D. D. Raphael
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199213337
- eISBN:
- 9780191707544
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213337.001.0001
- Subject:
- Philosophy, History of Philosophy
This book is a critical discussion of Adam Smith's moral philosophy set out in The Theory of Moral Sentiments: critical in the sense of combining exposition with a critical evaluation of Smith's ...
More
This book is a critical discussion of Adam Smith's moral philosophy set out in The Theory of Moral Sentiments: critical in the sense of combining exposition with a critical evaluation of Smith's views and arguments. While falling short of the eminence of The Wealth of Nations in the history of economic theory, the Moral Sentiments is a worthy contribution to ethical theory, especially for its concept of the impartial spectator, interpreted here as a theory of conscience built up from moral judgements made by the spectator exercising sympathy and imagination. The book also has an historical interest, showing Smith's thought in the context of British moral philosophy of the 18th century. Scottish thinkers formed a notable section of that important segment of the history of philosophy. Beginning with criticism of Hobbes, they developed a distinctive line of theory (mostly empiricist), the chief figures being Francis Hutcheson, David Hume, Adam Smith, and Thomas Reid. Smith's theory may reasonably be judged the most stimulating and the most persuasive. Smith's thought on ethics developed as he grew older, and there is a substantial difference between the early editions of his book and the 6th edition, published a few months before his death. This study makes a special point of keeping an eye on this difference, thus bringing out the progression of Smith's thought.Less
This book is a critical discussion of Adam Smith's moral philosophy set out in The Theory of Moral Sentiments: critical in the sense of combining exposition with a critical evaluation of Smith's views and arguments. While falling short of the eminence of The Wealth of Nations in the history of economic theory, the Moral Sentiments is a worthy contribution to ethical theory, especially for its concept of the impartial spectator, interpreted here as a theory of conscience built up from moral judgements made by the spectator exercising sympathy and imagination. The book also has an historical interest, showing Smith's thought in the context of British moral philosophy of the 18th century. Scottish thinkers formed a notable section of that important segment of the history of philosophy. Beginning with criticism of Hobbes, they developed a distinctive line of theory (mostly empiricist), the chief figures being Francis Hutcheson, David Hume, Adam Smith, and Thomas Reid. Smith's theory may reasonably be judged the most stimulating and the most persuasive. Smith's thought on ethics developed as he grew older, and there is a substantial difference between the early editions of his book and the 6th edition, published a few months before his death. This study makes a special point of keeping an eye on this difference, thus bringing out the progression of Smith's thought.
D. D. Raphael
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199213337
- eISBN:
- 9780191707544
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213337.003.0004
- Subject:
- Philosophy, History of Philosophy
Explanation of moral judgement in terms of the feelings of spectators is found in Hutcheson and Hume as well as in Adam Smith. Smith's theory marks an advance on the other two.
Explanation of moral judgement in terms of the feelings of spectators is found in Hutcheson and Hume as well as in Adam Smith. Smith's theory marks an advance on the other two.
Andrew Stewart Skinner
- Published in print:
- 1996
- Published Online:
- October 2011
- ISBN:
- 9780198233343
- eISBN:
- 9780191678974
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198233343.001.0001
- Subject:
- Economics and Finance, Economic History
The second edition of this guide to Adam Smith's system of thought has been fully updated to reflect recent developments in Smith scholarship and the author's experience of teaching Smith to a ...
More
The second edition of this guide to Adam Smith's system of thought has been fully updated to reflect recent developments in Smith scholarship and the author's experience of teaching Smith to a student audience. The material from the first edition has been extensively rewritten, and four new chapters have been added, covering Smith's essays on the exercise of human understanding, and his relationship to Francis Hutcheson, David Hume, and Sir James Steuart. The book places Smith's system of social, and moral, science firmly within the context of contemporary British and Continental intellectual history, dealing in particular detail with the founders of the Scottish Enlightenment and with the French Physiocrats. The essays explore Smith's own reception among his peers and successors. The chapters in this volume have been developed from a lecture course on ‘The Age and Ideas of Adam Smith’, taught to senior undergraduate and graduate students in political economy.Less
The second edition of this guide to Adam Smith's system of thought has been fully updated to reflect recent developments in Smith scholarship and the author's experience of teaching Smith to a student audience. The material from the first edition has been extensively rewritten, and four new chapters have been added, covering Smith's essays on the exercise of human understanding, and his relationship to Francis Hutcheson, David Hume, and Sir James Steuart. The book places Smith's system of social, and moral, science firmly within the context of contemporary British and Continental intellectual history, dealing in particular detail with the founders of the Scottish Enlightenment and with the French Physiocrats. The essays explore Smith's own reception among his peers and successors. The chapters in this volume have been developed from a lecture course on ‘The Age and Ideas of Adam Smith’, taught to senior undergraduate and graduate students in political economy.
Michael L. Frazer
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780195390667
- eISBN:
- 9780199866687
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195390667.003.0004
- Subject:
- Political Science, Political Theory
This chapter elucidates the main ways in which Adam Smith’s sentimentalist theory of justice departs from Hume’s. It begins with an objection to grounding political commitments in sympathetic ...
More
This chapter elucidates the main ways in which Adam Smith’s sentimentalist theory of justice departs from Hume’s. It begins with an objection to grounding political commitments in sympathetic sentiments voiced in the twentieth century by Hannah Arendt and John Rawls. Both Arendt and Rawls are concerned that, if our politics is inspired by a sense of sympathetic union with our fellow human beings, we will overlook the all-important distinctions among individuals necessary for an adequate conception of justice. The remainder of the chapter argues that, even if Hume’s sentimentalist theory of justice is liable to this criticism, Smith’s alternative theory is not. Smith’s is a distinctively liberal, rights-based conception of justice grounded in an understanding of sympathy and the moral sentiments which fully appreciates the distinctions among individuals in a way that Hume’s public-interest-based theory fails to do.Less
This chapter elucidates the main ways in which Adam Smith’s sentimentalist theory of justice departs from Hume’s. It begins with an objection to grounding political commitments in sympathetic sentiments voiced in the twentieth century by Hannah Arendt and John Rawls. Both Arendt and Rawls are concerned that, if our politics is inspired by a sense of sympathetic union with our fellow human beings, we will overlook the all-important distinctions among individuals necessary for an adequate conception of justice. The remainder of the chapter argues that, even if Hume’s sentimentalist theory of justice is liable to this criticism, Smith’s alternative theory is not. Smith’s is a distinctively liberal, rights-based conception of justice grounded in an understanding of sympathy and the moral sentiments which fully appreciates the distinctions among individuals in a way that Hume’s public-interest-based theory fails to do.
John Mullan
- Published in print:
- 1990
- Published Online:
- October 2011
- ISBN:
- 9780198122524
- eISBN:
- 9780191671449
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198122524.001.0001
- Subject:
- Literature, 18th-century Literature
With the rise of the novel in the mid-18th century came the rise of sentimentalism. While the fondness for sentiment embarrassed later literary critics, it originally legitimized a morally suspect ...
More
With the rise of the novel in the mid-18th century came the rise of sentimentalism. While the fondness for sentiment embarrassed later literary critics, it originally legitimized a morally suspect phenomenon: the novel. This book describes that legitimation, yet it looks beyond the narrowly literary to the lives and expressed philosophies of some of the major writers of the age, showing the language of feeling to be a resource of philosophers like David Hume and Adam Smith, as much as novelists like Samuel Richardson and Laurence Sterne.Less
With the rise of the novel in the mid-18th century came the rise of sentimentalism. While the fondness for sentiment embarrassed later literary critics, it originally legitimized a morally suspect phenomenon: the novel. This book describes that legitimation, yet it looks beyond the narrowly literary to the lives and expressed philosophies of some of the major writers of the age, showing the language of feeling to be a resource of philosophers like David Hume and Adam Smith, as much as novelists like Samuel Richardson and Laurence Sterne.
Andrew Stewart Skinner
- Published in print:
- 1996
- Published Online:
- October 2011
- ISBN:
- 9780198233343
- eISBN:
- 9780191678974
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198233343.003.0001
- Subject:
- Economics and Finance, Economic History
Following the publication of The Theory of Moral Sentiments, it appears that Adam Smith gave greater emphasis to jurisprudence and economics at the expense of the ethical material. While the lectures ...
