IDEAS home Printed from https://ideas.repec.org/a/kap/revaec/v31y2018i4d10.1007_s11138-017-0394-z.html
   My bibliography  Save this article

Moral markets: A marginalistic interpretation of Adam Smith

Author

Listed:
  • Walter G. Castro

    (Universidad Francisco Marroquín)

  • Rafael E. Beltramino

    (Universidad del Centro Educativo Latinoamericano)

Abstract

The article is built upon James Otteson's analogy between the structure of moral and economic rules. In Otteson's interpretation of Adam Smith's works both of them develop from an exchange of information of interacting agents. We develop that concept about Adam Smith's Theory of Moral Sentiments, analyzing those exchanges, and considering them Moral Market processes, in the Austrian Tradition of markets as processes. We think that Smith's emphasis on graduality and his metaphor of the Impartial Spectator allows us to propose a marginalistic approach to those markets stating how, in some of them which we call moral exchanges of justice, and through a great number of exchanges, moral rules of justice emerge. Finally, we present the problems that arise when legislation tries to change the results of these exchanges, in what we called a price control in the moral market.

Suggested Citation

  • Walter G. Castro & Rafael E. Beltramino, 2018. "Moral markets: A marginalistic interpretation of Adam Smith," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(4), pages 419-437, December.
    • Handle: RePEc:kap:revaec:v:31:y:2018:i:4:d:10.1007_s11138-017-0394-z
    DOI: 10.1007/s11138-017-0394-z
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11138-017-0394-z
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11138-017-0394-z?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Maria Pia Paganelli, 2010. "The Moralizing Role of Distance in Adam Smith: The Theory of Moral Sentiments as Possible Praise of Commerce," History of Political Economy, Duke University Press, vol. 42(3), pages 425-441, Fall.
    2. L. Kiesling, 2012. "Mirror neuron research and Adam Smith’s concept of sympathy: Three points of correspondence," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 299-313, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chavanne, David & McCabe, Kevin & Paganelli, Maria Pia, 2011. "Whose money is it anyway? Ingroups and distributive behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 77(1), pages 31-39, January.
    2. Andreas Ortmann & Benoit Walraevens, 2014. "The Rhetorical Structure of Adam Smith’s Wealth of Nations (and the importance of acknowledging it)," Discussion Papers 2014-11, School of Economics, The University of New South Wales.
    3. Jimena Hurtado, 2023. "Believing, Belonging and Understanding: Religion and Philosophy as Narratives and Practice in Adam Smith," Research in the History of Economic Thought and Methodology, in: Research in the History of Economic Thought and Methodology: Including a Symposium on Religion, the Scottish Enlightenment, and the Rise of Liberalism, volume 41, pages 11-26, Emerald Group Publishing Limited.
    4. Michele Bee & Luiz Felipe Bruzzi Curi, 2024. "Agreement is money: Beyond the chartalist reading of Adam Smith," Textos para Discussão Cedeplar-UFMG 666, Cedeplar, Universidade Federal de Minas Gerais.
    5. Khalil, Elias, 2022. "Does Friendship Stem from Altruism? Adam Smith and the Distinction between Love-based and Interest-based Preferences," OSF Preprints ygpmq, Center for Open Science.
    6. Andreas Ortmann & Benoit Walraevens, 2015. "The Rhetorical Structure of Adam Smith’s Wealth of Nations (and the importance of acknowledging it)," Discussion Papers 2014-11A, School of Economics, The University of New South Wales.
    7. Johan Graafland, 2023. "On Rule of Law, Civic Virtues, Trust, and Happiness," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 18(4), pages 1799-1824, August.
    8. Michele Bernasconi & Enrico Longo & Valeria Maggian, 2023. "When merit breeds luck (or not): an experimental study on distributive justice," Working Papers 2023:02, Department of Economics, University of Venice "Ca' Foscari".
    9. Fazekas, Károly, 2016. "Tisztesség, empátia, közgazdaságtan [Honour, empathy and economics]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1120-1141.
    10. Gomes, Orlando & Frade, João, 2019. "“Fool me once, …”: deception, morality and self-regeneration in decentralized markets," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 24(48), pages 312-326.
    11. Marie Daou & Alain Marciano, 2022. "Commodification: The traditional pro-market arguments," Post-Print hal-03876907, HAL.
    12. Khalil, Elias L., 2017. "Socialized view of man vs. rational choice theory: What does smith’s sympathy have to say?," Journal of Economic Behavior & Organization, Elsevier, vol. 143(C), pages 223-240.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:31:y:2018:i:4:d:10.1007_s11138-017-0394-z. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.