Adam Smith

This paper argues that Adam Smith’s attempt to use the pin factory example to illustrate a general phenomenon – the value of the division of labour – seems to depend on an assumption. Put simply, the assumption is that the skills and knowledge involved in one task are not relevant to doing another task, or if they are relevant they would just be developed by specializing in the other task.

I propose a solution to a problem raised by E.G. West’s paper “Adam Smith’s Two Views on the Division of Labour.” Smith seems committed to the views that the division of labour makes people more and less intelligent.

I respond to Nuno Palma’s suggestion, made in 2008, that we are approaching the day in which nothing new can be said about Adam Smith. I think that is unlikely. The paper presents a model to support the suggestion. To illustrate my counterargument, I focus on the problem of Adam Smith’s apparently contradictory claims about the effects of the division of labour on character.

How old is the distinction between the genetic and the gestational parent? Anca Gheaus “suggests” it is quite new, but I believe people have made a distinction along these lines for centuries in their imaginations. I present a problem related to the distinction and to the Scottish enlightenment.

Drawing on 49 oral-history interviews with Scottish family business owner-managers, six key-informant interviews, and secondary sources, this interdisciplinary study analyses the decline of kinship-based connections and the emergence of new kinds of elite networks around the 1980s. As the socioeconomic context changed rapidly during this time, cooperation built primarily around literal family ties could not survive unaltered. Instead of finding unity through bio-legal family connections, elite networks now came to redefine their ‘family businesses’ in terms of affectively loaded ‘family values’ (...) such as loyalty, care, commitment, and even ‘love’. Consciously nurturing ‘as-if-family’ emotional and ethical connections arose as a psychologically effective way to bring together network members who did not necessarily share pre-existing connections of bio-legal kinship. The social-psychological processes involved in this extension of the ‘family’ can be understood using theories of the moral sentiments first developed in the Scottish Enlightenment. These theories suggest that, when the context is amenable, family-like emotional bonds can be extended via sympathy to those to whom one is not literally related. As a result of this ‘progress of sentiments’, one now earns his/her place in a Scottish family business, not by inheriting or marrying into it, but by performing family-like behaviours motivated by shared ethics and affects. (shrink)

In 2023 we celebrate the tricentenary of Adam Smith’s birth with the publication of an amazing amount of critical work, even though the story of Smith’s reading and reception is rather uneven. From...

The paper focuses on the mutual interaction as well as the impact of the Scottish Enlightenment on the formation of the Enlightenment in Russia during the reign of Catherine the Great. It focuses on the relationship between the work of Adam Smith and Semyon Efimovich Desnitskii, who, thanks to Desnitskii’s studies at the University of Glasgow, got to know each other as teacher and student. The central point of their interaction is the issues of the philosophy of history based on (...) natural-law assumptions and focus on understanding the formation of history, culture, citizenship, and social transformations through morality and law. The paper examines Desnitskii’s ideas on the stages of human coexistence in which Smith’s concept is projected. The paper is not only an attempt to compare these concepts, but it also characterizes Desnitskii’s interest in adapting the ideas of the Scottish Enlightenment to Russian reality and needs and using them in the environment of the advancing feudal empire, to which Desnitskii wants to contribute with his work. (shrink)

As founder of modern political economics and prominent theorist of the commercial society, Adam Smith’s importance is universally recognized. Little, however, has been done so far to develop Adam Smith’s virtue ethics in the context of modern business, characterized by digitalization. This article aims to rediscover Adam Smith’s virtue of prudence and its relevance for the “e-commercial society”: It presents a framework that considers the central place of prudence in the relationship between a prosperous e-commercial system and societal flourishing. In (...) Smith’s view of the commercial society, prudence enables people to develop habits of character related to industriousness, genuineness, spirit of sacrifice, and self-command, which help in the conduct of a prosperous business activity. This article translates Smith’s virtue of prudence into a language typical of consumers in the current e-commerce scenario, considering their development as persons and the contribution of their activities to the good of society. (shrink)

The main aim of the present study is to identify which mental footnotes (related to Adam Smith’s Capitalism) have more weight in the current cognitive processing of participants. We used the “Wealth of Nations” as the main source of the concepts from this author. An experimental design (based on a previous qualitative research) was carried out to test the influence of mental footnotes on the citizens’ decision on the validity of the concepts. The findings point out that there are strong, (...) current, mental footnotes related to the Adam Smith’s concept of price. People mostly understand that, for every product, the entrepreneur has to recover their initial investment and to gain a profit. On the other hand, the fact that entrepreneurs have to pay some expenditures and they need to have profits determines the price of products. (shrink)

In two posthumously published essays, ‘History of Astronomy’ and ‘Of the Nature of that Imitation which takes place in what are called The Imitative Arts’, Adam Smith suggests provocatively that philosophy is an ‘art of imagination’ and that we take the same ‘very high intellectual pleasure’ in appreciating systematic scientific theories and in listening to musical ‘systems’, i.e., complex works of non-programmatic instrumental music. In this paper, I reconstruct the view of imagination, as the cognitive faculty primarily responsible for perception (...) and appreciation of such ‘systems’, that undergirds these claims, and argue that it is to be understood as aiming at ideal ends – in the first instance, at beauty or an order among variety (systematicity). Smith thus offers a distinctive view of aesthetic imagination, as neither freely playing nor imitative (two common views of imagination both in his time and ours) but rather as aiming at, and progressively realizing non-rational norms of order (again, at least in the first instance, an ideal of beauty). (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:David Hume and Adam Smith: A Japanese Perspective by Tatsuya SakamotoEstrella TrincadoTatsuya Sakamoto. David Hume and Adam Smith: A Japanese Perspective. London and New York: Routledge, 2021. Pp. 297. ISBN 9780367683023. Hardback. £130.This book is a collection of essays and articles by the Japanese scholar Tatsuya Sakamoto. In the foreword, Ryu Susato, professor of the Faculty of Economics at Keio University, Tokyo, notes that in Japanese society Marxism (...) has been the dogma of the history of social and economic thought. As a consequence, Japanese society has been labelled as “collectivist.” In this context, only a privileged intellectual background allowed Sakamoto to find his own way, as he graduated from Keio University and was part of its faculty. The Faculty of Economics of Keio University has spread the academic culture of liberalism that descended from Yukichi Fukuzawa (1834–1901), a reformer and founder of Keio and one of the most influential liberal thinkers in Meiji Japan (1868–1930). In addition, the family background of Sakamoto and the interest of his mother in the English language left a mark on him. Sakamoto was one of the rare Japanese scholars to study abroad in the 1980s, in particular at the University of Glasgow for two years (1984–1986) under the academic guidance of Andrew Skinner. There, he took interest in biographical and bibliographical studies. During his initial research, he found on a note by George Chalmers some evidence for David Hume’s authorship of an anonymous review of Smith’s Theory of Moral Sentiments, published in the Critical Review of May 1759.1 Then, along with David D. Raphael, Sakamoto transcribed the material with a commentary in the Journal of the History of Philosophy2 (Chapter 6 of the reviewed book) and he published “Hume’s Early Memoranda and the Making of His Political Economy” in Hume Studies3 (Chapter 4). There, Sakamoto gives interesting insights on Hume’s Early [End Page 163] Memoranda of manuscripts published by Mossner.4 This manuscript compilation shows the desire of Hume to pursue a systematic discourse on political economy. These efforts resulted in a large number of works published by Hume from 1748 to 1757 and even after his death, in Essays, Moral and Political, in The Natural History of Religion, and in Political Discourses.Later, Sakamoto published various articles on Hume’s economic thought in English (Chapters 1 and 5). In addition, he published his first monograph in Japanese.5 He argued that the “civilized society”—an idealization of Western societies—which was thought to be a prerequisite in Japan for the socialist revolution, concealed the different eighteenth-century historical realities of European countries in which Hume and Smith lived. Sakamoto received for this monograph the Suntory Academic Prize for Social Sciences and Humanities in 1996 and the Japan Academy Prize in 2001. In his Japanese monographs, Sakamoto interprets Hume as a firm defender of modernity and civilization, using his empiricist theory to inspire the spirit of serving the public good of a civilized society. Hume is a main character of the historiographical odyssey of the conflict between order and liberty.6 Hume tried to bridge the gap between the practical empiricism of mercantilist literature7 and the normative rationalism of natural jurisprudence,8 developing the science of economics on a philosophical foundation.After a brief leave spent at Boston University under the care of Knud Haakonssen, Sakamoto coedited a collection of essays written by Japanese scholars9 (Sakamoto’s contribution is included in Chapter 3). Another of Sakamoto’s important contributions is Chapter 9 of this book, originally published in The Adam Smith Review in 2017.10 There, we learn of Yoshihiko Uchida (1913–1983), a Japanese historian of social thought who specialized in Smith and Marx, and paid much early attention to the Smith-Rousseau connection in his The Birth of Economic Science (never published in English). As Sakamoto says, Uchida’s original view of this great Scottish philosopher, Adam Smith, proves that scholars infuse new life into classical texts, no matter how distant they may be from the object of their study in space and time. Besides, by discussing in English previous Japanese scholars’ contributions, Sakamoto is... (shrink)

In this chapter, Edwin van de Haar argues that Smith’s international theory offers a unified view of politics and economics, based on Smith’s views on human nature. Smith's political economy covers many topics, such as the nation, war, the balance of power, military organisation, empire, and of course free trade. Contrary to alleged academic wisdon, he did not see a relation between free trade and peace.

In this chapter, Benoît Walraevens investigates the possible “dialogue” between two eighteenth-century masterpieces on international politics and trade: Wealth of Nations (Smith 1776) and Histoire des Deux Indes (Raynal 1770). Although many differences appear in their treatment of colonies, properties, and occupation, they share a similar defense of “doux commerce” and free trade.

Samuel Fleischacker’s Being Me Being You: Adam Smith & Empathy offers a new interpretation of Adam Smith’s conception of empathy—or ‘sympathy’, as Smith referred to the phenomenon in The Theory of...

In The Sources of Normativity, Korsgaard argues for what can be called “The Universality of Humanity Claim” (UHC), according to which valuing humanity in one’s own person entails valuing it in that of others. However, Korsgaard’s reliance on the claim that reasons are essentially public in her attempt to demonstrate the truth of UHC has been repeatedly criticized. I offer a sentimentalist defense, based on Adam Smith’s moral philosophy, of a qualified, albeit adequate, version of UHC. In particular, valuing my (...) humanity, understood as (my awareness of) my perspective and the reasons determined from within it, entails valuing your humanity, understood as (your awareness of) your perspective and the reasons determined from within it. Given Korsgaard’s emphasis on the publicity of reasons in her argument for UHC, I also discuss the role of reasons in my account. I argue that the relative weights of (at least some of) an agent’s reasons are determined from within a shared evaluative point of view, namely, the standpoint of what Smith calls “the impartial spectator.” These reasons have normative authority over and constrain the agent’s private reasons, that is, those that are determined from within her own particular evaluative point of view. (shrink)

This essay traces the development of the philosophical debates concerning active powers and human agency in eighteenth-century Scotland. I examine how and why Scottish philosophers such as Francis Hutcheson, George Turnbull, David Hume, and Henry Home, Lord Kames, depart from John Locke’s and other traditional conceptions of the will and how Thomas Reid and Dugald Stewart reinstate Locke’s distinction between volition and desire. Moreover, I examine what role desires, passions, and motives play in the writings of these and other Scottish (...) Enlightenment philosophers on human agency and draw attention to their underlying disputes concerning liberty and necessity. I end by reflecting on how classifications of principles of actions changed in eighteenth and early nineteenth-century Scottish philosophy. (shrink)

This review identifies at least six different kinds of fellow-feeling in Adam Smith’s Theory of Moral Sentiments. The six kinds are (i) the mirroring of emotions; (ii) altruism; (iii) judgment of pitch of emotions/actions; (iv) judgment of merit of emotions/actions; (v) friendship-and-love; and (vi) aspiration that leads to admiration. Smith does not list them side-by-side. This side-by-side listing promises to help thinkers to see how to assemble them to construct a coherent and systematic framework on how to amalgamate three moments (...) of behavior: the emotional, the rational, and the moral. (shrink)

abstract: Mary Wollstonecraft is an early and important critic of Adam Smith, engaging with his Theory of Moral Sentiments in her Vindication of the Rights of Woman. Given Wollstonecraft's arguments against moralists who "give a sex to virtue," what did she make of Smith's use of gender-coded language and the oft-cited passage where he claims that "humanity is the virtue of a woman, generosity of a man" ( TMS IV.2.10)? This paper revisits the scholarly debate over gender essentialism in Smith, (...) arguing that Smith's view of virtue is not gender essentialist, and that Wollstonecraft saw this and did not target Smith with her critique. Instead, Wollstonecraft affirms Smith's claims, leveraging them in order to advocate for educational and social reform. Reading these texts together corrects the tenacious reading of Smith as a gender essentialist, while also illuminating the differences between Smith's and Wollstonecraft's conceptions of self-control. (shrink)

