Apr 15, 2009

Adam Smith's Other Book

by Liberty and Power

There is an interesting discussion on Econtalk about Adam Smith's first book, his 1759 Theory of Moral Sentiments, and its relation to his other, now more famous, book, the 1776 Wealth of Nations.

The discussion is with Dan Klein and Russ Roberts on podcast. Be sure to read the comments as well, since they contain some interesting further elaborations.

Much of the discussion is prompted by the so-called Adam Smith Problem, which asks how Smith's two books go together. One is about morality, the other about economics; one talks about"sympathy," the other about"self-interest." Therefore they must be in conflict, some have thought. This issue has been debated for well over a century now. For full disclosure, I have discussed it too. I think the problem can ultimately be resolved, as does Klein, but Klein's resolution is somewhat different from mine. I recommend having a listen.

More Comments:

James Otteson - 4/15/2009

It won't go away, at least not yet. I just received a review copy of a new book entitled The Adam Smith Problem: Reconciling Human Nature and Society in The Theory of Moral Sentiments and Wealth of Nations, by one Dogan Gocmen.

As I say, I bear some responsibility for the continued existence of the "problem," since in my book I argue that many previous scholars' attempted reconciliations did not address the more difficult issues. I think most scholars today believe the two books are reconcilable, even complementary, but there is no consensus on exactly what unites the books.

William Marina - 4/15/2009

This relationship was discussed extensively decades ago. Perhaps I cited it an Essay in The Literature of Liberty (1978), or, in a review of a book on The Social Physics of Adam Smith earlier.