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Unfortunately for ethical egoism, the claim that we will all be better off if every one of us does what is in his or her own interest is incorrect. This is shown by what are known as "prisoner's dilemma" situations, which are playing an increasingly important role in discussions of ethical theory... At least on the collective level, therefore, egoism is self-defeating - a conclusion well brought out by Parfit in his aforementioned Reasons and Persons.
Peter Singer
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Interpretation

What this quote means

Ethical egoism suggests that individuals acting in their own interest will benefit everyone, but this is flawed, as shown by the prisoner's dilemma.

The quote by Peter Singer critiques the ethical theory of egoism, which posits that individuals should act in their own self-interest for the betterment of society. However, he points out that this approach can lead to collective harm, particularly in scenarios like the prisoner's dilemma, where mutual cooperation yields better outcomes than self-serving actions. Essentially, Singer emphasizes that pursuing one's own interests can be self-defeating when it comes to societal welfare.

Themes

Ethical EgoismPrisoner'S DilemmaSelf-InterestCollective HarmMoral Theory

In practice

Example use cases

In a debate on ethical theories, one might use this quote to illustrate the flaws of selfishness in decision-making.

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Quote by Peter Singer | QuoteProject