Why is the concept of self-interest so important in economics?

Self-interest is the main reason for all economic activities that take place in the country. Adam Smith introduced this concept. According to him, a person’s personal interests force him to engage in such types of economic activities as consumption, production, etc. Personal interest is the actions of people that will benefit them.
For example, a business person, in order to achieve his selfish goals (making a profit), will engage in hiring workers, opening a company, producing goods and services and other activities. All of these activities are considered economic activities and are added to the economy (gross domestic product) of the country. In the future, consumers, in their own selfish interests, consume goods and services produced by a commercial firm, which is another example of economic activity.
Thus, the concept of self-interest is essential to the survival of the economy and economic activities. Self-interest drives the economy of a country as a whole, which is why we cannot overlook the importance of self-interest in the economy.

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