00:01
When economists talk about selfishness, we are not talking about your own well -being, but rather everything that you care about.
00:45
So let's, for example, look at a parent who is working two jobs to earn more money.
00:51
Some people might be like, oh, they're working two jobs to earn more money and that's selfish because they're just after the money.
00:57
But they may be working that second job because they have a child and that money goes to maybe living in a better neighborhood that's safer, maybe a better school district, things like that, so that they can provide their child with a better life.
01:11
It might pay for the extracurriculars so that they can have fun and do things outside of school so that maybe they can play sports or participate in activities and field trips and all those things.
01:22
It might be what helps put food on the table and make sure there's enough food in the household.
01:27
This isn't selfish, but they're doing it because it has value in it.
01:32
This is what we mean by greed or selfishness...