Final answer:
Ethical egoism suggests it's morally correct to act in one's own self-interest, potentially benefiting the common good. It faces criticism for being incompatible with ethical conflict resolution and societal harmony. The debate contrasts with altruistic moral theories that do not require total self-sacrifice.
Step-by-step explanation:
Within ethical theory, ethical egoism contends that acting in one's own self-interest is morally right and often in alignment with the common good. There are various forms of ethical egoism, such as strong ethical egoism, which implies it is always right to pursue one's own greatest good, and weak ethical egoism, which allows for the pursuit of one's own good without claiming it is never right to do otherwise.
An argument for ethical egoism is that it aligns with rational egoism, suggesting that if acting in one's self-interest is rational, then morality requires one to act in self-interest. However, criticisms include that ethical egoism is incompatible with moral conflict resolution and obligates each person to prevent others from doing what is right, leading to societal discord. Moreover, the concept of psychological egoism, the prediction that humans are inherently self-interested, does not necessarily justify the prescription of ethical egoism.
It's argued that altruism can be self-defeating when it demands complete self-sacrifice, but this view is criticized for creating a false dilemma, as most moral theories do not require absolute self-sacrifice. Instead, altruism and self-interest are not always mutually exclusive, and a balance may be found that accommodates both individual and collective interests.