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Adam Smith on the Virtues: A Partial Resolution of the Adam Smith Problem

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  • Pack, Spencer J.

Abstract

It is now easy to see, in the light of Adam Smith's Lectures on Jurisprudence, that The Theory of Moral Sentiments and The Wealth of Nations were parts of a grand system. Nonetheless, TMS and WN are not tightly linked. This paper pursues the following strategy: knowing that Smith wrote both works, one can go back to westigate Smith's handling of the virtues, and see how that work implicitly defended the acquisitive, commercial society analyzed so thoroughly in WN. In doing so, it will be shown that Smith has a distinctive, key, narrow handling of the virtue justice which is based upon the passion resentment. Smith's treatment of justice explains why there can be no concept of just price in Smith's work. It serves to support market, flexible, or negotiated prices as ethically legitimate because it effectively removes market prices from the domain of government control or responsibility, at least insofar as government is enforcing justice.

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  • 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.
    • Handle: RePEc:cup:jhisec:v:19:y:1997:i:01:p:127-140_00
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    Cited by:

    1. Diesel, Jonathon, 2021. "Adam Smith on usury: An esoteric reading," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 727-738.
    2. Spencer J. Pack, 1999. "The Myth of Adam Smith By Salim Rashid. Cheltenham, UK: Edward Elgar, 1998. Pp. X, 227. $80.00," Southern Economic Journal, John Wiley & Sons, vol. 65(3), pages 661-664, January.
    3. 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.

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