Adam Smith: A Moral Philosopher
A cloud looms over Adam Smith’s legacy. The 18th-century scholar is best known as an unalloyed extoller of the market and an apologist for self-interest, a reputation stemming from two centuries’ mischaracterisation of his thought. In the last 50-odd years, this interpretation has been given new credence by economists of the Chicago School (George Stigler famously described his magnum opus, An Inquiry into the Nature and Causes of the Wealth of Nations, as “a stupendous palace erected on the granite of self-interest”), by libertarian champions like Margaret Thatcher and Ronald Reagan, and by myriad others who associate him solely with free-market capitalism and self-interest. Read more…
lawlor said:
Dear Nita.
Nice essay on Smith.
I agree with you that one cannot hope to fully understand Smith without realizing that he was a Moral Philosopher (and what that means) and without reading the ToMS.
You may be interested to know that I teach a whole course at Wake Forest University (NC, USA) on the Moral Philosophy tradition in economics. We start Smith, only the WON, tomorrow. I have sent your essay to each of the students.
Mike Lawlor
January 27th, 2010 at 4:41 am