Inquiry: Adam Smith Self Interest Analysis
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Adam Smith Self Interest Analysis Video
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For it is the observation that those who rule us are motivated, at least in part, by their own economic self-interest. Just like everyone else that is, simply because those who govern are indeed humans just like everyone else. In modeling the behavior of individuals as driven by the goal of utility maximization—economics jargon for a personal sense of well-being—economists do not deny that people care about their families, friends, and community.
But public choice, like the economic model of rational behavior on which it rests, assumes that people are guided chiefly by their own self-interests and, more important, that the motivations of people in the political process are no different from those of people in the steak, housing, or car market. They are the same human beings, after all.
Public choice, in other words, simply transfers the rational actor model of economic theory to the realm of politics. There is no special set of angels without said self-interest, no political faction free of it. But the true scandal is about the corruption of public service for private gain. It is about how public servants appear to have made decisions because of the prospect of personal advantage. It is about how private interests have been allowed into the heart of government as they pretended to be motivated by public service. And it is about an attitude towards public assets — including even NHS employment data and the Adam Smith Self Interest Analysis of public sector workers — that sees those assets reduced to a commodity that can be bought and sold, at a profit, and not just without public benefit but at the cost of the taxpayer.
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Which then leads to the question of what we should do about it. Given that no grouping in power is going to be free of the temptations the answer has to be to limit what they may do. To reduce the areas of our lives over which they may exercise their, rather than our, self-interest. The solution, as so often, is minarchy. We must insist that their droits de seigneur is only exercisable when we truly must lie back and think of England.]
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