Saturday, December 08, 2012

Selfishness/Self-Interest Is Meaningless Without Understanding Subjectiveness.

Some "modern professional economists" "deny the importance of choice, action, subjective judgments, etc. in making predictions or interpretations of economic events." They are likely to use the term 'self-interest' not 'selfishness.' Consequently 'self-interest' is a term used with only a surface-level recognition of what it truly represents, and so it is that there are plenty of references to 'self-interest' in the economic literature. When the term is used by subjectivists it is correct. When it is used by empiricists it is a half-truth upon which fallacies are built.

In other words, is it possible to build anything worthwhile on a flawed foundation?

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