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Smith, Friedman, and Self-Interest in Ethical Society

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  • James, Harvey S.
  • Rassekh, Farhad

Abstract

We examine the writings of Adam Smith and Milton Friedman regarding their interpretation and use of the concept of self-interest. We argue that neither Smith nor Friedman considers self-interest to be synonymous with selfishness and thus devoid of ethical considerations. Rather, for both writers self-interest embodies an other-regarding aspect that requires individuals to moderate their actions when others are adversely affected. The overriding virtue for Smith in governing individual actions is justice; for Friedman it is non-coercion.

Suggested Citation

  • James, Harvey S. & Rassekh, Farhad, 2000. "Smith, Friedman, and Self-Interest in Ethical Society," Business Ethics Quarterly, Cambridge University Press, vol. 10(3), pages 659-674, July.
    • Handle: RePEc:cup:buetqu:v:10:y:2000:i:03:p:659-674_00
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    Cited by:

    1. Johannes Jahn & Rolf Brühl, 2018. "How Friedman’s View on Individual Freedom Relates to Stakeholder Theory and Social Contract Theory," Journal of Business Ethics, Springer, vol. 153(1), pages 41-52, November.
    2. Michael Chappell & Liliana LaValle, 2011. "Food security and biodiversity: can we have both? An agroecological analysis," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 28(1), pages 3-26, February.
    3. Matthias P. Hühn & Claus Dierksmeier, 2016. "Will the Real A. Smith Please Stand Up!," Journal of Business Ethics, Springer, vol. 136(1), pages 119-132, June.
    4. Harvey James, 2013. "Jayson Lusk: The food police: a well-fed manifesto about the politics of your plate," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 30(4), pages 661-662, December.
    5. Ignacio Ferrero & W. Michael Hoffman & Robert E. McNulty, 2012. "Must Milton Friedman Embrace Stakeholder Theory?," Faculty Working Papers 10/12, School of Economics and Business Administration, University of Navarra.
    6. Jeffrey Overall, 2017. "Practice what you preach: the failure of the welfare state and the discovery of total equality through capitalism," International Journal of Public Policy, Inderscience Enterprises Ltd, vol. 13(1/2), pages 69-85.

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