More
Following the publication of The Theory of Moral Sentiments, it appears that Adam Smith gave greater emphasis to jurisprudence and economics at the expense of the ethical material. While the lectures on theology have not been discovered as yet, it is at least possible that Smith's position would have shown agreement with that of Isaac Newton. Smith made use of a number of Newtonian analogies whose implications are not inconsistent with the view of God as the Divine Architect or Great Superintendent of the Universe. He made wide use of mechanistic (and other) analogies, seeing in the universe a ‘great machine’ wherein we may observe ‘means adjusted with the nicest artifice to the ends which they are intended to produce’. The remaining parts of Smith's lectures — ethics, jurisprudence, and economics — were seen by him as the parts, separate but interconnected, of an even wider system of social science, a point that emerges clearly from the advertisement to the sixth edition of The Theory of Moral Sentiments, published in the year of Smith's death.Less
Following the publication of The Theory of Moral Sentiments, it appears that Adam Smith gave greater emphasis to jurisprudence and economics at the expense of the ethical material. While the lectures on theology have not been discovered as yet, it is at least possible that Smith's position would have shown agreement with that of Isaac Newton. Smith made use of a number of Newtonian analogies whose implications are not inconsistent with the view of God as the Divine Architect or Great Superintendent of the Universe. He made wide use of mechanistic (and other) analogies, seeing in the universe a ‘great machine’ wherein we may observe ‘means adjusted with the nicest artifice to the ends which they are intended to produce’. The remaining parts of Smith's lectures — ethics, jurisprudence, and economics — were seen by him as the parts, separate but interconnected, of an even wider system of social science, a point that emerges clearly from the advertisement to the sixth edition of The Theory of Moral Sentiments, published in the year of Smith's death.
Michael Gardiner
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9780197266618
- eISBN:
- 9780191896064
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197266618.003.0002
- Subject:
- Political Science, Comparative Politics
The Anglosphere is not only a linguistic entity, it is more fundamentally based in a binding of linguistic improvement, commerce, and historical advance, and it can be read in linguistic aspirations ...
More
The Anglosphere is not only a linguistic entity, it is more fundamentally based in a binding of linguistic improvement, commerce, and historical advance, and it can be read in linguistic aspirations specifically set against the improving background of the Scottish Enlightenment. Enlightenment rhetoric guides answered the imperative of adjustment to British union and a desire to level the ground for individual public advance, and they define the language area in terms of a teleology, pointing inevitably towards commercial society. For literati like Adam Smith, linguistic improvement was the raw material of exchange, exchange was a clear historiographical good, and this good can moreover be demonstrated more or less empirically. The Anglosphere should be understood as a space that is simultaneously linguistic, economic, and historiographic, remaining readable in Victorian statecraft, and in Greater Britain’s ‘linguistic ethnicity’, and in the lost colonies of Britain’s ‘first empire’. It is doubtful, however, whether the Anglosphere in this understanding has retained its direction after the attenuations of the late twentieth century, the new pressures on property creation, and the undoing of the original ethical knot of language, economy, and historiography.Less
The Anglosphere is not only a linguistic entity, it is more fundamentally based in a binding of linguistic improvement, commerce, and historical advance, and it can be read in linguistic aspirations specifically set against the improving background of the Scottish Enlightenment. Enlightenment rhetoric guides answered the imperative of adjustment to British union and a desire to level the ground for individual public advance, and they define the language area in terms of a teleology, pointing inevitably towards commercial society. For literati like Adam Smith, linguistic improvement was the raw material of exchange, exchange was a clear historiographical good, and this good can moreover be demonstrated more or less empirically. The Anglosphere should be understood as a space that is simultaneously linguistic, economic, and historiographic, remaining readable in Victorian statecraft, and in Greater Britain’s ‘linguistic ethnicity’, and in the lost colonies of Britain’s ‘first empire’. It is doubtful, however, whether the Anglosphere in this understanding has retained its direction after the attenuations of the late twentieth century, the new pressures on property creation, and the undoing of the original ethical knot of language, economy, and historiography.
Andrew Stewart Skinner
- Published in print:
- 1996
- Published Online:
- October 2011
- ISBN:
- 9780198233343
- eISBN:
- 9780191678974
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198233343.003.0009
- Subject:
- Economics and Finance, Economic History
Adam Smith's contribution to the field of political economy was designed to explain the working of a set of institutional arrangements that he regarded as the last of four stages of economic ...
