Me, Myself, and Why Problem Set Essay

1. What is the difference between self-interest and selfishness? Why is this note of hand important when considering the competitive market economy as appropriate for ordination? Self-interest is looking out for your outmatch interest and finding the best possible alternatives that will advantage yourself in the billet world. Selfishness is putting your birth interests above the interests of others and making decisions solely base on how they will benefit you. This distinction is imperative in considering the competitive market that is appropriate for rules of order because you need to make sure that you are looking out for yourself precisely at the same time you should not make market decisions based solely off your own selfish interests. A selfish business man or woman will never be prospering in the long run.2. Does your school text present only positive political economy and avoid any normative economics? If not, give some examples of normative economics covered in your textbook. The textbook presents both positive economics and normative economics. An example of normative economics that is used in the textbook states a quantify-free interpretation of economics leads to all sorts of abuses (42). Normative economics incorporate subjectivity in to their analysis. Normative economics are heavily influenced by value judgment as well as theoretical situations. Normative economics are the opposite of positive economics.3. What did transport Smith believe serves to break self-interest in an economy? People care what others think of them and it is this commit for the good opinion of others that constrains people in their pursuit of self-interest (41). Adam goes on to say, this constraint is reinforced by competition and by the regulation remains (41). Smith believes that others opinions shape what they pursue. Smith opposed the exclusive privileges of corporations and still went as far to oppose regulations such as taxes which he claims ga ve individuals the aptitude to gain an unfair advantage.4. What does it mean to seek the Kingdom of God in a democratic capitalist economy? How can it be through? Capitalism and Christianity can be deepend. It may be difficult to combine the two because many Christians believe that it is better to always put the interests of others forrader yourself. However, Christ calls us to be good stewards of what He has given us and it is important to be good business men and woman that filter to be warriors for the Lord. Christ has not called us to be mediocre moreover to rise to the top and to shine for Him. The book states, were not perfect, besides we can strive to act righteously with in a system that accommodates both vice and virtue (50).