Beyond Self-Interest

by Krzysztof Pelc

A provocative retelling of the workings of self-interest in contemporary market society, which claims the world increasingly belongs to passionates, obsessives, and those who do things for their own sake, rather than as means to other ends.In our capitalist market society, we have come to accept that the way to get ahead is through strong will, grit, and naked ambition. This belief has served us it has contributed to making our affluent societies affluent. But does the premise still hold?As Krzysztof Pelc argues in Beyond Self-Interest , this default assumption no longer captures reality. There is a limit to the returns of calculation, planning, and resolve, and in a growing number of settings, this limit has been reached. The true idols of market society, he contends, are those who disavow their self-interest, or at least appear to do eco-conscious entrepreneurs, media moguls with a mission, and modern-day artisans catering to a well-educated and ever more socially conscious population of consumers. Increasingly, those who prosper do so by spurning prosperity, or by convincing others that they are instead pursuing purpose, passion, love of craft-anything but their own self-advancement. This is the paradox of intention, and it is increasingly defining our lives.Pelc tells the story of this paradox from its unlikely emergence among a group of British thinkers in the early 19th century to its development over the next two centuries, as it was successively picked up by philosophers, novelists, social scientists, and, ultimately, capitalists themselves. All of whom arrived at a common the appearance of disinterest pays, but only if it is believable-which presents the self-interested among us with a tricky problem.Drawing on three centuries of thought about commercial society and the people living in it, this richly researched account of the cycles of capitalism does not naively suggest that we should reject the market. Rather, it calls on us to treat economic growth once more as its earliest theorists as a formidable tool of human development, instead of an end in itself.

Genres: Economics

Hardcover

Reviews

[Andrew Norton · Rating 4 out of 5]

This book is in the intellectual tradition of Jon Elster (directly acknowledged) and Albert Hirschmann (in the references), mining the classics for psychological insight into society and the economy and adding some of the author's own.

The core idea, as expressed in the title, is the paradox that although we take market relations as being driven by self-interest it can be better for market actors to appear disinterested - or rather to appear authentically committed to whatever good or service they are selling. That's why firms tell us that they are passionate about their service or committed above all to their customers, rather than making money.

Pelc takes a version of this idea into other aspects of life. Just as trying too openly to make money can make market actors seem untrustworthy, directly trying to pursue other goals can make it harder to achieve them.

Trying to go to sleep creates insomnia, for example. Happiness, friendship or love are byproducts of other activities rather than goals that we should pursue, or be seen to pursue, directly.

I think there is wisdom in this book. Assuming financial self-interest as the sole motivation of market actors under-explains their activities. Using 'interest' in a different sense, of things that interest us, that match our knowledge, aptitudes and abilities, helps explain why people end up in the occupations and industries that they do. When people are asked about what they look for in a job, money is one factor among many and often not the most important.

In the context of an economy where the individuals in firms often have some intrinsic interest in what they are doing, however, self-interest can still predict behaviour - firms mostly try to maximise profits and customers mostly try to get a good price.

[David · Rating 4 out of 5]

This is a philosophical study challenging the rational pursuit of self-interest looking at capitalism, the Protestant work ethic, utilitarianism and other schools of thought.

I found the writing style made it quite difficult for me to absorb the information. I also did not end the book with any actionable strategies.

While this is not an easy read, it provides a lot of food for thought if you like intellectual discussions.

[Stuart Trow · Rating 3 out of 5]

It's an interesting concept and very worthwhile, but I felt it was a stretch for an entire book, especially at the beginning. There was never a question of not finishing it, but it wasn't a page turner and I'm not exactly sure what we should do with the information.

[Mohamed E · Rating 5 out of 5]

The most and best middle class book out there. ✌️👍

[Marc Sabatier · Rating 2 out of 5]

Don't quite know what I read here.

[William Bowen · Rating 5 out of 5]

Solid book. My first proper politics / economy / policy book. Yeah really solid. Written by a McGill prof too! Took a bunch of notes in the book.