“(…) Gandhi also distanced himself from classical economic theory. Adam Smith’s assertion that it is in the nature of each individual to pursue his or her own self-interest in the marketplace and that “it is his own advantage, indeed, and not that of the society, which he has in view,” was anathema to Gandhi.54 He believed in a virtuous economy in which the community’s interest superseded individual self-interest and argued that anything less depreciates the happiness of the human race.”

— Jeremy Rifkin

The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism (2014)

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Jeremy Rifkin 18

American economist 1945

Paul Ormerod book The Death of Economics

Part I, Chapter 1, Economics in Crisis, p. 14
The Death of Economics (1994)

“Each pursues his private interest and only his private interest; and thereby serves the private interests of all, the general interest, without willing it or knowing it. The real point is not that each individual's pursuit of his private interest promotes the totality of private interests, the general interest. One could just as well deduce from this abstract phrase that each individual reciprocally blocks the assertion of the others' interests, so that, instead of a general affirmation, this war of all against all produces a general negation.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Grundrisse (1857-1858)
Source: Notebook I, The Chapter on Money, p. 76.

“Gandhi rejects the Adam Smith notion of human nature as motivated by self-interest and brute needs and returns us to our spiritual dimension with its impulses for nonviolence, justice and equality.
He exposes the fallacy of the claim that everyone can be rich and successful provided they work hard. He points to the millions who work themselves to the bone and still remain hungry.”

Nelson Mandela (1918–2013) President of South Africa, anti-apartheid activist

2000s, The Sacred Warrior (2000)

“No regulation of commerce can increase the quantity of industry in any society beyond what its capital can maintain. It can only divert a part of it into a direction into which it might not otherwise have gone; and it is by no means certain that this artificial direction is likely to be more advantageous to the society than that into which it would have gone of its own accord. Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in his view. But the study of his own advantage naturally, or rather necessarily leads him to prefer that employment which is most advantageous to the society.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book IV, Chapter II, p. 486.

“By pursuing his own interest he frequently promotes that”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: The Wealth of Nations (1776), Book IV, Chapter II, p. 488-489. 
Context: As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.

“Man—every man—is an end in himself, not a means to the ends of others; he must live for his own sake, neither sacrificing himself to others nor sacrificing others to himself; he must work for his rational self-interest, with the achievement of his own happiness as the highest moral purpose of his life.”

Ayn Rand (1905–1982) Russian-American novelist and philosopher

The Ayn Rand Column ‘Introducing Objectivism’

“The individual who takes advantage of the power he has to impose exclusively the interests to his advantage, is a failure absolutely devoid of courage and value.”

Prevale (1983) Italian DJ and producer

Original: (it) L'individuo che approfitta del potere che ha per imporre esclusivamente gli interessi a suo vantaggio, è un fallito assolutamente privo di coraggio e valore.
Source: prevale.net

“A defect, as such, does not imply determinations in any direction. The individual's happiness is in the continuous unfolding of his experience, and also in the fruitfulness of his suffering. The criterion of his happiness is his power and permission to grow into his own self, with all that this involves. This, in turn, depends on other circumstances; the reality or mere ostensibility of his reception; the degree to which he is allowed, together with his defects and inherited birth constellations, to be integrated into his community; and the degree to which the community is permitted to become integrated into what he, the individual, represents.”

Martti Siirala (1889–1948) Finnish philosopher

Medicine in Metamorphosis (2003).

“It can not be denied that the present tendency is not in harmony with this spirit. The individual, instead of working out his own salvation and securing his own freedom by establishing his own economic and moral independence by his own industry and his own self-mastery, tends to throw himself on some vague influence which he denominates society and to hold that in some way responsible for the sufficiency of his support and the morality of his actions. The local political units likewise look to the States, the States look to the Nation, and nations are beginning to look to some vague organization, some nebulous concourse of humanity, to pay their bills and tell them what to do. This is not local self-government. It is not American. It is not the method which has made this country what it is. We can not maintain the western standard of civilization on that theory. If it is supported at all, it will have to be supported on the principle of individual responsibility. If that principle be maintained, the result which I believe America wishes to see produced inevitably will follow.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, The Reign of Law (1925)

“Adam Smith is, of course, justly lauded for his advocacy of free markets and limited government. Particularly famous is his idea that each person’s pursuit of self-interest leads, as if by an invisible hand, to socially efficient outcomes.”

Robert Barro (1944) American classical macroeconomist

Nothing Is Sacred (2002)

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Jeremy Rifkin 18

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