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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