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Individualism is the belief that allowing people to pursue their own economic self-interest is beneficial for society as a whole.
There is disagreement among economists as to what triggers recessions and depressions and how to stop them, but one idea is embraced almost universally: the idea of individualism, which maintains that society's welfare is best served by allowing people to follow their own economic self-interest. Although others believe that this principle causes economic anarchy, this argument ignores the advantages of Individualism in terms of wealth creation and avoiding government meddling in people's private lives.
For instance, if one thinks that everyone should be able to spend their money on anything they like and do whatever they like, one probably comes under the individualistic category. However, this frame of view has disadvantages as well as advantages.
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