The good of self-interest

Walter Williams' column today is a good refresher on how "Self-interest is the human motivation that is most trustworthy and predictable, and gets the most wonderful things done." Worth reading for the famous quotes from Adam Smith.

In 1776, Adam Smith -- the acknowledged father of economics -- published "An Inquiry into the Nature and Causes of the Wealth of Nations." In it, he eloquently captures the essence of this wonderfulness, saying: "He (the businessman) generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. .. . He intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain."

Smith continues: "He is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. ... By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. ... It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest."