The Proper Context of Business

2019 ◽  
pp. 31-66
Author(s):  
James R. Otteson
Keyword(s):  
Political Economy ◽  
Empirical Evidence ◽  
Local Knowledge ◽  
Adam Smith ◽  
Social Institutions ◽  
Invisible Hand ◽  
Moral Sentiments ◽  
Wealth Of Nations ◽  
Political Economic ◽  
Proper Context

Chapter 2 investigates the explanation Adam Smith gave in his famous Wealth of Nations (1776) for why some places are wealthier than others, and what political, economic, and other social institutions are required for increasing prosperity. The chapter discusses the conception of “justice,” as opposed to “beneficence,” that Smith offered The Theory of Moral Sentiments (1759), as well as Smith’s economizer, local knowledge, and invisible hand arguments from his Wealth of Nations that form the basis of his political economy. We look at the duties of government implied by Smithian political economy, including both what he argues government should do and what it should not do. We also look at empirical evidence to answer the question of whether Smith’s predictions on behalf of his recommendations have come true in the intervening centuries.

Invisible Hand Arguments: Milton Friedman and Adam Smith

2007 ◽  
Vol 5 (2) ◽  
pp. 103-117 ◽  
Author(s):  
Alistair M. Macleod
Keyword(s):  
Public Interest ◽  
Adam Smith ◽  
Invisible Hand ◽  
Moral Sentiments ◽  
The Public ◽  
Economic Motivation ◽  
Milton Friedman ◽  
Common Structure ◽  
Wealth Of Nations ◽  
The Invisible

The version of the invisible hand argument in Adam Smith's Theory of Moral Sentiments differs in important respects from the version in The Wealth of Nations. Both are different, in turn, from the version invoked by Milton Friedman in Free to Choose. However, all three have a common structure. Attention to this structure can help sharpen our sense of their essential thrust by highlighting the questions (about the nature of economic motivation, the structure of markets, and conceptions of the public interest) to which answers of certain kinds would have to be available for any of the versions to succeed.

scholarly journals Adam Smith on governance and regulation. An account of his lectures on jurisprudence

2016 ◽  
Vol 5 (4) ◽  
pp. 90-98
Author(s):  
Pilar Piqué
Keyword(s):  
Political Economy ◽  
Division Of Labor ◽  
Moral Philosophy ◽  
Adam Smith ◽  
Moral Sentiments ◽  
The Creation ◽  
Wealth Of Nations ◽  
Theory Of Moral Sentiments

The present study analyzes a little explored work of Adam Smith: his Lectures on Jurisprudence, understanding it as a "bridge" between his Moral Philosophy and his Political Economy. We show that Smith states in Theory of Moral Sentiments some tensions facing the sympathy once the bonds of affection between members of the same society began to reveal weak. This lead Smith into the study of Jurisprudence, the study of a society of strangers that need a common identification under a State that imposes rules of justice unveiled by science. In his Lectures on Jurisprudence, Smith finds that the division of labor was the result and the ultimate expression of opulence and freedom of humanity. These conduct him to answer why does the division of labor contribute to opulence and why does the division of labor brings about man’s freedom and these two questions ended in the creation of The Wealth of Nations.

scholarly journals Adam Smith e a virtude da justiça

2019 ◽  
Vol 64 (1) ◽  
pp. 31597
Author(s):  
Denis Coitinho
Keyword(s):  
Adam Smith ◽  
Invisible Hand ◽  
Moral Sentiments ◽  
Wealth Of Nations ◽  
Theory Of Moral Sentiments

O objetivo central desse artigo é refletir sobre o papel e o significado do critério de justiça no pensamento de Adam Smith, considerando especialmente a obra The Theory of Moral Sentiments e, parcialmente, as obras Lectures on Jurisprudence e An Inquiry into the Nature and Causes of the Wealth of Nations. O propósito básico é tentar esboçar uma teoria da justiça que pode ser encontrada nas obras de Smith, particularmente no seu texto de 1759, a saber, The Theory of Moral Sentiments. Para tal, inicio esclarecendo alguns conceitos centrais de sua teoria moral sentimentalista, a saber, empatia (sympathy), espectador imparcial (impartial espectator) e mão invisível (invisible hand). Posteriormente, investigo o papel das virtudes nesta teoria normativa anti-utilitarista e a distinção entre virtudes positivas e negativas. De posse disso, o próximo passo será analisar a concepção de justiça retributiva defendida por Smith, que parece defender uma teoria híbrida da punição por englobar aspectos retributivista, preventivista, expressivista e reabilitacionista. Por fim, reflito sobre o significado da justiça como virtude negativa e sua ligação com os direitos.

Du «spectateur impartial» au «travailleur impartial», un commentaire sur la relation entre philosophie morale et économie politique chez Adam Smith selon Jean Mathiot

Dialogue ◽  
2011 ◽  
Vol 50 (3) ◽  
pp. 469-509 ◽  
Author(s):  
Gilles Campagnolo
Keyword(s):  
Political Economy ◽  
Moral Philosophy ◽  
Adam Smith ◽  
The State ◽  
Moral Sentiments ◽  
Impartial Spectator ◽  
History Of ◽  
Économie Politique ◽  
Wealth Of Nations ◽  
The Church

