Bursting the selfishness bubble

Milton Friedman, probably the most influential economist of the 20th century, wrote “the social responsibility of business is to increase its profits”. I propose that striving for profit at all costs leads people, including business executives, to think in a selfishness bubble. That is, people’s interests shape the way they both perceive and choose information, informing their decisions. Thinking in a selfishness bubble is dangerous as it can lead to shortsighted decisions and poor-quality products. For example, when safety is sacrificed for profit. To burst the selfishness bubble, behavioral science and in particular, the field of behavioural ethics, should inform policy and industry leaders about the best ways to adopt a long-term perspective when designing companies and policy.