The theory of self-interest in modern economic discourse: a critical study in the light of African humanism and process philosophical anthropology.

Abstract

Modern economic theory of self-interest alleges that in their economic relations people always behave in a way that maximises their utility. The idea whether human beings were solely self-interested has a long history as it can be seen from the writings of Greek philosophers and the Church fathers. Among Greek philosophers there were those who argued that human beings were naturally self-interested (Aristotle) and those who maintained that human beings were communal by nature (Plato, Stoics and the Pythagoreans). The later position was adopted by the Church fathers as they condemned self-interest as the sin of avarice and greed. The justification of self-interest in human and political activities was part and parcel of the economic and political early modernists, as it can be seen in the works of Mandeville, Hobbes, Hume and Adam Smith. In the writings of these thinkers, the flourishing of wealth depended on individual freedom to pursue their self-interests. In this regard, self interest became the sole source of motivation in the behaviour of homo economicus. A persistent motif in late modern economic discourse on self-interest is based on the idea that people think and act on the basis of that which is to their self-interest. It is mainly for this reason that late modern economic thinkers maintain that society would prosper when people are left alone to pursue their self-interests. Late modern economic theory of utility maximisation alleges that individuals act only after calculating costs and benefits. The argument of this thesis, based on the commonalities between African humanism and process philosophical anthropology, is that self-interest is antithetical to communal life as advocated in the ethic of Ubuntu. One who acts solely on the basis of maximising his or her utility would inevitably deprive others of a humane existence. A holistic metaphysical outlook based on the relatedness and interrelatedness of everything that exists as we find it in African humanism and process philosophical anthropology implies that the individual exists in internal relations with everything else. We should go beyond self interest by giving primacy to a holistic ethic.