On Self-Interest

In class this past week (I am inclined to say it was Friday), I argued that people are not always capable of effectively pursuing their own best interests. This claim was met with some resistance by Tori, but at the time we were unable to debate the subject in the vigorous and spirited manner deserving of it.

Tori’s line of argument, as I understand it, holds that self-interest comes from meeting one’s personal goals and ideals. Goals and ideals stem from personal value sets, which vary widely from one individual to another; as such, it is impossible for one to follow self-interest when operating under another’s set of values. This line of reasoning is true. However, with all due respect to Tori (who is the best), her conclusion does not necessarily logically follow from it. By asserting that people are not always capable of effectively following their own best interests, I am not asserting the superiority of my own value system or arguing that people should or can derive happiness from an externally imposed set of values. Rather, I am questioning the rational nature of humans and the extent to which they make decisions on the basis of sufficient information.

People are not always capable of comprehending how to best achieve their own, internally determined, goals and ideals. They often subvert their long-term goals to short-term satisfaction: the student who procrastinates on an important term paper probably does not believe that doing so is in his or her best interest, but simply fails to follow self-interest. They often fail to realize the true consequences of their actions: ideal examples of this can be found in complex political questions, such as monetary policy, where voters often do not understand the full impact of policies they support. A lower interest rate is rarely (probably never) a core personal value. Although some political questions may raise legitimate issues of core values, such as economic growth versus environmental protection, others can be seen only as instruments in fulfilling goals.