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Although motivated by our own self-interest, you make society better off by creating new jobs and opportunities.You have moved society's production possibility frontier outwards the same resources now make more or better goods and become a millionaire in the process.

Markets in which governments do not intervene are called free markets.

Individuals in free markets pursue their own interests, trying to do as well for themselves as they can without any government assistance or interference.

Market economy refers to a system where the prices of goods and services are set by supply and demand.

The value of information, goods, and services is determined through free trade (2012).

The government controls a significant share of output through taxation, transfer payments, and the provision of goods and services such as defence and the police force.

It also regulates the extent to which individuals may pursue their own self-interest.

The idea that such a system could solve the what, how, and for whom problems is one of the oldest themes in economics, dating back to Adam Smith, the famous Scottish philosopher-economist whose book The Wealth of Nations (1776) remains a classic.

Smith argued that individuals pursuing their self-interest would be led as by an invisible hand to do things that are in the interests of society as a whole. You play around with new ideas and invent a new good, perhaps the television, the motor car or the hand calculator.

Smith argued that the pursuit of self-interest, without any central direction, could produce a coherent society making sensible allocative decisions.

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