How does self interest help achieve society’s economic goals?

1 Answer | Add Yours

gsenviro's profile pic

gsenviro | College Teacher | (Level 1) Educator Emeritus

Posted on

Society is composed of a wide variety of people, each with their own set of interests. Financial growth and well-being are among the common goals. When a person grows richer, so does the society. Entrepreneurs start a venture to satisfy personal goals, however the same enterprise employs other people, generates products and/or services that help the entire society and generates revenue and profits. A person making profit from the business will not only help other people (employees) become financially well-off, but will also pay taxes, thus helping the society economically. Think about a Facebook, Google or Microsoft; started out of self-interest by some people, these companies have generated billions of dollars of revenue, pay millions to their employee and probably billions in taxes every year to the society. Products/services generated out of pure self-interest pique the demand of innovative items, creating more business and helping the society economically. 

We’ve answered 318,930 questions. We can answer yours, too.

Ask a question