Can someone explain this statement in an economist's perspective?
"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." -Adam Smith

Question

Can someone explain this statement in an economist's perspective?
"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." -Adam Smith

anonymous · Answer

Adam Smith wrote a Moral Sentiment 25 years before the wealth of nations to prove that individual has high standard of moral and can make a good judgement.The government has to trust them because it think that the government does not know all about what, how and for whom. And this is the foundation of individual demand and supply,specialization and the free market mechanism.

anonymous · Answer

Thank you so much @Lost.In.Regret :) This helped a lot. I understand what he means more now.

anonymous · Answer

Your Welcome! (sorry 4 the last response >.< ) lol