In the context of Contemporary Ethics can you please help further
define “egoism” and describe its main elements and principles?
According to moral egoism, our only duty is to do what is best for
ourselves. Does that mean we can do as we please?

Hello stwalksh2~

Moral egoism is the belief that an action is only morally justified if
the consequences of the action are more favorable than unfavorable to
the person or group performing the action.

Under the strictest philosophy of moral egoism, rape, murder, theft,
dishonesty, and many other things most people consider immoral, are
justified. It is always correct for a  person to do what is in their
self-interest, even if it harms someone else. A person cannot do
“whatever they like” because in many cases that would include things
that are actually not beneficial to them. (Doing drugs might be an
example. It might seem satisfactory at the moment, but ultimately, it
damages their body.) A person must only do what seems to be in their
best interest.

Under moral egoism, no moral duty exists to anyone other than self.
However, the good of others may come into consideration if the good
done to them also provides good for self. (For example, a moral egoist
may desire his aging father to make millions, because soon—-he
thinks—-his father will die and leave him his fortune.) In some forms
of moral egoism, it is acceptable (even encouraged) to good to others
if it doesn’t harm self(or doesn’t harm self very much).

Moral egoism (also sometimes call “ethical egoism”) “is opposed to
altruism, which holds the criterion of morality to be the welfare of
others.” (“Egoism,” InfoPlease:
http://www.infoplease.com/ce6/society/A0816851.html )

There are many variations on the basic moral egoism theme, including:

• Hedonistic vs. Rational. 

Hedonistic says seek immediate pleasure; get what you can—right now.
Rational says look ahead: Seek pleasure, but watch out for your
future, too.

• “Act” vs. “Rule.” 

“Act” says people should weigh the consequences of each individual
act; “rule” says people should follow basic rules (don't cheat, for
example) and this will increase your self-interest.

• Maximizing vs. Non-maximizing. 

Maximizing says people should do what's in their own interest;
non-maximizing says that people may be altruistic only if the benefits
to others greatly outweigh the cost to you.


You may find “The Fallacies of Egoism and Altruism, and the
Fundamental Principle of Morality” by Kelley L. Ross, Ph.D. of
interest: http://www.friesian.com/moral-1.htm

Keywords Used:
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Thank you, your response was timely and answered my question with
exceptional detail.