More
Adam Smith's contribution to the field of political economy was designed to explain the working of a set of institutional arrangements that he regarded as the last of four stages of economic development, and to elucidate the ‘laws of motion’ that governed its operations. The laws of motion, once stated, were designed to show that the control of resources could be left to the market and to explain the source of their increase. This perspective led directly to the demand that the state ought not to interfere with the economy. The same sentiments appear in the Wealth of Nations, albeit expressed with even greater force. According to Lord Robbins, Smith bequeathed to his successors in the Classical School an opposition to conscious paternalism, a belief that ‘central authority was incompetent to decide on a proper distribution of resources’. This chapter also considers Smith's views on economic liberalism, constraints on the functions of the state, the organization of educational provision, justice, public works and public services, and policy reform.Less
Adam Smith's contribution to the field of political economy was designed to explain the working of a set of institutional arrangements that he regarded as the last of four stages of economic development, and to elucidate the ‘laws of motion’ that governed its operations. The laws of motion, once stated, were designed to show that the control of resources could be left to the market and to explain the source of their increase. This perspective led directly to the demand that the state ought not to interfere with the economy. The same sentiments appear in the Wealth of Nations, albeit expressed with even greater force. According to Lord Robbins, Smith bequeathed to his successors in the Classical School an opposition to conscious paternalism, a belief that ‘central authority was incompetent to decide on a proper distribution of resources’. This chapter also considers Smith's views on economic liberalism, constraints on the functions of the state, the organization of educational provision, justice, public works and public services, and policy reform.
D. D. Raphael
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199213337
- eISBN:
- 9780191707544
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213337.003.0005
- Subject:
- Philosophy, History of Philosophy
This advance is shown especially in Smith's fastening upon the impartiality of the judging spectator. The notion of the impartial spectator is developed in Smith's attention to judgements about one's ...
More
This advance is shown especially in Smith's fastening upon the impartiality of the judging spectator. The notion of the impartial spectator is developed in Smith's attention to judgements about one's own action, so that it becomes an explanation of conscience.Less
This advance is shown especially in Smith's fastening upon the impartiality of the judging spectator. The notion of the impartial spectator is developed in Smith's attention to judgements about one's own action, so that it becomes an explanation of conscience.
Andrew Stewart Skinner
- Published in print:
- 1996
- Published Online:
- October 2011
- ISBN:
- 9780198233343
- eISBN:
- 9780191678974
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198233343.003.0008
- Subject:
- Economics and Finance, Economic History
Although Adam Smith's model, in its post-physiocratic form, has several distinct elements, the feature on which he continued to place most emphasis was the division of labour, which is implied in the ...
More
Although Adam Smith's model, in its post-physiocratic form, has several distinct elements, the feature on which he continued to place most emphasis was the division of labour, which is implied in the existence of distinct sectors or types of productive activity. However, Smith also emphasized the fact that there was specialization by types of employment, and even within each employment. He pointed out that the division of labour (by process) helped to explain the relatively high labour productivity in modern times. As regards the rate of exchange, Smith isolated two relevant factors: the usefulness of the good to be acquired, and the ‘cost’ incurred in creating the commodity to be given up. The first of the relevant relationships is obviously that existing between ‘usefulness’ and value. It will be apparent from the previous argument that Smith regarded rent, wages, and profit as the types of return payable to the three ‘great constituent orders’ of society and as the price paid for the use of the factors of production.Less
Although Adam Smith's model, in its post-physiocratic form, has several distinct elements, the feature on which he continued to place most emphasis was the division of labour, which is implied in the existence of distinct sectors or types of productive activity. However, Smith also emphasized the fact that there was specialization by types of employment, and even within each employment. He pointed out that the division of labour (by process) helped to explain the relatively high labour productivity in modern times. As regards the rate of exchange, Smith isolated two relevant factors: the usefulness of the good to be acquired, and the ‘cost’ incurred in creating the commodity to be given up. The first of the relevant relationships is obviously that existing between ‘usefulness’ and value. It will be apparent from the previous argument that Smith regarded rent, wages, and profit as the types of return payable to the three ‘great constituent orders’ of society and as the price paid for the use of the factors of production.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.003.0009
- Subject:
- Economics and Finance, Microeconomics
The US regulatory framework has evolved since the 1930s, aiming to protect investors from abuse and exploitation. However, this regulation could only restrict specific, identified transactions and ...
