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Adam Smith is the best known among economists for his book, The Wealth of Nations, often viewed as the keystone of modern economic thought. Others, often heterodox economists and social philosophers, on the contrary, focus on Smith's Theory of Moral Sentiments, and explore his moral theory. This work treats these dimensions of Smith's work as elements in a seamless moral philosophical vision, demonstrating the integrated nature of these works and Smith's other writings. Although many practitioners today see the study of Smith as an antiquarian exercise, this book weaves Smith into a constructive critique of modern ecnomic analysis (engaging along the way the work of Nobel Laureates Gary Becker, Amarty Sen, Douglass North, and James Buchanan) and builds bridges between that discourse and the other social sciences.
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P1: ICD 0521852471agg.xml CB883B/Evensky 0 521 85247 1 This page intentionally left blank September 5, 2005 19:57 P1: ICD 0521852471agg.xml CB883B/Evensky 0 521 85247 1 September 5, 2005 Adam Smith’s Moral Philosophy Adam Smith is best known among economists for his book, The Wealth of Nations, often viewed as the keystone of modern economic thought. For many, he has become associated with a quasi-libertarian laissez-faire philosophy. Others, often heterodox economists and social philosophers, on the contrary, focus on Smith’s Theory of Moral Sentiments, and explore his moral theory. There has been a long debate about the relationship or lack thereof between these, his two great works. This work treats these dimensions of Smith’s work as elements in a seamless moral philosophical vision, demonstrating the integrated nature of these works and Smith’s other writings. Although many practitioners today see the study of Smith as an antiquarian exercise, this book weaves Smith into a constructive critique of modern economic analysis (engaging along the way the work of Nobel Laureates Gary Becker, Amarty Sen, Douglass North, and James Buchanan) and builds bridges between that discourse and other social sciences. Jerry Evensky is Professor of Economics and Laura J. and L. Douglas Meredith Professor for Teaching Excellence at Syracuse University. He coedited Adam Smith and the Philosophy of Law and Economics (1994) with Robin Malloy and is the author of the textbook Economics: The Ideas, the Issues (2004). Professor Evensky serves on the editorial board of The Journal of the History of Economic Thought and served on the Executive Committee of the History of Economics Society from 1997 to 2000. He has published articles in the Journal of Economic Perspectives, History of Political Economy, Southern Economic Journal, American Journal of Economics and Sociology, Scottish Journal of Political Economy, and Research in the History of Economic Thought and Methodology. i 19:57 P1: ICD 0521852471agg.xml CB883B/Evensky 0 521 85247 1 September 5, 2005 ii 19:57 P1: ICD 0521852471agg.xml CB883B/Evensky 0 521 85247 1 September 5, 2005 HISTORICAL PERSPECTIVES ON MODERN ECONOMICS General Editor: Craufurd D. Goodwin, Duke University This series contains original works that challenge and enlighten historians of economics. For the profession as a whole, it promotes better understanding of the origin and content of modern economics. Other books in the series: William J. Barber Designs within Disorder: Franklin D. Roosevelt, the Economists, and the Shaping of American Economic Policy, 1933–1945 William J. Barber From New Era to New Deal: Herbert Hoover, the Economists, and American Economic Policy, 1921–1933 M. June Flanders International Monetary Economics, 1870–1960: Between the Classical and the New Classical J. Daniel Ha