Self-Interest vs. Selfishness

Economics—as a field of study and as a way of thinking—has a reputation for selfishness. In large part, this can be traced to the idea that people always have their own best interests in mind and make decisions in accordance with these interests. This idea is an important part of Economics, and is introduced early to those who are entering the field, but it is by no means a complete understanding. Unfortunately, it has a tendency to be treated in popular opinion as though it is a complete understanding; as a succinct description, rather than a simplistic summary. Moreover, it Continue reading Self-Interest vs. Selfishness

Thesis Corner: The Economic Success of Sharing

One of Adam Smith’s mantras describes self-interest as an ingredient for the wealth of nations. Acts of selfishness creates an economy conducive to trading goods and services in exchange for money. UPS’s very own Shelby Senaga, a senior studying Economics and Business, explored a different dimension to this self-interest story in her thesis. Shelby’s research explored the phenomenon of collaborative consumption (CC), which creates commercial value through the power of sharing rather than ownership. Shelby and I sit down to chat about the concept behind CC and its growing popularity. HR: So what exactly is the idea behind CC? SS: Continue reading Thesis Corner: The Economic Success of Sharing