IDEAS home Printed from https://ideas.repec.org/a/bpj/jeehcn/v19y2013i1p63-99n2.html
   My bibliography  Save this article

The Adam Smith Problem Revisited: A Methodological Resolution

Author

Listed:
  • Wagner-Tsukamoto Sigmund

    (School of Management, University of Leicester, Leicester LE1 7RH, UK)

Abstract

The Adam Smith problem refers to a claimed inconsistency between the Theory of Moral Sentiments and the Wealth of Nations, regarding the portrayal of human nature in these two books. Previous research predominantly resolved the claimed inconsistency by uncovering virtuous, less selfish character traits in the Wealth of Nations. This article voices caution. I acknowledge – on methodological grounds – fundamental differences regarding the portrayal of human nature in Smith’s behavioral ethics, i.e. the Theory of Moral Sentiments, as compared with Smith’s economic research. The key argument is that Smith’s two books address different research problems and hence do not, need not and cannot adopt the same view of human nature – for methodological reasons, so my argument. Adam Smith scholarship overlooked that Smith himself in considerable degrees understood “economic man” as a heuristic abstraction. I connect to the philosophies of science of Imre Lakatos and Karl Popper.

Suggested Citation

  • Wagner-Tsukamoto Sigmund, 2013. "The Adam Smith Problem Revisited: A Methodological Resolution," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 19(1), pages 63-99, September.
    • Handle: RePEc:bpj:jeehcn:v:19:y:2013:i:1:p:63-99:n:2
    DOI: 10.1515/jeeh-2012-0013
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/jeeh-2012-0013
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.1515/jeeh-2012-0013?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. David A. Reisman, 1998. "Adam Smith on Market and State," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(2), pages 357-357, June.
    2. Glenn R. Morrow, 1927. "Adam Smith: Moralist and Philosopher," Journal of Political Economy, University of Chicago Press, vol. 35(3), pages 321-321.
    3. Jacob Viner, 1927. "Adam Smith and Laissez Faire," Journal of Political Economy, University of Chicago Press, vol. 35(2), pages 198-198.
    4. Skinner, Andrew S, 1976. "Adam Smith: The Development of a System," Scottish Journal of Political Economy, Scottish Economic Society, vol. 23(2), pages 111-132, June.
    5. Pack, Spencer J., 1997. "Adam Smith on the Virtues: A Partial Resolution of the Adam Smith Problem," Journal of the History of Economic Thought, Cambridge University Press, vol. 19(1), pages 127-140, April.
    6. Recktenwald, Horst Claus, 1978. "An Adam Smith Renaissance anno 1976? The Bicentenary Output-A Reappraisal of His Scholarship," Journal of Economic Literature, American Economic Association, vol. 16(1), pages 56-83, March.
    7. William D. Grampp, 1948. "Adam Smith and the Economic Man," Journal of Political Economy, University of Chicago Press, vol. 56(4), pages 315-315.
    8. Jerry Evensky, 1987. "The Two Voices of Adam Smith: Moral Philosopher and Social Critic," History of Political Economy, Duke University Press, vol. 19(3), pages 447-468, Fall.
    9. Tomer, John F., 2001. "Economic man vs. heterodox men: the concepts of human nature in schools of economic thought," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 30(4), pages 281-293.
    10. Jerry Evensky, 1993. "Adam Smith on the Human Foundation of a Successful Liberal Society," History of Political Economy, Duke University Press, vol. 25(3), pages 395-412, Fall.
    11. Machlup, Fritz, 1978. "Methodology of Economics and Other Social Sciences," Elsevier Monographs, Elsevier, edition 1, number 9780124645509 edited by Shell, Karl.
    12. Montes, Leonidas, 2003. "Das Adam Smith Problem: Its Origins, the Stages of the Current Debate, and One Implication for Our Understanding of Sympathy," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(1), pages 63-90, March.
    13. Sigmund Wagner-Tsukamoto, 2003. "Human Nature and Organization Theory," Books, Edward Elgar Publishing, number 2441.
    14. James G. March, 1978. "Bounded Rationality, Ambiguity, and the Engineering of Choice," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 587-608, Autumn.
    15. Irvin Sobel, 1979. "Adam Smith: What Kind of Institutionalist Was He?," Journal of Economic Issues, Taylor & Francis Journals, vol. 13(2), pages 347-368, June.
    16. Sigmund Wagner-Tsukamoto, 2007. "Moral Agency, Profits and the Firm: Economic Revisions to the Friedman Theorem," Journal of Business Ethics, Springer, vol. 70(2), pages 209-220, January.
