On Adam Smith's "Wealth of Nations": A Philosophical Companion

348 Pages·2005·0.96 MB·English

by  Samuel Fleischacker

On Adam Smith’s Wealth of Nations
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On Adam Smith’s
Wealth of Nations
A Philosophical Companion
Samuel Fleischacker
PRINCETON UNIVERSITY PRESS
Princeton and Oxford
Copyright(cid:1) 2004 by Princeton University Press
Published by Princeton University Press, 41 William Street, Princeton, New Jersey 08540
In the United Kingdom: Princeton University Press, 3 Market Place,
Woodstock, Oxfordshire OX20 1SY
All Rights Reserved
Library of Congress Cataloging-in-Publication Data
Fleischacker, Samuel.
On Adam Smith’s Wealth of nations : a philosophical companion / Samuel Fleischacker.
p. cm.
Includes bibliographical references and index.
ISBN 0-691-11502-8 (cl : alk. paper)
1. Smith, Adam, 1723-1790. 2. Economics—Philosophy. 3. Ethics. I. Title.
HB103.S6F59 2004
330.15(cid:2)3—dc21 2003042889
British Library Cataloging-in-Publication Data is available
This book has been composed in Berkeley Book
Printed on acid-free paper. (cid:1)
www.pupress.princeton.edu
Printed in the United States of America
1 3 5 7 9 10 8 6 4 2
10 9 8 7 6 5 4 3 2 1
In memory of my parents
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CONTENTS
Acknowledgments xi
Abbreviations xiii
Introduction xv
PART I
Methodology
CHAPTER ONE Literary Method 3
1. Obstacles to Reading Smith 4
2. Rhetoric 12
3. Genre 15
4. Style and Philosophical Method 19
CHAPTER TWO Epistemology and Philosophy of Science 27
5. Epistemology 27
6. Philosophy of Science 31
7. Philosophy of Social Science 34
8. Types of Evidence 36
9. Providentialism 44
CHAPTER THREE Moral Philosophy 46
10. Moral Sentimentalism 46
11. The Wealth of Nations and Moral Philosophy 48
12. A Moral Assessment of Capitalism? 55
PART II
Human Nature
CHAPTER FOUR Overview 61
13. Philosophy and the Theory of Human Nature 61
14. Smith’s Picture of Human Nature 66
15. Religious Sentiments 70
16. Impartiality and Equality 72
17. Culture and History 80
18. From Homo Moralis to Homo Economicus 82
CHAPTER FIVE Self-Interest 84
19. WN in Context 84
20. “Bettering One’s Condition” in WN II.iii 87
21. Self-love in WN I.ii 90
22. Self-interest versus “General Benevolence” 95
23. Self-interest as an Assumption in WN 97
24. Smith and Hobbes: A Response to Cropsey 100
viii CONTENTS
CHAPTER SIX Vanity 104
25. Vanity in TMS IV.i 105
26. TMS IV.i in the Light of WN 108
27. TMS IV.I and the 1790 Edition of TMS 112
28. The Importance of Vanity 115
29. From Homo Moralis to Homo Economicus (Reprise) 118
PART III
Foundations of Economics
CHAPTER SEVEN Foundations of Economics 123
30. Natural Price/Market Price 123
31. Real Price/Nominal Price; Labor Theory of Value 124
32. The Long Term versus the Short; Growth versus Allocation;
Definition of Wealth 131
33. Productive and Unproductive Labor 134
34. The Invisible Hand 138
PART IV
Justice
CHAPTER EIGHT A Theory of Justice? 145
35. Some Puzzles about Smith’s Treatment of Justice 145
36. Smith’s Different Accounts of Justice 148
37. A First Argument for the Precision of Rules of Justice 153
38. Critical Jurisprudence and the Problems in Defining “Harm” 158
39. A Second Argument for the Precision of Rules of Justice 161
40. Reconstructing Smith’s Theory of Natural Justice 166
41. Smith’s Critical Jurisprudence in LJ and WN 169
CHAPTER NINE Property Rights 174
42. Property as Central to Justice 174
43. Utilitarian Accounts of Property 178
44. Locke, Hutcheson, and Hume on “Original” Ownership 180
45. Smith on “Original” Ownership 185
46. Property in WN 192
47. Taxation and Property Rights 193
48. Inheritance and Property Rights 197
49. Redistribution and Property Rights 200
CHAPTER TEN Distributive Justice 203
50. Two Meanings for “Distributive Justice” 203
51. Smith’s Contribution to the Politics of Poverty 205
52. A Brief History of Distributive Justice 209
53. The Right of Necessity 215
54. Smith and Natural Law Views of Property 221
Contents ix
PART V
Politics
CHAPTER ELEVEN Politics 229
55. Moral Vices of Politicians 229
56. Cognitive Vices of Politicians 233
57. Problems with the “Private Sector” 236
58. Law over Policy; Well-designed Institutions 242
59. Republics versus Monarchies; Civic Republicanism 246
60. National Glory; War 250
61. Conclusion 257
Epilogue
CHAPTER TWELVE Learning from Smith Today 261
Notes 283
Index Locorum 313
General Index 321