ABSTRACT: As Smith freed moral philosophy from former control bodies (the Church, the state), the Scottish philosopher opened the field for a scientific political economy. In hisAdam Smith. Philosophie et économie(Paris, Presses universitaires de France, 1990, p. 45), Jean Mathiot asked :«Should then one wonder that his [Smith’s] audacious stand became the historical grounding stone for political economy, then bringing recognition as an objectively-grounded field of knowledge?»Mathiot’s text and thought have been little debated to this day; this essay is meant to fill that gap, in particular with regard to the history of Smith’s reception in France. Mathiot sought to understand better the “impartial spectator” using a new character whom he claimed Smith was implicitly sketching, and whom he called “the impartial laborer”. To Mathiot’s mind, from theTheory of moral sentiments(1759) to theWealth of Nations(1776), the link is nothing else than Smith’s own philosophy.

scholarly journals Was Adam Smith an evolutionary economist?: Smith’s study of botany and Charles Darwin’s theory of morality

2021 ◽  
Author(s):  
Tetsuo Taka
Keyword(s):  
Human Nature ◽  
Nutritional Value ◽  
Adam Smith ◽  
Value Theory ◽  
Experiential Knowledge ◽  
Moral Sentiments ◽  
Darwinian Theory ◽  
Wealth Of Nations ◽  
Theory Of Moral Sentiments

AbstractThis paper aims to extend and provide a new understanding of Adam Smith’s thoughts by focusing on some revisions in the 4th edition of The Theory of Moral Sentiments (Smith 1774), “the nutritional value theory of corn” in the Wealth of Nations, and then comparing Smith’s discourses on the formation of morality with C. Darwin’s. Smith’s understanding of human nature extended and deepened with the study of botany and other sciences at Kirkcaldy after spending 2 years in France as Duke Buccleugh’s tutor. He began to understand human nature not only as a composite of self-love and benevolence, but also of instinctual and experiential knowledge. Thus, Smith’s system transitioned to an evolutionary one, and he became an unconscious forerunner of the Darwinian theory of morality formation.

Enlightenment, Scottish

2018 ◽  
Author(s):  
Christopher J. Berry
Keyword(s):  
Cultural History ◽  
David Hume ◽  
Causal Explanation ◽  
Adam Smith ◽  
Social Institutions ◽  
Commercial Society ◽  
The Enlightenment ◽  
History Of ◽  
Wealth Of Nations ◽  
William Robertson

This term refers to the intellectual movement in Scotland in roughly the second half of the eighteenth century. As a movement it included many theorists – the best known of whom are David Hume, Adam Smith and Thomas Reid – who maintained both institutional and personal links with each other. It was not narrowly philosophical, although in the Common Sense School it did develop its own distinctive body of argument. Its most characteristic feature was the development of a wide-ranging social theory that included pioneering ‘sociological’ works by Adam Ferguson and John Millar, socio-cultural history by Henry Home (Lord Kames) and William Robertson as well as Hume’s Essays (1777) and Smith’s classic ‘economics’ text The Wealth of Nations (1776). All these works shared a commitment to ‘scientific’ causal explanation and sought, from the premise of the uniformity of human nature, to establish a history of social institutions in which the notion of a mode of subsistence played a key organising role. Typically of the Enlightenment as a whole this explanatory endeavour was not divorced from explicit evaluation. Though not uncritical of their own commercial society, the Scots were in no doubt as to the superiority of their own age compared to what had gone before.

scholarly journals What’s the problem, Mr. Smith? Shedding more light (than Heat) on Adam Smith’s view of man *

2018 ◽  
Vol 27 (1) ◽  
pp. 1-28
Author(s):  
Emmanoel de Oliveira Boff
Keyword(s):  
Adam Smith ◽  
Economic Thought ◽  
Human Beings ◽  
Moral Sentiments ◽  
Impartial Spectator ◽  
Self Interest ◽  
Cast Doubt ◽  
Wealth Of Nations ◽  
Theory Of Moral Sentiments

Abstract Why has the “Adam Smith Problem” recently been discussed in the literature? Although most historians of economic thought regard the problem solved, these discussions cast doubt on this apparent solution. This article suggests that the “Adam Smith Problem” may originate from the concept of the human being developed by Smith in the “Theory of Moral Sentiments”: in this book, human beings can be understood as composed of an empirical and a (quasi) transcendental side, in the form of the impartial spectator. It is argued that it is the tension between these two parts which creates supposed inconsistencies between aspects of the “Theory of Moral Sentiments” and the “Wealth of Nations” like, for example, the role of sympathy and self-interest in each of these books.

scholarly journals Adam Smith on the Virtues: A Partial Resolution of the Adam Smith Problem

1997 ◽  
Vol 19 (1) ◽  
pp. 127-140 ◽  
Author(s):  
Spencer J. Pack
Keyword(s):  
Adam Smith ◽  
Government Control ◽  
Moral Sentiments ◽  
Market Prices ◽  
Commercial Society ◽  
Partial Resolution ◽  
Knowing That ◽  
Just Price ◽  
Wealth Of Nations ◽  
Theory Of Moral Sentiments

It is now easy to see, in the light of Adam Smith's Lectures on Jurisprudence, that The Theory of Moral Sentiments and The Wealth of Nations were parts of a grand system. Nonetheless, TMS and WN are not tightly linked. This paper pursues the following strategy: knowing that Smith wrote both works, one can go back to westigate Smith's handling of the virtues, and see how that work implicitly defended the acquisitive, commercial society analyzed so thoroughly in WN. In doing so, it will be shown that Smith has a distinctive, key, narrow handling of the virtue justice which is based upon the passion resentment. Smith's treatment of justice explains why there can be no concept of just price in Smith's work. It serves to support market, flexible, or negotiated prices as ethically legitimate because it effectively removes market prices from the domain of government control or responsibility, at least insofar as government is enforcing justice.

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