Narrow self-interest does not necessarily yield efficient exchange.

Evidence

Economists generally assume that the narrow pursuit of interest results in efficient economic exchange. The aim of this paper has been to dispute this assumption. — Diego Gambetta, Trust - Making and Breaking Cooperative…, 2626

Categorization

• XREF: Directly frames the Hardin/Luhmann analysis — this is the economic orthodoxy that trust-based institutions (Luhmann’s familiarity, Hardin’s constraints) qualify. — connects to: Pure rational self-interest cannot explain founding a derivatives exchange; Markets themselves can only be created by people who act against narrow self-interest — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 673; Neoclassical finance requires only a few well-financed arbitrageurs, not rational average investors. — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 1212