Adam Smith on Political Judgment: Revisiting the Political Theory of the Wealth of Nations

2021 ◽  
Author(s):  
Alexandra Oprea
Keyword(s):  
Political Theory ◽  
Adam Smith ◽  
The Political ◽  
Political Judgment ◽  
Wealth Of Nations

scholarly journals Attitudes to Credit in Britain, 1680–1790

1990 ◽  
Vol 33 (2) ◽  
pp. 305-322 ◽  
Author(s):  
Julian Hoppit
Keyword(s):  
Political Economy ◽  
Adam Smith ◽  
The Other ◽  
Economic Order ◽  
The Political ◽  
Scottish Enlightenment ◽  
History Of ◽  
Great Tradition ◽  
Wealth Of Nations ◽  
Vast Range

The history of economic ideas in Britain is dominated by a great tradition which in its early stages focuses on Adam Smith. For the century before the publication of the Wealth of nations in 1776, economic ideas are most often studied in relation to the ‘arrival’ of Smith and commented on with regard to the degree to which they may be considered precursors of his ideas. Though this imposes a sense of order and establishes some principles with which to select from the vast range of economic writings, the dangers of certain whiggishness in this approach are readily apparent. Writers can appear to be winners or losers depending on the extent to which their ideas were denied, adapted or adopted by Smith and the other classical economists.1 Such problems have been acknowledged by many historians, not least by those who have fruitfully examined the political and philosophical bases of the emergence of political economy, particularly with regard to the Scottish enlightenment. Despite this, the force of the great tradition remains very strong. The authors and ideas that are examined are the ‘major’ ones, that is to say contributions that were, or attempted to be, either comprehensive or clearly attached to what, with hindsight, were the main strands of development. The emphasis has been upon theories or systematic explanations of the economic order. Not surprisingly the unsystematic and more casually formulated reflections of non-economists and ‘amateurs’, such as Defoe, are often swept under the carpet, even if their ideas on economic matters were more widely disseminated (and perhaps more influential) at the time. Consequently, our perception of economic ideas between the Restoration and the Wealth of nations continues to be highly and perhaps atypically selective.

The Rhetoric of Sincerity: Cicero and Smith on Propriety and Political Context

2016 ◽  
Vol 110 (1) ◽  
pp. 100-111 ◽  
Author(s):  
DANIEL J. KAPUST ◽  
MICHELLE A. SCHWARZE
Keyword(s):  
Political Theory ◽  
Empirical Research ◽  
Adam Smith ◽  
Political Context ◽  
Rhetorical Theory ◽  
The Political ◽  
Political Sphere ◽  
Collective Judgment ◽  
Rhetorical Appeals ◽  
Context Shape

The study of rhetoric has recently undergone a revival in political theory as a response to deliberative democratic approaches that value reason over affect in the political sphere. Most rhetorical revivalists look to Aristotle and develop accounts of ethos (character) that privilege the epistemic dimensions of trust, while overlooking the importance that considerations of propriety play in shaping the political speech of democratic leaders. We reconsider the rhetorical approach by integrating the regulative standards suggested by two political thinkers who also were theorists of rhetoric: Cicero and Adam Smith. Committed to character's role in collective judgment, Cicero and Smith both hold that sincerity and context shape decorum or propriety: Leaders rely on decorum to shape their rhetorical appeals, and audiences look to the fit between speech and character to gauge moral trustworthiness. Smith, however, goes beyond Cicero to develop a rhetorical theory more relevant for democracies by highlighting the importance of political context for rhetorical appeals and evaluations. We conclude by suggesting that attention to these components of decorum moves beyond Aristotelian accounts of rhetorical character in a way that is consistent with much empirical research on how voters judge the character of elected officials.

Two Intellectual Landmarks in the Year 1749

2019 ◽  
Vol 17 (2) ◽  
pp. 101-123
Author(s):  
Farhad Rassekh
Keyword(s):  
Paradigm Shift ◽  
David Hume ◽  
Adam Smith ◽  
Considerable Extent ◽  
Monetary Theory ◽  
Economic Theories ◽  
Classical Economics ◽  
Wealth Of Nations ◽  
Economic Thinking

In the year 1749 Adam Smith conceived his theory of commercial liberty and David Hume laid the foundation of his monetary theory. These two intellectual developments, despite their brevity, heralded a paradigm shift in economic thinking. Smith expanded and promulgated his theory over the course of his scholarly career, culminating in the publication of The Wealth of Nations in 1776. Hume elaborated on the constituents of his monetary framework in several essays that were published in 1752. Although Smith and Hume devised their economic theories in 1749 independently, these theories complemented each other and to a considerable extent created the structure of classical economics.

