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A 3 page paper examining the question of how rational self-interest coexists with positive and normative economics in the context of macro- and microeconomics. The answer is that rational self-interest drives both. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSeconSelfInt.rtf
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examined is how rational self-interest coexists with positive and normative economics in the context of macro- and microeconomics. The answer is that rational self-interest drives both. Definition of Terms
The most likely point of beginning for the discussion is to define the terms being used. Rational self-interest is what the individual
does to make a living, live "in the black" and generally attend to and meet the financial needs of himself and those who depend on him for their sustenance.
In The Wealth of Nations, Adam Smith wrote, "It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from
their regard to their own interest." "Someone earning money by his own labor benefits himself. Unknowingly, he also benefits society" (Biography of Adam
Smith, n.d.). This is because if s/he is to benefit himself, then s/he must offer something for trade that others value. Smiths butcher, brewer and baker all produced
tangible products of value to others (Biography of Adam Smith, n.d.). Others were willing to work for those and other goods; they exchanged either direct labor or money for
them. Were the producers products of no interest to others, then they would realize no financial gain from them. The producers also would no longer be operating within
the realm of their own rational self-interest. Positive economics reflect what is, an assessment of situations and conditions without the addition of any
value judgments (Sampson, n.d.). Unemployment is 4.5 percent; new home sales increased 7.4 percent from last quarter. These are specific, measurable quantities. While there can be great
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