Vernon Smith's Explanation of Moral Sentiments

B. Jane Clary

Forum for Social Economics, 2013, vol. 42, issue 4, 307-310

Abstract: This paper is a comment on Vernon Smith's paper, Adam Smith: from propriety and sentiments to property and wealth. This paper argues that while Vernon Smith is correct in his analysis that Adam Smith's theory of human nature, as expressed in The Theory of Moral Sentiments , provides a much more accurate model of behavior than does that of utility maximization, Vernon Smith's analysis can be much enriched by including a more complete explanation of Adam Smith's model of human behavior to include an analysis of prudence, justice, beneficence, and self-command.

Date: 2013
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DOI: 10.1080/07360932.2013.841589

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