On the Will of the People: Notes on the Political “Theory” of Populism

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Claus Offe
Keyword(s):  
Ethnic Identity ◽  
Political Theory ◽  
Conflicts Of Interest ◽  
Political Rhetoric ◽  
The Political ◽  
The People ◽  
National People ◽  
The Will

The “will of the (national) people” is the ubiquitously invoked reference unit of populist politics. The essay tries to demystify the notion that such will can be conceived of as a unique and unified substance deriving from collective ethnic identity. Arguably, all political theory is concerned with arguing for ways by which citizens can make e pluribus unum—for example, by coming to agree on procedures and institutions by which conflicts of interest and ideas can be settled according to standards of fairness. It is argued that populists in their political rhetoric and practice typically try to circumvent the burden of such argument and proof. Instead, they appeal to the notion of some preexisting existential unity of the people’s will, which they can redeem only through practices of repression and exclusion.

Aristotle on the Concept of Shared Life

2020 ◽  
Author(s):  
Sara Brill
Keyword(s):  
Political Theory ◽  
The Political ◽  
Political Character

Aristotle on the Concept of Shared Life studies Aristotle’s understanding of the political character of human intimacy via an examination of the zoological frame informing his political theory. It argues that the concept of shared life, i.e. the forms of intimacy that arise from the possession of logos and the capacity for choice, is central to human political partnership, and serves to locate that life within the broader context of living beings as such, where it emerges as an intensification of animal sociality. As such it challenges a long-standing approach to the role of the animal in Aristotle’s thought, and to the recent reception of Aristotle’s thinking about the political valence of life and living beings.

scholarly journals HOW SHOULD WE RECONCILE SELF-REGARDING AND PRO-SOCIAL MOTIVATIONS? A RENAISSANCE OF “DAS ADAM SMITH PROBLEM”

2020 ◽  
Vol 37 (1) ◽  
pp. 80-102
Author(s):  
Natalie Gold
Keyword(s):  
Adam Smith ◽  
Crowding Out ◽  
Private Interests ◽  
Self Interest ◽  
Intrinsic Motivations ◽  
Social Motivations ◽  
Motivation Crowding ◽  
Wealth Of Nations ◽  
Selfish Agents

Abstract“Das Adam Smith Problem” is the name given by eighteenth-century German scholars to the question of how to reconcile the role of self-interest in the Wealth of Nations with Smith’s advocacy of sympathy in Theory of Moral Sentiments. As the discipline of economics developed, it focused on the interaction of selfish agents, pursuing their private interests. However, behavioral economists have rediscovered the existence and importance of multiple motivations, and a new Das Adam Smith Problem has arisen, of how to accommodate self-regarding and pro-social motivations in a single system. This question is particularly important because of evidence of motivation crowding, where paying people can backfire, with payments achieving the opposite effects of those intended. Psychologists have proposed a mechanism for the crowding out of “intrinsic motivations” for doing a task, when payment is used to incentivize effort. However, they argue that pro-social motivations are different from these intrinsic motivations, implying that crowding out of pro-social motivations requires a different mechanism. In this essay I present an answer to the new Das Adam Smith problem, proposing a mechanism that can underpin the crowding out of both pro-social and intrinsic motivations, whereby motivations are prompted by frames and motivation crowding is underpinned by the crowding out of frames. I explore some of the implications of this mechanism for research and policy.

The Early History of Financial Economics, 1478–1776. By Geoffrey Poitras. Cheltenham and Northampton: Edward Elgar, 2000. Pp. x, 522.

2002 ◽  
Vol 62 (1) ◽  
pp. 268-269
Author(s):  
Larry Neal
Keyword(s):  
Economic History ◽  
Financial Analysis ◽  
Adam Smith ◽  
Economic Thought ◽  
Financial History ◽  
X 522 ◽  
History Of ◽  
The Difference ◽  
Wealth Of Nations ◽  
Simon Fraser University

Economic historians usually have to explain to their economist colleagues the difference between economic history, which focuses on facts, and history of economic thought, which focuses on ideas. Our colleagues in finance departments, typically fascinated by episodes in financial history treated by economic historians, are bound to be disappointed in the lack of attention given to the development of ideas in finance by historians of economic thought. Geoffrey Poitras, a professor of finance at Simon Fraser University, makes a valiant effort to remedy these oversights in his collection of vignettes that highlight the sophistication of financial instruments and analysts of financial markets well before the time of Adam Smith. Starting in 1478 with the publication of the Treviso Arithmetic, a typical textbook of commercial arithmetic for Italian merchants, and ending with brief snippets from the Wealth of Nations, Poitras treats the reader to a fascinating potpourri of excerpts from various manuals, brief biographies of pioneers in financial analysis, and historical discursions on foreign-exchange and stock markets.

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