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DEFINITION
By Staff Reporters
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Bernard Mandeville’s Paradox represent actions that may be vicious to individuals may also benefit society as a whole.
Mandeville’s Paradox challenges traditional moral and economic assumptions about selfishness and virtue. It suggests that economic systems can thrive on individual self-interest, a concept that has influenced modern economic thought, particularly in the development of free-market ideologies.
Understanding this paradox is crucial for economists, policymakers, and philosophers as it complicates the evaluation of behaviors and policies based solely on their perceived moral qualities. It invites a complex analysis of how individual actions, regardless of their intentions, contribute to the broader welfare of society.
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Filed under: Accounting, Ethics, Funding Basics, Glossary Terms, Health Economics, LifeStyle | Tagged: bernard mandeville, economic thought, economics, economists, free-market, Mandeville's Paradox, morality, policymakers, selfish, selfishness, virtue |
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