La Teoría de los Sentimientos Morales y Una investigación sobre la naturaleza y causas de la Riqueza de las Naciones: tropezar dos veces con la misma piedra
[Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations: to trip over the same stone twice]
AbstractAdam Smith aimed to reveal the hidden links behind the appearance of the new society that was birthing at that time. In these two books, he stated that a natural order governs everything, and that individuals try to discover this natural order through experience. He argues that the great ends of Nature are self-preservation, the propagation of the species, and harmony. But, can human beings survive in this new society, where the predominant relation is commercial in nature, and benevolence does not prevail as a social cohesion mechanism? This paper aims to shed light on this matter and concludes that the “market breadth” meaning the universality of mercantile relation, makes Smith abandon the law of value and adopt the law of production costs in The Wealth of Nations. In the Theory of the Moral Sentiments, he abandons benevolence as a fundamental principle of social cohesion, and adopts justice. The latter, enforced by the State, will ensure the feasibility of the developing system.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 32022.
Date of creation: 01 Oct 2009
Date of revision:
B12; B13; B52; D33; D46; D63;
Find related papers by JEL classification:
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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- Calero, Analía Verónica, 2006.
"La influencia de las instituciones en la racionalidad del individuo a partir de Adam Smith
[The influence of institutions on individuals rationality from Adam Smith]," MPRA Paper 32018, University Library of Munich, Germany.
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