Self-Interest in the Marketplace
“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 self-interest.” This is Adam Smith’s famous quote on the very basic of business motive and every individual involved in the transaction making an earning. Smith argues how one is essentially motivated to go on a venture or transact for self-interest.
Self-interest, very basic motive
Self-interest in this regard by Smith is basically argued that all of the individuals are at the very basic level are motivated to participate in a monetary transaction or other trades for the sake of making a living. Making a living or a good living is basically a motive to acquire and maintain the basic needs in life such as shelter, food, clothes among other luxuries along the way such as comfortable couch, or a cozy blanket and etc. To acquire a living at first, an individual is motivated to conduct himself in a marketplace and offer a product or service in return for a monetary value or factor that will help him/her attain a good living. Not necessarily does the maker or seller of the product creates and sells the product out of a good heart – he may, he may not – but to gain something else in return for him. The buyer may not necessarily buy the product just because it is just a good product, but also that it solves their need or want and the maker is trying to earn a living like everybody else. There is a chain to it – just like a food chain – it is a chain. John buys the raw material from Doyle to finish making a beverage that in return will be bought by customers, by more Doyles. Those customers are a provider (seller) of another product or service to another buyer who are their customers. Again, a cleaner doesn’t offer to clean your house just because they want to be nice, but at the same time to earn something