Abstract
Smith’s conception of ‘economic man’ was primarily a product of his moral philosophy. While defending the motive of self-interest against Hutcheson’s claim that it could never be virtuous, he emphasized that self-interested actions take place within a social setting and that humanity is generally motivated by a desire for approbation. Far from an advocate of laissez-faire, Smith envisaged a broad, open- ended agenda of government to rectify market failure, including education to offset the atomizing effects of urbanization. His prowess arguably rests on his sophisticated grasp of the economic process as opposed to any outstanding analytical or conceptual competence.
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Bibliography
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Skinner, A.S. (2018). Smith, Adam (1723–1790). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1785
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1785
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