More
The US regulatory framework has evolved since the 1930s, aiming to protect investors from abuse and exploitation. However, this regulation could only restrict specific, identified transactions and practices. If not so restricted, a business practice was considered permissible. Every few years, a dynamic market environment will tend to produce new practices and transactions, and in time the regulatory machinery catches up and declares some of them impermissible. When a major episode of misconduct occurs, the regulatory machine accelerates and catches up quickly. When this happens, sudden and sometimes retroactive changes in the “ground rules” are declared that inevitably catch a number of practitioners off guard.Less
The US regulatory framework has evolved since the 1930s, aiming to protect investors from abuse and exploitation. However, this regulation could only restrict specific, identified transactions and practices. If not so restricted, a business practice was considered permissible. Every few years, a dynamic market environment will tend to produce new practices and transactions, and in time the regulatory machinery catches up and declares some of them impermissible. When a major episode of misconduct occurs, the regulatory machine accelerates and catches up quickly. When this happens, sudden and sometimes retroactive changes in the “ground rules” are declared that inevitably catch a number of practitioners off guard.
James A. Harris
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199227044
- eISBN:
- 9780191739309
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199227044.003.0011
- Subject:
- Philosophy, History of Philosophy, Philosophy of Religion
This chapter describes the earliest responses to Hume’s account of justice, and gives particular attention to the responses of Henry Home (Lord Kames), Adam Smith, and Thomas Reid. Their obvious ...
More
This chapter describes the earliest responses to Hume’s account of justice, and gives particular attention to the responses of Henry Home (Lord Kames), Adam Smith, and Thomas Reid. Their obvious differences notwithstanding, these three philosophers share the belief that something important is missing from Hume’s account: the fact that we ordinarily take the demands of justice to be strict and unconditional. The chapter describes the different ways in which Kames, Smith, and Reid seek to capture this aspect of the obligations of justice. While none of them makes appeal to principles of religion in the course of the argument against Hume, the influence of Joseph Butler can be discerned in each of their critiques. This gives reason to doubt that Francis Hutcheson is ‘the father of the Scottish Enlightenment’, or that at this time Scottish philosophy can be clearly differentiated and distinguished from English. It also calls into question whether Smith as a moral philosopher has more in common with Hume than with any other philosopher of the period.Less
This chapter describes the earliest responses to Hume’s account of justice, and gives particular attention to the responses of Henry Home (Lord Kames), Adam Smith, and Thomas Reid. Their obvious differences notwithstanding, these three philosophers share the belief that something important is missing from Hume’s account: the fact that we ordinarily take the demands of justice to be strict and unconditional. The chapter describes the different ways in which Kames, Smith, and Reid seek to capture this aspect of the obligations of justice. While none of them makes appeal to principles of religion in the course of the argument against Hume, the influence of Joseph Butler can be discerned in each of their critiques. This gives reason to doubt that Francis Hutcheson is ‘the father of the Scottish Enlightenment’, or that at this time Scottish philosophy can be clearly differentiated and distinguished from English. It also calls into question whether Smith as a moral philosopher has more in common with Hume than with any other philosopher of the period.
John Hatcher and Mark Bailey
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780199244119
- eISBN:
- 9780191697333
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199244119.001.0001
- Subject:
- History, European Medieval History, Economic History
Most of what has been written on the economy of the Middle Ages is deeply influenced by abstract concepts and theories. The most powerful and popular of these guiding beliefs are derived from ...