In the final edition of the Theory of Moral Sentiments (TMS), Smith recommends several literary authors—Racine and Voltaire, Richardson, Marivaux, and Riccoboni—as “much better instructors than Zeno, Chrysippus, or Epictetus,” specifically in their illustrations of relationships of love and friendship as well as the “private and domestic affections,” like “parental tenderness” and “filial piety” (III.3.13-4). Smith does not here explain how literature performs this instructive function, and his remarks on the function of literature are scattered across TMS and the Lectures (...) on Rhetoric and Belles Lettres. This chapter contributes to a growing body of scholarship on Smith and literature by focusing closely on this recommendation, elucidating the instructive potential of the early novel, and showing how well-suited the techniques of that form are to the goals and challenges of Smith’s sentimentalist moral philosophy. By examining shared themes and formal features of the novels of Samuel Richardson, Pierre Marivaux, and Marie-Jeanne Riccoboni, I show how a reader’s engagement with these novels helps to enable and train her skills as an impartial and sympathetic spectator. (shrink)

Every edition of the French translation of Adam Smith’s Theory of Moral Sentiments published between 1798 and 1981 was accompanied by the Letters on Sympathy: the philosophical text of Smith’s French translator and interlocutor, Sophie de Grouchy (1763–1822). Grouchy declared that she intended to massage the message delivered in TMS for a French audience. Yet there has been little attempt to analyse the political motivations for the changes she made to Smith’s theory. This chapter describes two key critiques that Grouchy (...) made of TMS: her rejection of the impartial spectator and her attack on hierarchy. Based on a redating of the drafting of the Letters to the mid-1780s, it argues that Grouchy focused on these elements due to two parallel contexts: her desire to write an educational treatise for an Académie française competition, and her involvement in an ancien régime legal scandal. After exploring how Grouchy constructed an Epicurean and egalitarian theory which she saw as better suited to these contemporary demands, the chapter concludes by arguing that seeing Grouchy as an “activist commentator” on Smith leads us to re-interpret the reception of his TMS in France. (shrink)

In recent decades, Alasdair MacIntyre has developed a style of moral philosophy and an argument for Neo-Aristotelian virtue ethics that has deeply influenced business ethics. Most of the work inspired by MacIntyre has dealt with individual and organisational dimensions of business ethics rather than the market economic environment in which individuals and organisations operate. MacIntyre has been a fierce critic of capitalism and economics. He has read Adam Smith an advocate of selfish individualism, rule-based ethics and the banishment of teleology. (...) This reading is seriously defective, and Smith in fact offers much of what MacIntyre calls for in economics. MacIntyre's ethical framework can be made more powerful and useful to business ethicists by incorporating Smithian insights, especially Smith's account of market virtues and teleological account of markets as extended cooperation directed towards the common good of wealth creation. Aside from issues of the interpretation of MacIntyre and Smith, this analysis opens new pathways for dialogue between business ethicists and economists. (shrink)

Adam Smith vigorously uses methodological individualism, but his individuals are radically social and entangled with each other. All social phenomena and institutions, for Smith, are not the product of any human wisdom, nor are they motivated by public spirit, but they are the unintended and unpredicted consequences of individual actions. Yet, those individuals can be defined only through how others see them, and are motivated by the approbation that (either real or imaginary) others may give them. Others are the mirror (...) through which individuals see themselves, and the ability to see oneself through the eyes of another is sympathy. This is why Smith may work with methodological individualism, but a sympathetic individualism. (shrink)

The purpose of this chapter is to highlight principles for agrarian economics in Africa based on the dialogue between agrarian philosophy in Africa and agrarian traces in Adam Smith’s work The nature and causes of the wealth of nations [1776]. I will argue that the importance of community and society in the work of Smith is a vital point of departure for dialogue between agrarian philosophy in Africa and classic economics. The dialogue attempts to provide perspective on the issues of (...) underdevelopment and resource dependence in Africa that are barriers to sustainable agrarian economics. Further, agrarian economics may provide alternative views to the sometimes exploitative and narcissistic tendencies associated with capitalism that are wrongly associated with the work of Smith. The analysis of the interlocutors is appreciative and value-driven, which highlights that the role of ethics, multi-sectoral development and justice are core aspects of sustainable agrarian economics in Africa. (shrink)

