Private gain mustn’t be allowed to elbow out the public good
By Dirk Philipsen Adam Smith had an elegant idea when addressing the notorious difficulty that humans face in trying to be smart, efficient and moral. In The Wealth of Nations (1776), he maintained that the baker bakes bread not out of benevolence, but out of self-interest. No doubt, public benefits can result when people pursue what comes easiest: self-interest. And yet: the logic of private interest – the notion that we should just ‘let the market handle it’ – has…