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Adam Smith’s Pluralism and the Limits of Science

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  • Richard Sturn

    (University of Graz)

Abstract

In recent decades, scholarly work on Adam Smith clarified important aspects of his multi-faceted account of human agency. However, the relevance of his view of knowledge and agency for political economy as science of the legislator has not been clarified sufficiently. It is contended here that Smith’s view of human agency in socio-economic contexts is linked to a kind of pragmatic pluralism, emphasizing the role of the knowledge made available by scientific “systems”, but also their limitations and incompleteness. Smith’s Theory of Moral Sentiments, his discussions of the mercantile system and honesty in commerce are considered as examples of pragmatic pluralism reflecting such limitations, while opening up horizons of reasonable disagreement and problem-responsive reform avoiding technocratic fallacies and reckless experimentation.

Suggested Citation

  • Richard Sturn, 2024. "Adam Smith’s Pluralism and the Limits of Science," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 41(1), pages 3-27, December.
    • Handle: RePEc:spr:homoec:v:41:y:2024:i:1:d:10.1007_s41412-024-00145-6
    DOI: 10.1007/s41412-024-00145-6
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    References listed on IDEAS

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    1. Nava Ashraf & Colin F. Camerer & George Loewenstein, 2005. "Adam Smith, Behavioral Economist," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 131-145, Summer.
    2. Anderson, Gary M, 1988. "Mr. Smith and the Preachers: The Economics of Religion in the Wealth of Nations," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 1066-1088, October.
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    More about this item

    Keywords

    Impartial spectator; Man of system; Mercantile system; Pluralism; Science of the legislator;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology

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