Question

According to adam smith, how does self interest benefit society?

Answer 1

Self interest is the key principle that provides for the economic theory of supply and demand. Without self interest free market would struggle to regulate itself

Answer 2

Self interest causes the growth of economy which in turn causes the betterment of society.

Step-by-step explanation:

According to economist Adam Smith, self-interest is the key motivator behind any economic activity. For example – we all go to office to work in order to earn money and feed our family. This act can be considered as self-interest but eventually the work which is being done is aimed at serving some economy. As the economy grows, the society also gets benefited.

Hence, in lieu to the self-interest if an individual works day and night then eventually he/she ends up adding something to the economy which in turn benefits the society.