Recent scholarship has sought to read Smith in TMS as an ethical critic of market inequality, one motivated by egalitarian commitments. This chapter pushes back against this reading, arguing that the position Smith adopts in TMS is most accurately labelled sufficientarian, not egalitarian. However, Smith’s sufficientarian considerations are deliberately focused on what is most apt for securing individual happiness. He says little of direct or decisive bearing on the plausibility of egalitarianism as a political commitment. Yet because ethical questions are not, in this area at least, isomorphic with political ones, we ought not to assume the latter can straightforwardly be read off the former. This ought to temper both our reading of Smith’s argument, and what we can appropriately extract from his text for present normative debate.