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Adam Smith, the Last of the Former Virtue Ethicists

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  • Deirdre McCloskey

Abstract

Smith was mainly an ethical philosopher, though he practiced what was considered for a long time after Smith an obsolete sort of ethical philosophy, known nowadays as “virtue ethics.” Since 1790 most ethical theory as practiced in departments of philosophy has derived instead from Kant or Bentham, but virtue ethics has recently come back. From the Seven Primary Virtues, Smith chose five to admire especially. He chose all four of the pagan and stoic virtues of courage, temperance, justice, and prudence. To these he added, as virtue number five, a part of the Christian virtue of love, the part admired by his teacher Francis Hutcheson. Smith was not, as has often been claimed, a Stoic, because he was always a pluralist, and would not reduce the good life to, say, Stoic temperance alone. Smith's choice of the virtues makes sense of his writings and career. And it reveals a flaw, shared with Hume: the banishment of the monkish virtues of hope and faith, necessary for human flourishing.

Suggested Citation

  • Deirdre McCloskey, 2008. "Adam Smith, the Last of the Former Virtue Ethicists," History of Political Economy, Duke University Press, vol. 40(1), pages 43-71, Spring.
  • Handle: RePEc:hop:hopeec:v:40:y:2008:i:1:p:43-71
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    Cited by:

    1. Matson, Erik W., 2021. "A dialectical reading of Adam Smith on wealth and happiness," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 826-836.
    2. 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.
    3. David Bright & Bradley Winn & Jason Kanov, 2014. "Reconsidering Virtue: Differences of Perspective in Virtue Ethics and the Positive Social Sciences," Journal of Business Ethics, Springer, vol. 119(4), pages 445-460, February.
    4. Ahmad Jafari Samimi, 2011. "Ethonomics & the History of Economic Thought," Journal of Social and Development Sciences, AMH International, vol. 2(5), pages 223-232.
    5. Mitchell J. Neubert & Emily M. Hunter & Remy C. Tolentino, 2022. "Modeling Character: Servant Leaders, Incivility and Patient Outcomes," Journal of Business Ethics, Springer, vol. 178(1), pages 261-278, June.
    6. José M Menudo & Nicolas Rieucau, 2017. "A Previously Unpublished Correspondence between Adam Smith and Joseph Nicolas de Windischgrätz," Post-Print hal-01615077, HAL.
    7. Edward R. Morey, 2018. "What are the ethics of welfare economics? And, are welfare economists utilitarians?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 65(2), pages 201-230, June.
    8. Marta Rocchi & Ignacio Ferrero, 2014. "Systematic Shared Value in Finance: Expanding Porter's Approach," Faculty Working Papers 07/14, School of Economics and Business Administration, University of Navarra.
    9. David Lipka, 2014. "Do economists need virtues?," ICER Working Papers 06-2014, ICER - International Centre for Economic Research.
    10. David Lipka, 2013. "The Max U Approach: Prudence Only, or Not Even Prudence? A Smithian Perspective," Econ Journal Watch, Econ Journal Watch, vol. 10(1), pages 2-14, January.
    11. 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).
    12. Albert D. Spalding & Gretchen R. Lawrie, 2019. "A Critical Examination of the AICPA’s New “Conceptual Framework” Ethics Protocol," Journal of Business Ethics, Springer, vol. 155(4), pages 1135-1152, April.
    13. Mark White, 2010. "Adam Smith and Immanuel Kant: On Markets, Duties, and Moral Sentiments," Forum for Social Economics, Taylor & Francis Journals, vol. 39(1), pages 53-60, January.
    14. Paul D. Mueller, 2014. "Adam Smith, Politics, and Natural Liberty," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 29(Fall 2014), pages 119-134.
    15. Jacob Hall & Marcus Shera, 2020. "Classical liberals on ‘social justice’," Economic Affairs, Wiley Blackwell, vol. 40(3), pages 467-483, October.
    16. Erik W. Matson, 2022. "What is liberal about Adam Smith's “liberal plan”?," Southern Economic Journal, John Wiley & Sons, vol. 89(2), pages 593-610, October.
    17. Daniel P. Sorensen & Scott E. Miller & Kevin L. Cabe, 2017. "Developing and Measuring the Impact of an Accounting Ethics Course that is Based on the Moral Philosophy of Adam Smith," Journal of Business Ethics, Springer, vol. 140(1), pages 175-191, January.
    18. Matthias Hühn, 2014. "You Reap What You Sow: How MBA Programs Undermine Ethics," Journal of Business Ethics, Springer, vol. 121(4), pages 527-541, June.
    19. 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.
    20. Neubert, Mitchell J. & Montañez, George D., 2020. "Virtue as a framework for the design and use of artificial intelligence," Business Horizons, Elsevier, vol. 63(2), pages 195-204.

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    Keywords

    Adam Smith; virtue ethics;

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