This essay analyses the ethical importance and religious implications of ‘the man within’ in Adam Smith's moral philosophy. Not introduced until the second edition of Theory of Moral Sentiments, ‘the man within’ appears as the internalization of the impartial spectator. With the invention of the man within, Smith was able to explain how moral agents pursue virtues and behave morally beyond immediate and quotidian concerns with either praises or blames from society. Having complied with the general dictates of the impartial (...) spectator with conscience, humans become morally autonomous individuals whose moral judgements are derived from constant dialogues with the man within in an ethical microcosm within their breasts. The man within possesses a transcendent nature that preempts social judgements. Because of that transcendent nature, Smith also denominated the man within as ‘the substitute of Deity’. This essay also argues that even conscientious and virtuous individuals can be wronged and misjudged by socie... (shrink)

Building on work by Popper, Schweber, Nozick, Sober, and others in a still-growing literature, I explore here the conceptual kinship between Adam Smith''s ''invisible hand'' and Darwinian natural selection. I review the historical ties, and examine Ullman -Margalit''s ''constraints'' on invisible-hand accounts, which I later re-apply to natural selection, bringing home the close relationship. These theories share a ''parent'' principle, itself neither biological no politico-economic, that collective order and well-being can emerge parsimoniously from the dispersed action of individuals. The invisible (...) hand operates on ''memes'' the way natural selection operates on genes. Like Darwin''s concept, it brings together traditional opposites, ''nature'' and ''selection,'' forming a saltation-mitigating transition between biological instinct and full-blown conscious design. Herschel''s criterion of confirmation, which Darwin long strove to satisfy, is itself an invisible hand-like meme – a ''Midas effect'' revealing and rewarding the fittest theories, Darwin''s and Smith''s emphatically among them. (shrink)

Adam Smith is usually thought to argue that the result of everyone pursuing their own interests will be the maximization of the interests of society. The invisible hand of the free market will transform the individual''s pursuit of gain into the general utility of society. This is the invisible hand argument.Many people, although Smith did not, draw a moral corollary from this argument, and use it to defend the moral acceptability of pursuing one''s own self-interest.

The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith's writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton's theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith's general providential account (...) of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis. (shrink)

The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith’s writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton’s theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith’s general providential account (...) of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis. (shrink)

One way to show that text interpretation can be treated as a scientific problem is to show that the standards that are currently used in the natural sciences when dealing with problems not involving meaningful material can also be successfully employed in the case of text interpretation. These standards involve intersubjective intelligibility, testability with the use of evidence, rational argumentation, and making methodological decisions aiming at the attainment of truth, accuracy, simplicity and other epistemic values. In the case of text (...) interpretation—despite the fact that we deal with meaningful material—hypotheses can be formulated, consequences can be drawn by deduction, and these can be tested against empirical data. This claim is substantiated by the provision of an example of a scientific text. (shrink)

El propósito de este artículo es, en primer lugar, exponer el análisis que Smith desarrolla en The History of Astronomy sobre el origen de las emociones de asombro y sorpresa. En este artículo se abordará, en segundo lugar, cómo Smith relaciona las características propias de un objeto o evento que produce asombro o sorpresa en el marco de las concepciones de los salvajes con relación al uso de la expresión “la mano invisible de Júpiter”. En tercer lugar, se analizará la (...) explicación que Smith brinda sobre lo que es el “curso ordinario de las cosas”. (shrink)

This paper reconstructs the ways in which metaphors are used in the text of “The Wealth of Nations”. Its claims are: a) metaphor statements are basically similar to those in the “Theory of the Moral Sentiments”; b) the metaphors’ ‘primary subjects’ refer to mechanics, hydraulics, blood circulation, agriculture, medicine; c) metaphors may be lumped together into a couple of families, the family of mechanical analogies, and that of iatro-political analogies. Further claims are: a basic physico-moral analogy is the framework for (...) Smith’s psychological theory as well as for his overall social theory and for his theory of market mechanisms; a iatro-mechanical analogy is as pervasive as the physico-moral analogy and provides the framework for his overall evolutionary theory of society; the invisible-hand simile relies on the physico-moral analogy, and elaborates on the role of vis attractiva and vis a tergo in mechanics. (shrink)

The difficult dialogue between human rights and business shows that neither the adoption of codes of conduct nor the enforcement of legal norms would overcome the supposed incompatibility of ethics and economics. Such a general supposition is the effect of a narrow understanding of economic activities, which in turn is the result of both neoliberal ideology and the traditional externalising approach of economics. I stress the necessity of the integration of ethics and economics, which would require not only the broadening (...) of the economic horizon, but also the redefinition of the status of economic theories. I propose to conceive of this redefinition as a shift of the theoretical allegiance of economic conceptualisations, from the supposedly descriptive natural and social sciences to the discourse of politics. (shrink)

There is no room for the concept of need in the prevailing neoclassical school of economics. Not so, however, in classical political economy. Through close analysis in this paper, I wish to trace the concept’s prominence in Adam Smith’s thought and to fine-tune its definitional aspects. The thrust of Smith’s argument is to delineate the mechanism via which the needs of the poorest in society are satisfied. Grounded in an understanding of need as limited and exhaustive rather than infinite, like (...) desire or preference, his theory is one of affluence rather than scarcity. But his justification of commercial society (from which the neoclassical school only lifts the conclusion) rests on becoming actually satisfied that these needs are, indeed, satisfied—an erroneous belief (at least according to the terms of Smith’s own definition) and an internal contradiction in the development of his argument, occasioned, I wish to suggest, by certain colonialist discourses. Finally, Smith’s ontology of need, as reconstructed here, corresponds to similar enquiries recently undertaken in philosophy and in some heterodox schools of economics. (shrink)