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Virtues and institutions in Smith: a reconstruction

Author

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  • Emmanuel S. de Dios

    (School of Economics, University of the Philippines Diliman)

Abstract

I provide a formal explanation of the relationship between the virtues of prudence, justice, and benevolence described by Adam Smith in the Theory of moral sentiments and connect these with the themes Smith subsequently discusses in the Wealth of nations. I contend that the other-regarding concerns Smith discusses as internally held virtues in TMS are presumed addressed instead by formal mechanisms in the WN -- particularly the third-party institutions of law and anonymous market exchange.

Suggested Citation

  • Emmanuel S. de Dios, 2021. "Virtues and institutions in Smith: a reconstruction," UP School of Economics Discussion Papers 202106, University of the Philippines School of Economics.
    • Handle: RePEc:phs:dpaper:202106
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    File URL: https://econ.upd.edu.ph/dp/index.php/dp/article/view/1542
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    More about this item

    Keywords

    Adam Smith Problem; virtues; institutions; self-interest; altruism;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary

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