Adam Smith, Theory of Moral Sentiments

Summary

Adam Smith, the founder of modern economics, developed a theory of human nature centered on sympathy and social interactions. In his work 'Theory of Moral Sentiments', he explores moral philosophy, self-interest, and the role of justice in society. Smith argues that while individuals act based on self-interest, this should be tempered by a sense of sympathy and a 'spectator' who judges actions. He distinguishes between justice, necessary for civil society, and beneficence, which, though beneficial, is not essential. Smith warns against the 'man of system' who seeks to impose a rigid order on society, advocating instead for organic, spontaneous civil institutions.

Takeaways

• 😀 Adam Smith is considered the founder of modern economics due to his contributions to understanding human behavior and societal structures.
• 😀 Smith was deeply focused on developing a theory of human nature as a social being, emphasizing the role of empathy and moral philosophy in shaping human behavior.
• 😀 In his work, *Theory of Moral Sentiments* (1759), Smith introduces the concept of sympathy, combining empathy and judgment to evaluate individuals' actions.
• 😀 Smith defines self-interest broadly, including the concept of mutual sympathy and how we feel connected to others, even in small interactions like a stranger's smile.
• 😀 Smith explores the tension between self-interest and the potential harm it may cause others, recognizing the need to control selfish desires within society.
• 😀 He introduces the idea of 'the spectator', a metaphor for how we judge our own and others' actions, aiming for impartiality despite inherent biases.
• 😀 According to Smith, while perfect impartiality is impossible, it should be the goal in evaluating behavior and making decisions in society.
• 😀 A key distinction in Smith's work is between justice and beneficence. Justice is essential for civil society, while beneficence, though valuable, is not as critical.
• 😀 Smith argues that justice, defined as commutative justice, involves protecting individuals' negative rights (life, liberty, and property) through laws and norms.
• 😀 In Smith's view, government should focus on upholding justice and avoid involvement in beneficence, as it may undermine voluntary benevolent actions by individuals.
• 😀 Smith warns against 'the man of system', someone who seeks to impose a top-down vision on society, treating people like chess pieces, disregarding their individual autonomy and laws of motion.

Q & A

Why is Adam Smith considered the founder of modern economics?

Adam Smith is considered the founder of modern economics due to his systematic approach to understanding human nature and society. His work laid the foundation for classical economics by emphasizing the role of self-interest, social interaction, and the importance of moral philosophy in shaping economic systems.

What is the significance of Adam Smith's temperament and behavior?

Adam Smith's temperament, which was often described as absent-minded and deeply focused on ideas, is significant because it reflects his commitment to intellectual pursuits. His ability to become absorbed in thought to the point of absent-mindedness showcases his dedication to developing new ideas, such as his theories on human nature and economics.

What is the role of 'sympathy' in Adam Smith's moral philosophy?

In Smith's moral philosophy, sympathy refers to the emotional connection and empathy we feel for others, which is fundamental to his understanding of human behavior. Sympathy influences both individual decisions and social cooperation, allowing for mutual respect and understanding in a society.

How does Smith's view of self-interest differ from others, like Rousseau and Hobbes?

Smith acknowledges that individuals act based on self-interest, but his definition is broader than just selfishness. He includes sympathy as an aspect of self-interest, which promotes mutual concern for others. This contrasts with Rousseau and Hobbes, who focus on the negative aspects of selfishness and its potential harm to society.

What is the concept of 'the spectator' in Smith's work?

The 'spectator' is a psychological metaphor used by Smith to explain how individuals evaluate their own actions and the actions of others. It represents an internal observer who judges behavior based on moral standards, providing a self-regulating mechanism for controlling selfish desires and promoting impartiality.

How does Smith view the distinction between justice and beneficence?

Smith distinguishes between justice and beneficence by emphasizing that justice, which protects individuals' rights to life, liberty, and property, is essential for societal harmony. Beneficence, on the other hand, involves voluntary benevolent actions towards others and, while desirable, is not as crucial for societal stability as justice.

What role does government play in Smith's vision of society?

In Smith's vision, the primary role of government is to protect the natural rights of individuals by maintaining justice through laws and enforcement. He argues that government intervention in beneficence, or acts of charity, is unnecessary and can even be harmful by hindering individual voluntary actions.

What does Smith mean by 'civil society' and how does it emerge?

Smith describes civil society as a system of institutions, both formal and informal, that arise spontaneously when individuals respect each other's rights and engage in mutual sympathy. He believes civil society emerges without top-down control, and through the interaction of individuals following their own interests within a framework of justice.

What is the 'man of system,' and why does Smith caution against him?

The 'man of system' is someone who tries to impose a vision for a perfect society through rigid political systems, treating individuals like chess pieces to be moved according to a plan. Smith cautions against this approach because it disregards the inherent autonomy and complexity of individuals, which is essential for maintaining a harmonious society.

How does Smith's theory of moral sentiments relate to his economic theories?

Smith's theory of moral sentiments provides the ethical framework for his economic ideas. His emphasis on sympathy, justice, and self-regulation in human behavior underpins the way he believes economic transactions should occur in a society, where individuals pursue self-interest while adhering to moral principles that promote societal well-being.