We examine the writings of Adam Smith and Milton Friedman regarding their interpretation and use ofthe 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.
CITATION STYLE
Michalos, A. C. (2017). Business Ethics Quarterly. In Encyclopedia of Business and Professional Ethics (pp. 1–2). Springer International Publishing. https://doi.org/10.1007/978-3-319-23514-1_294-1
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