Book contents
- Interpreting Adam Smith
- Interpreting Adam Smith
- Copyright page
- Contents
- Contributors
- Acknowledgements
- Abbreviations of Works by Adam Smith
- Introduction
- 1 Smith Scholarship
- 2 The Wealth of Nations as a Work of Social Science
- 3 Adam Smith’s “Industrial Organization” of Religion
- 4 Talking to My Butcher
- 5 What Did Adam Smith Mean? The Semantics of the Opening Key Principles in the Wealth of Nations
- 6 Adam Smith and Virtuous Business
- 7 Adam Smith and the Morality of Political Economy
- 8 A Moral Philosophy for Commercial Society?
- 9 Adam Smith, Sufficientarian
- 10 Narrowing the Scope of Resentment in Smith’s Theory of Moral Sentiments
- 11 Adam Smith
- 12 “Much Better Instructors”
- 13 Sophie de Grouchy as an Activist Interpreter of Adam Smith
- 14 Adam Smith and the Limits of Philosophy
- Bibliography
- Index
7 - Adam Smith and the Morality of Political Economy
A Public Choice Reading
Published online by Cambridge University Press: 14 September 2023
- Interpreting Adam Smith
- Interpreting Adam Smith
- Copyright page
- Contents
- Contributors
- Acknowledgements
- Abbreviations of Works by Adam Smith
- Introduction
- 1 Smith Scholarship
- 2 The Wealth of Nations as a Work of Social Science
- 3 Adam Smith’s “Industrial Organization” of Religion
- 4 Talking to My Butcher
- 5 What Did Adam Smith Mean? The Semantics of the Opening Key Principles in the Wealth of Nations
- 6 Adam Smith and Virtuous Business
- 7 Adam Smith and the Morality of Political Economy
- 8 A Moral Philosophy for Commercial Society?
- 9 Adam Smith, Sufficientarian
- 10 Narrowing the Scope of Resentment in Smith’s Theory of Moral Sentiments
- 11 Adam Smith
- 12 “Much Better Instructors”
- 13 Sophie de Grouchy as an Activist Interpreter of Adam Smith
- 14 Adam Smith and the Limits of Philosophy
- Bibliography
- Index
Summary
In Adam Smith’s Wealth of Nations, prescriptive and descriptive analysis are intertwined. While incentives analysis is strictly descriptive, the motivation of the analysis is prescriptive as are the motivations for its prescriptions. For Smith, wealth tends to promote justice; it also tends to be a consequence of justice. Poverty tends to create injustices instead, and to be a consequence of injustice. Understanding how to increase the wealth of a nation is thus understanding how to increase its justice. The perverse incentives of special interests are destructive forces of both wealth and justice. Smith called Wealth of Nations a violent attack against the British commercial system because, in the interpretation offered here, the entire apparatus of the British Empire was the result of those perverse incentives of special interest groups that not only generated inefficient monopolies but also, and especially, generated gross injustices for the weakest members of society.
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- Interpreting Adam SmithCritical Essays, pp. 111 - 123Publisher: Cambridge University PressPrint publication year: 2023
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