Explain the difference between self-interest and selfishness in economics.
It is one of the basic principles of economics that human beings are generally motivated by self-interest. This sometimes leads to the accusation that economics glorifies or encourages selfishness. However, the two concepts are quite distinct. Selfishness refers to a lack of consideration for others. A selfish person cares unduly for himself or herself at the expense of other people's welfare. Self-interest, however, simply refers to promoting one's own welfare. This...
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