Michael Munger on How Adam Smith Solved the Trolley Problem
EconTalk
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Smith's View on Capitalism and Selfishness in Commercial Society
The competitive nature of capitalism is often criticized for making people selfish, but Adam Smith argues that we should consider what's in it for others. He believes that capitalism doesn't coarsen society or make us more selfish because it relies on a pre-existing system of propriety and self-governance. Smith emphasizes the importance of helping others and the reactions of gratitude from others. He also considers cultural propriety in deciding how to act. Overall, capitalism doesn't discourage us from thinking about others, but rather encourages the balance between self-interest and helping others.
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