    17. Keith Tribe, 1999. "Adam Smith: Critical Theorist?," Journal of Economic Literature, American Economic Association, vol. 37(2), pages 609-632, June.
    18. Amos Witztum, 1998. "A Study into Smith's Conception of the Human Character: Das Adam Smith Problem Revisited," History of Political Economy, Duke University Press, vol. 30(3), pages 489-513, Fall.
    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. Scott Drylie, 2020. "Professional Scholarship from 1893 to 2020 on Adam Smith’s Views on School Funding: A Heterodox Examination," Econ Journal Watch, Econ Journal Watch, vol. 17(2), pages 350–391-3, September.
    2. Drylie, Scott, 2021. "Adam Smith on schooling: A classical liberal rereading," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 748-770.
    3. Amos Witztum, 2016. "Experimental Economics, Game Theory and Das Adam Smith Problem," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 42(4), pages 528-556, September.
    4. Craig, Justin B. & Newbert, Scott L., 2020. "Reconsidering socioemotional wealth: A Smithian-inspired socio-economic theory of decision-making in the family firm," Journal of Family Business Strategy, Elsevier, vol. 11(4).
    5. Amos Witztum, 2005. "Social Circumstances and Rationality:," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(4), pages 1025-1047, October.
    6. Carlos Rodríguez Braun, 2021. "Adam Smith’s liberalism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(4), pages 465-478, December.
    7. Matthias P. Hühn & Claus Dierksmeier, 2016. "Will the Real A. Smith Please Stand Up!," Journal of Business Ethics, Springer, vol. 136(1), pages 119-132, June.
    8. Elias L. Khalil, 2002. "Is Adam Smith Liberal?," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 158(4), pages 664-664, December.
    9. Diesel, Jonathon, 2021. "Adam Smith on usury: An esoteric reading," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 727-738.
    10. Matthias P. Hühn, 2019. "Adam Smith’s Philosophy of Science: Economics as Moral Imagination," Journal of Business Ethics, Springer, vol. 155(1), pages 1-15, March.
    11. Sigmund Wagner-Tsukamoto, 2008. "Contrasting the Behavioural Business Ethics Approach and the Institutional Economic Approach to Business Ethics: Insights From the Study of Quaker Employers," Journal of Business Ethics, Springer, vol. 82(4), pages 835-850, November.
    12. Aneta Kargol-Wasiluk & Anna Wildowicz-Giegiel & Marian Zalesko, 2018. "The Evolution of the Economic Man. From Homo Oeconomicus to Homo Moralis," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 33-57.
    13. Clark, Michael J., 2021. "Adam Smith as Solon: Accommodating on the edges of liberty, not abandoning it," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 739-747.
    14. repec:hal:journl:dumas-00910208 is not listed on IDEAS
    15. Thunström, Linda & Nordström, Jonas & Shogren, Jason F., 2015. "Certainty and overconfidence in future preferences for food," Journal of Economic Psychology, Elsevier, vol. 51(C), pages 101-113.
    16. Freeman, Steven F., 1997. "Good decisions : reconciling human rationality, evolution, and ethics," Working papers WP 3962-97., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    17. van Riel, A.C.R. & Lievens, A., 2003. "New service development in high tech sectors: a decision making perspective," Research Memorandum 013, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    18. Andrew Lynn, 2022. "Ethics, Economics, and the Specter of Naturalism: The Enduring Relevance of the Harmony Doctrine School of Economics," Journal of Business Ethics, Springer, vol. 178(3), pages 661-673, July.
    19. Pascale Amans & Sylvie Rascol-Boutard, 2006. "Controlling Complex Organizations on the Basis of an Operational Performance Measure," Post-Print hal-01659071, HAL.
    20. Moore, Don A., 1999. "Order Effects in Preference Judgments: Evidence for Context Dependence in the Generation of Preferences, ," Organizational Behavior and Human Decision Processes, Elsevier, vol. 78(2), pages 146-165, May.
    21. Callum Williams, 2015. "Famine: Adam Smith and Foucauldian Political Economy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 62(2), pages 171-190, May.

    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:bpj:jeehcn:v:19:y:2013:i:1:p:63-99:n:2. 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: Peter Golla (email available below). General contact details of provider: https://www.degruyter.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.