekh
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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.

Type
Articles
Information
Business Ethics Quarterly , Volume 10 , Issue 3 , July 2000 , pp. 659 - 674
Copyright
Copyright © Society for Business Ethics 2000

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