The purpose of this article is to analyse Adam Smith’s view of death in The Theory of Moral Sentiments for commercial society to determine whether the current commodification of goods (e.g. pharmaceuticals) and services (e.g. cryogenics) to assist people to deal with the fear of death was what Smith envisioned for meaningful existence and to find out what he proposed as a means to manage the fear of death in existence. The investigation revealed that Smith’s book contains many references to (...) death as a source of anxiety that negatively influences the lives of people, their happiness and meaning in life, and ignites fear and anxiety. The cultural measure of Smith’s time to manage the fear of death are magnanimity (e.g. war and suffering), the comfort of wealth, posthumous happiness (e.g. duty and sacrifice) and philosophy (e.g. Stoicism). The problem for Smith is that wealth and commodities, as is the case with the other means to deal with the fear of death, do not result in being-for-itself without the assistance of the impartial spectator which is a cognitive mechanism for self-awareness and socially located meaning-creation in the world with others. (shrink)

Recasting Hume and Early Modern Philosophy is a collection of essays that are all concerned with major figures and topics in the early modern philosophy. Most of the essays are concerned, more specifically, with the philosophy of David Hume (1711-1776). The sixteen essays included in this collection are divided into five parts. These parts are arranged under the headings of: (1) Metaphysics and Epistemology; (2) Free Will and Moral Luck; (3) Ethics, Virtue and Optimism; (4) Skepticism, Religion and Atheism; and (...) (5) Irreligion and the Unity of Hume’s Thought. A particularly important theme running through many of these essays is the subject of Hume’s irreligious aims and intentions. The fifth and final part of the collection is devoted to an articulation and defence of this specific understanding of Hume’s philosophical thought. (shrink)

In the replies to my critics that follow I offer a more detailed account of the specific papers that they discuss or examine. The papers that they are especially concerned with are: “The Material World and Natural Religion in Hume’s Treatise” (Ryan) [Essay 3], “Hume’s Skepticism and the Problem of Atheism” (Fosl) [Essay 12], and “Hume’s Philosophy of Irreligion and the Myth of British Empiricism (Gautier) [Essay 16].

A fresh look at Adam Smith - and why he matters - from some of the leading scholars in the field.

A key part of scholarship on Adam Smith has been devoted to reconciling or seeking unity between the moral theory presented in The Theory of Moral Sentiments and the economic insights found in The...

Empathy is a form of emotionally charged imaginative perspective‐taking. It is also the unique source of a particular form of understanding, which I will call humane understanding. Humane understanding consists in the direct apprehension of the intelligibility of others’ emotions. This apprehension is an epistemic good whose ethical significance is multifarious. In this paper, I focus on elaborating the sense in which humane understanding of others is non‐instrumentally valuable to its recipients. People have a complex but profound need to be (...) humanely understood. Because we respond to others’ very real need when we pursue this sort of understanding of their emotions, empathy is best understood as itself a way of caring, rather than just a means to promote other caring behavior. (shrink)

This work details the theological sources and moral significance of the life and work of the Scottish moral philosopher Adam Smith (1723-1790). The panel of contributors deepen our understanding of Adam Smith in his religious and theological context and the significance of this understanding for contemporary moral, economic, and political challenges to modern social life. The chapters cover a broad range of disciplinary and historical concerns, from Smith's view of providence and his famous "invisible hand" to the role of self-interest (...) and benevolence in Smith's social and economic thought. A better appreciation for the moral and theological dimensions of Smith's thought provides not only a better understanding of Smith's own context and significance in the Scottish Enlightenment, but also promises to assist in meeting the perennial challenges of properly connecting economic realities to moral responsibility. The book is of interest to advanced students and scholars of the history of economic thought, historical and moral theology, intellectual history, political science and philosophy. (shrink)

In this article we reconsider strands of Adam Smith’s contribution to the project of the Enlightenment. Many of these, as we shall identify, remain poignant, and valuable observations for the twenty-first century. This sampled reconsideration touches both on how Smith is identified, as well as occasionally misread, as an Enlightenment philosopher/economist; and the extent to which t/his enlightenment survives.

L'ouvrage tente d'éclairer les notions de valeurs et d'intérêts à partir d'une lecture de la Théorie des sentiments moraux d'A. Smith. Lecture qui nous conduit à réhabiliter la notion de travail commandé à l'encontre de celle de travail incorporé de D. Ricardo et K. Marx, à rapprocher l'analyse marxienne de la valeur et de l'exploitation de l'analyse smithienne centrée sur la sympathie et l'échange, à montrer que notre intérêt (self-love) est lié à l'intérêt que les autres nous portent, ce qui (...) nous éloigne de l'intérêt strictement égoïste de l'homo economicus. La découverte des neurones miroirs, socle neurobiologique de l'empathie, vient conforter notre analyse qui s'ouvre sur une nécessaire refondation de l'économie politique"--Page 4 of cover. (shrink)