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Adam Smith on Morality and Self-Interest

  • Thomas WellsEmail author

Abstract

Adam Smith is respected as the father of contemporary economics for his work on systemizing classical economics as an independent field of study in The Wealth of Nations. But he was also a significant moral philosopher of the Scottish Enlightenment, with its characteristic concern for integrating sentiments and rationality. This chapter considers Adam Smith as a key moral philosopher of commercial society whose critical reflection upon the particular ethical challenges posed by the new pressures and possibilities of commercial society remains relevant today. The discussion has three parts. First, I address the artificial separation between self-interest and morality often attributed to Smith, in which his work on economics is stripped of its ethical context. Second, I outline Smith’s ethical approach to economics, focusing on his vigorous but qualified defense of commercial society for its contributions to prosperity, justice, and freedom. Third, I outline Smith’s moral philosophy proper as combining a naturalistic account of moral psychology with a virtue ethics based on propriety in commercial society.

Keywords

Virtue ethics Capitalism Sympathy Impartial spectator Prudence Justice Benevolence Self-command Invisible hand 

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Copyright information

© Springer Science+Business Media B.V. 2013

Authors and Affiliations

  1. 1.Erasmus Institute for Philosophy and EconomicsErasmus University RotterdamRotterdamThe Netherlands

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