More
Most of what has been written on the economy of the Middle Ages is deeply influenced by abstract concepts and theories. The most powerful and popular of these guiding beliefs are derived from intellectual foundations laid down in the eighteenth and nineteenth centuries by Adam Smith, Johan von Thünen, Thomas Malthus, David Ricardo, and Karl Marx. In the hands of twentieth-century historians and social scientists these venerable ideas have been moulded into three grand explanatory ideas that continue to dominate interpretations of economic development. These trumpet in turn the claims of ‘commercialisation’, ‘population and resources’, or ‘class power and property relations’ as the prime movers of historical change. This book examines the structure and tests the validity of these conflicting models from a variety of perspectives. In the course of their investigations the authors provide not only detailed reconstructions of the economic history of England in the Middle Ages and sustained critical commentaries on the work of leading historians, but also discussions of the philosophy and methods of history and the social sciences. The result is an introduction to medieval economic history, a critique of established models, and a treatise on historiographical method.Less
Most of what has been written on the economy of the Middle Ages is deeply influenced by abstract concepts and theories. The most powerful and popular of these guiding beliefs are derived from intellectual foundations laid down in the eighteenth and nineteenth centuries by Adam Smith, Johan von Thünen, Thomas Malthus, David Ricardo, and Karl Marx. In the hands of twentieth-century historians and social scientists these venerable ideas have been moulded into three grand explanatory ideas that continue to dominate interpretations of economic development. These trumpet in turn the claims of ‘commercialisation’, ‘population and resources’, or ‘class power and property relations’ as the prime movers of historical change. This book examines the structure and tests the validity of these conflicting models from a variety of perspectives. In the course of their investigations the authors provide not only detailed reconstructions of the economic history of England in the Middle Ages and sustained critical commentaries on the work of leading historians, but also discussions of the philosophy and methods of history and the social sciences. The result is an introduction to medieval economic history, a critique of established models, and a treatise on historiographical method.
John Hicks
- Published in print:
- 1989
- Published Online:
- November 2003
- ISBN:
- 9780198287247
- eISBN:
- 9780191596407
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198287240.003.0002
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The theories about price-formation in competitive markets, that were available to economists at the time when Keynes was writing, had been the work of the so-called ‘neo-classics’ between 1870 and ...
More
The theories about price-formation in competitive markets, that were available to economists at the time when Keynes was writing, had been the work of the so-called ‘neo-classics’ between 1870 and 1900. All accepted the distinction, that had come down from Adam Smith, between market value and ‘natural’ or normal value, natural value depending on cost of production, market value on supply and demand. Market value would ‘tend’ towards natural value by adjustment of supply. It was accordingly held, for nearly a century after Smith, that natural values were the only values that required attention. The whole of Ricardo's system, to take the most important example, runs in terms of natural values. The chief thing which happened at the ‘marginal revolution’ of Jevons and his contemporaries was a shift of attention to market values. They were determined, it was accepted, by supply and demand. This chapter addresses the question of just how market worked.Less
The theories about price-formation in competitive markets, that were available to economists at the time when Keynes was writing, had been the work of the so-called ‘neo-classics’ between 1870 and 1900. All accepted the distinction, that had come down from Adam Smith, between market value and ‘natural’ or normal value, natural value depending on cost of production, market value on supply and demand. Market value would ‘tend’ towards natural value by adjustment of supply. It was accordingly held, for nearly a century after Smith, that natural values were the only values that required attention. The whole of Ricardo's system, to take the most important example, runs in terms of natural values. The chief thing which happened at the ‘marginal revolution’ of Jevons and his contemporaries was a shift of attention to market values. They were determined, it was accepted, by supply and demand. This chapter addresses the question of just how market worked.
Roderick Floud
- Published in print:
- 1997
- Published Online:
- October 2011
- ISBN:
- 9780192892102
- eISBN:
- 9780191670602
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780192892102.003.0001
- Subject:
- History, British and Irish Modern History, Economic History
This introductory chapter discusses the inspiration for this book, namely Adam Smith, a founder of economics and economic history. The book covers the period when Britain was an ‘open economy’ under ...
More
This introductory chapter discusses the inspiration for this book, namely Adam Smith, a founder of economics and economic history. The book covers the period when Britain was an ‘open economy’ under the influence of the doctrines of free trade which Smith advocated in preference to barriers to the free movement of labour, capital, and goods. These tariff and other barriers, most of which had been erected under the influence of mercantilist economic ideas, were largely removed between 1830 and 1860, to be reinstated for the most part only after 1914.Less
This introductory chapter discusses the inspiration for this book, namely Adam Smith, a founder of economics and economic history. The book covers the period when Britain was an ‘open economy’ under the influence of the doctrines of free trade which Smith advocated in preference to barriers to the free movement of labour, capital, and goods. These tariff and other barriers, most of which had been erected under the influence of mercantilist economic ideas, were largely removed between 1830 and 1860, to be reinstated for the most part only after 1914.
