Discuss the strengths and/or weaknesses of personal gain serving the public good according to Charles Wheelan

Charles Wheelan often emphasizes the importance of personal gain serving the public good in his works. He believes that the pursuit of self-interest by individuals can lead to collective benefits, a concept that is rooted in Adam Smith's 'invisible hand' theory.

The strengths of this approach include the promotion of innovation, competition, and efficiency. For example, entrepreneurs like Bill Gates have become wealthy by creating products that benefit society, thus serving the public good while pursuing personal gain.

However, there are also weaknesses. The unregulated pursuit of personal gain can lead to income inequality, exploitation, and negative externalities. For instance, businesses might neglect environmental concerns in their pursuit of profit, causing harm to the public good.

Wheelan's belief in Keynesian economics suggests that he acknowledges these weaknesses, as Keynesianism advocates for government intervention to correct market failures and protect the public good.