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Adam Smith’s image of competition in the marketplace was intended as an adjunct to his detailed description of human motivation in The Theory of Moral Sentiments, in which the pursuit of profit is tempered at every juncture by sympathy and benevolence, and by the posture of the “impartial spectator” which is forced on us by our moral nature.
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p. 108

 

Ted Malloch

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But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral Sentiments as for The Wealth of Nations. And as he understood so well, society is more than the sum of its individual parts.

 

Paul Ormerod

 

Adam Smith, who has strong claim to being both the Adam and the Smith of systematic economics, was a professor of moral philosophy and it was at that forge that economics was made. Even when I was a student, economics was still part of the moral sciences tripos at Cambridge University. It can claim to be a moral science, therefore, from its origin, if for no other reason. Nevertheless, for many economists the very term “moral science” will seem like a contradiction. We are strongly imbued today with the view that science should be wertfrei and we believe that science has achieved its triumph precisely because it has escaped the swaddling clothes of moral judgment and has only been able to take off into the vast universe of the “is” by escaping from the treacherous launching pad of the “ought.” Even economics, we learn in the history of thought, only became a science by escaping from the casuistry and moralizing of medieval thought.

 

Kenneth Boulding

 

Adam Smith, who has strong claim to being both the Adam and the Smith of systematic economics, was a professor of moral philosophy and it was at that forge that economics was made.

 

Adam Smith

 

And is it possible, CLEANTHES, said PHILO, that after all these reflections, and infinitely more, which might be suggested, you can still persevere in your Anthropomorphism, and assert the moral attributes of the Deity, his justice, benevolence, mercy, and rectitude, to be of the same nature with these virtues in human creatures? His power we allow is infinite: whatever he wills is executed: but neither man nor any other animal is happy: therefore he does not will their happiness. His wisdom is infinite: He is never mistaken in choosing the means to any end: But the course of Nature tends not to human or animal felicity: therefore it is not established for that purpose. Through the whole compass of human knowledge, there are no inferences more certain and infallible than these. In what respect, then, do his benevolence and mercy resemble the benevolence and mercy of men? EPICURUS's old questions are yet unanswered. Is he willing to prevent evil, but not able? then is he impotent. Is he able, but not willing? then is he malevolent. Is he both able and willing? whence then is evil?

 

David Hume

 

The economic principles of Modern Socialism are a logical deduction from the principle laid down by Adam Smith in the early chapters of his “Wealth of Nations,” — namely, that labor is the true measure of price. But Adam Smith, after stating this principle most clearly and concisely, immediately abandoned all further consideration of it to devote himself to showing what actually does measure price, and how, therefore, wealth is at present distributed. Since his day nearly all the political economists have followed his example by confining their function to the description of society as it is, in its industrial and commercial phases. Socialism, on the contrary, extends its function to the description of society as it should be, and the discovery of the means of making it what it should be.

 

Benjamin Tucker