Andrew Stewart Skinner
- Published in print:
- 1996
- Published Online:
- October 2011
- ISBN:
- 9780198233343
- eISBN:
- 9780191678974
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198233343.003.0004
- Subject:
- Economics and Finance, Economic History
There is a certain elegance and ingenuity about the argument of The Theory of Moral Sentiments which is nowhere more obvious than in the way in which Adam Smith made allowances for certain features ...
More
There is a certain elegance and ingenuity about the argument of The Theory of Moral Sentiments which is nowhere more obvious than in the way in which Adam Smith made allowances for certain features of the three main types of theory that he reviewed — that is, those that emphasized prudence, benevolence, and propriety. The same features are evident in the way in which he developed concepts, often found in Francis Hutcheson and David Hume, when addressing himself to the question concerning the manner in which moral judgements are formed. This chapter examines Smith's views on virtue, self-love, esteem, honour, approbation, reason, constraint, and sentiment.Less
There is a certain elegance and ingenuity about the argument of The Theory of Moral Sentiments which is nowhere more obvious than in the way in which Adam Smith made allowances for certain features of the three main types of theory that he reviewed — that is, those that emphasized prudence, benevolence, and propriety. The same features are evident in the way in which he developed concepts, often found in Francis Hutcheson and David Hume, when addressing himself to the question concerning the manner in which moral judgements are formed. This chapter examines Smith's views on virtue, self-love, esteem, honour, approbation, reason, constraint, and sentiment.
TILL WAHNBAECK
- Published in print:
- 2004
- Published Online:
- January 2010
- ISBN:
- 9780199269839
- eISBN:
- 9780191710056
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269839.003.0003
- Subject:
- History, Economic History
This chapter presents the development of the European debate on luxury from Bernard Mandeville's Fable of the Bees to Adam Smith's Wealth of Nations. It notes that the debate regarding luxury did not ...
More
This chapter presents the development of the European debate on luxury from Bernard Mandeville's Fable of the Bees to Adam Smith's Wealth of Nations. It notes that the debate regarding luxury did not end with Smith. It argues that there was continued interest in the question of luxury well into the third quarter of the 18th century. It explains that Smith's work in many ways marks the culmination of the 18th-century debate by addressing, and offering solutions to, its central concerns. It adds that Adam Smith's work is important to the understanding of the European luxury debate because he drew the views together.Less
This chapter presents the development of the European debate on luxury from Bernard Mandeville's Fable of the Bees to Adam Smith's Wealth of Nations. It notes that the debate regarding luxury did not end with Smith. It argues that there was continued interest in the question of luxury well into the third quarter of the 18th century. It explains that Smith's work in many ways marks the culmination of the 18th-century debate by addressing, and offering solutions to, its central concerns. It adds that Adam Smith's work is important to the understanding of the European luxury debate because he drew the views together.
Neil MacCormick
- Published in print:
- 2008
- Published Online:
- May 2009
- ISBN:
- 9780198268772
- eISBN:
- 9780191713071
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198268772.001.0001
- Subject:
- Law, Philosophy of Law
The concept of practical reason is central to contemporary thought on ethics and the philosophy of law — acting well means acting for good reasons. Explaining this requires several stages. How do ...
More
The concept of practical reason is central to contemporary thought on ethics and the philosophy of law — acting well means acting for good reasons. Explaining this requires several stages. How do reasons relate to actions at all, as incentives and in explanations? What are values, how do they relate to human nature, and how do they enter practical reasoning? How do the concepts of ‘right and wrong’ fit in, and in what way do they involve questions of mutual trust among human beings? How does our moral freedom — our freedom to form our own moral commitments — relate to our responsibilities to each other? How is this final question transposed into law and legal commitments? This book explores these questions, vital to understanding the nature of law and morality. It presents an account of practical reason. It also offers a reinterpretation of Kant's views on moral autonomy and Adam Smith's on self-command, marrying Smith's ‘moral sentiments’ to Kant's ‘categorical imperative’.Less
The concept of practical reason is central to contemporary thought on ethics and the philosophy of law — acting well means acting for good reasons. Explaining this requires several stages. How do reasons relate to actions at all, as incentives and in explanations? What are values, how do they relate to human nature, and how do they enter practical reasoning? How do the concepts of ‘right and wrong’ fit in, and in what way do they involve questions of mutual trust among human beings? How does our moral freedom — our freedom to form our own moral commitments — relate to our responsibilities to each other? How is this final question transposed into law and legal commitments? This book explores these questions, vital to understanding the nature of law and morality. It presents an account of practical reason. It also offers a reinterpretation of Kant's views on moral autonomy and Adam Smith's on self-command, marrying Smith's ‘moral sentiments’ to Kant's ‘categorical imperative’.
