EC2#Week 3

3. What motivates us and who benefits?

Are we only motivated by what’s in it for me? Should we really allow the marketplace to regulate all our activities? Adam Smith’s revolutionary “Wealth of Nations” extolled the virtues of self-interest, the self-regulation of markets, and the accumulation of capital. These ideas have stuck with us, but we have forgotten or ignored what Smith explained of their context and his more enlightened sense of self-interest than mere greed. We now live with the consequences of this forgetting.