Adam Smith Theory of Self Interest 1500 Words.
With at least 3 Academic sources. Explain and analyze interest refers to actions that elicit the most personal benefit. Adam Smith, the father of modern economics, explains that the best economic benefit for all can usually be accomplished when individuals act in their own self-interest. His explanation of the invisible hand reveals that when dozens or even thousands act in their own self-interest, goods and services are created that benefit consumers and producers. These assumptions are key to economic analysis and commercial success. As these parties interact in a market economy, voluntary exchanges occur.
