Virtues and institutions in Smith: a reconstruction

Emmanuel de Dios ()

No 202106, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: I provide a formal explanation of the relationship between the virtues of prudence, justice, and benevolence described by Adam Smith in the Theory of moral sentiments and connect these with the themes Smith subsequently discusses in the Wealth of nations. I contend that the other-regarding concerns Smith discusses as internally held virtues in TMS are presumed addressed instead by formal mechanisms in the WN -- particularly the third-party institutions of law and anonymous market exchange.

Keywords: Adam Smith Problem; virtues; institutions; self-interest; altruism (search for similar items in EconPapers)
JEL-codes: B12 B15 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2021-10
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-sea
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Published as UPSE Discussion Paper No. 2021-06, October 2021

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Persistent link: https://EconPapers.repec.org/RePEc:phs:dpaper:202106

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