Adam Smith argued that collective interest is best served by individuals acting in their own self-interest.

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Whilst we often think of individuals acting in their own self-interest as negative for wider society as in doing so they are being selfish and self-centred, Adam Smith claimed that individuals acting in this way was actually good. People work harder if they personally benefit, and they look after money better if it is for their own interest. Smith claims that by acting in their own interest they also act in the collective interest. This is largely a product of what he called the 'invisible hand' that guides transactions for the benefits of society. However, critics argue that the 'invisible hand' is precisely that, invisible, and that many things that are good for society cannot be reduced down to individuals acting in their own self-interest.

Adam Smith Argued That Collective Interest Is Best Served by Individuals