Larry Witham
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195394757
- eISBN:
- 9780199777372
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195394757.001.0001
- Subject:
- Religion, Religion and Society
Two centuries after Adam Smith began modern economics, the “economics of religion” is applying his insights to religion. This book is an overview of this approach to social science and religious ...
More
Two centuries after Adam Smith began modern economics, the “economics of religion” is applying his insights to religion. This book is an overview of this approach to social science and religious history. By using economics models, a wide variety of puzzles in religion are being solved in new ways. This is also a story of the thinkers and events that gave rise to the economic approach to religion in recent decades. Based on a few simple economic principles, this approach uses sociology, psychology, history, and theology to present a picture of human beings as “rational” actors who are judging costs and benefits in life. Every life faces limits, so human experience is a series of trade-offs, balancing resources to make choices for the best possible outcomes. This model for human behavior begins with individuals and then builds to groups and the larger marketplace, which can be described as a “religious economy” with the features of supply and demand, variety, competition, and innovation. To explain these principles, the book chapters unfold according to these levels: individuals, households, groups, movements, and finally the religious economies of nations and history. In the process, the book is both a primer on economic theory and a general introduction to religion. Other topics include religion and risk, the causes of secularization, and religion’s role in economic development. Throughout, the book uses colorful and interesting case studies and puts the development of ideas in the settings of the individuals who use them.Less
Two centuries after Adam Smith began modern economics, the “economics of religion” is applying his insights to religion. This book is an overview of this approach to social science and religious history. By using economics models, a wide variety of puzzles in religion are being solved in new ways. This is also a story of the thinkers and events that gave rise to the economic approach to religion in recent decades. Based on a few simple economic principles, this approach uses sociology, psychology, history, and theology to present a picture of human beings as “rational” actors who are judging costs and benefits in life. Every life faces limits, so human experience is a series of trade-offs, balancing resources to make choices for the best possible outcomes. This model for human behavior begins with individuals and then builds to groups and the larger marketplace, which can be described as a “religious economy” with the features of supply and demand, variety, competition, and innovation. To explain these principles, the book chapters unfold according to these levels: individuals, households, groups, movements, and finally the religious economies of nations and history. In the process, the book is both a primer on economic theory and a general introduction to religion. Other topics include religion and risk, the causes of secularization, and religion’s role in economic development. Throughout, the book uses colorful and interesting case studies and puts the development of ideas in the settings of the individuals who use them.
John A. Hall
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691153261
- eISBN:
- 9781400847495
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691153261.003.0003
- Subject:
- Political Science, International Relations and Politics
This chapter examines the nature of capitalism by recalling in the simplest terms the sophisticated sociology of Adam Smith, so often ignored and so very far removed from contemporary economic ...
More
This chapter examines the nature of capitalism by recalling in the simplest terms the sophisticated sociology of Adam Smith, so often ignored and so very far removed from contemporary economic theory. There are two essential presuppositions to Smith's basic model of commercial society. The first is that economic success results from the way in which the division of labor enhances productivity. The second is that human beings have a natural disposition to “truck, barter and exchange,” and this must be let loose before the division of labor can bring its benefits to mankind as a whole. Based on these two principles, Smith constructs his argument. Smith was one of the earliest theorists of comparative advantage, that is, of the theory that all nations can enter a positive sum game by specializing in those products or industries in which they are specially gifted.Less
This chapter examines the nature of capitalism by recalling in the simplest terms the sophisticated sociology of Adam Smith, so often ignored and so very far removed from contemporary economic theory. There are two essential presuppositions to Smith's basic model of commercial society. The first is that economic success results from the way in which the division of labor enhances productivity. The second is that human beings have a natural disposition to “truck, barter and exchange,” and this must be let loose before the division of labor can bring its benefits to mankind as a whole. Based on these two principles, Smith constructs his argument. Smith was one of the earliest theorists of comparative advantage, that is, of the theory that all nations can enter a positive sum game by specializing in those products or industries in which they are specially gifted.
