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Self-Command In Adam Smith'S Theory Of Moral Sentiments

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  • Stephen J. Meardon
  • Andreas Ortmann

Abstract

Building on an analysis of Adam Smith's enumeration of five classes of passions, we show that self-command in his Theory of Moral Sentiments (TMS) can be modeled as a game whose structure is identical to endogenous quality or reputation models. While acknowledging Smith's views on the evolutive nature of the general rules of morality (as well as the individual's understanding of them), we take the general rules as given. Within the game's framework we show how self-command can be attained in equilibrium solely due to the `internal reputation effect' arising from one's self-interested behavior. Our game-theoretic reinterpretation of TMS sheds new light on the acquisition of self-command and casts Smith as a sophisticated early theorist: he had already dealt with the issue of reputational enforcement, and wrestled with the same tension that has led to the eductive and evolutive approaches to non-cooperative game theory.

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  • Stephen J. Meardon & Andreas Ortmann, 1996. "Self-Command In Adam Smith'S Theory Of Moral Sentiments," Rationality and Society, , vol. 8(1), pages 57-80, February.
    • Handle: RePEc:sae:ratsoc:v:8:y:1996:i:1:p:57-80
    DOI: 10.1177/104346396008001003
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    Cited by:

    1. Roland Benabou & Jean Tirole, 2004. "Willpower and Personal Rules," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 848-886, August.
    2. Andreas Ortmann & Benoit Walraevens, 2015. "The Rhetorical Structure of Adam Smith’s Wealth of Nations (and the importance of acknowledging it)," Discussion Papers 2014-11A, School of Economics, The University of New South Wales.
    3. Stephen J. Meardon & Andreas Ortmann, 1996. "Yes, Adam Smith Was An Economist (A Very Modern One Indeed)," Rationality and Society, , vol. 8(3), pages 348-352, August.
    4. Kevin L. Brown, 1996. "Was Adam Smith An Economist?," Rationality and Society, , vol. 8(3), pages 343-347, August.
    5. Karl-Dieter Opp, 1997. "Norms, Rationalizations and Collective Political Action. A Rational Choice Perspective," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(II), pages 241-274, June.
    6. Andrew F Smith, 2014. "Political deliberation and the challenge of bounded rationality," Politics, Philosophy & Economics, , vol. 13(3), pages 269-291, August.
    7. Peter Hans Matthews & Andreas Ortmann, 2002. "An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 379-392.

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