In a celebrated passage in ‘Of the Standard of Taste’, Hume tells us that those readers who prefer Bunyan's writings to Addison's are merely ‘pretended critics’ whose judgment is ‘absurd and ridiculous’; this is ‘no less an extravagance, than if he had maintained a mole-hill to be as high as TENERIFFE, or a pond as extensive as the ocean’. Hume shows a decisiveness and vehemence in his judgment against Bunyan that has greater significance than that of being a mere reflection (...) of his aesthetic principles. Hume does, after all, wish to make ‘durable admiration’ the foundation of his standard of taste, and both the number of eighteenth-century reprints of The Pilgrim's Progress and Johnson's comment that this work has as ‘the best evidence of its merit, the general and continued approbation of mankind’ testify to the lasting popularity of Bunyan's work. Hume's critical judgment on Bunyan is not merely a consequence of a mechanical application of his standard of taste, but is rather a reflection of what I will term Hume's ‘epistemology of ease’. (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.

In both the public and the business world, in academe as well as in practice, the ideas of Adam Smith are regarded as the bedrock of modern economics. When present economic conditions and management practices are criticised, Adam Smith is referred to by defenders and detractors of the current status quo alike. Smith, it is believed, defined the essential terms of reference of these debates, such as the rational pursuit of self-interest on part of the individual and the resultant optimal (...) allocation of goods in free markets thanks to the workings of an “invisible hand.” In this article, we question whether this standard view of Smith, the economist, is tenable. We provide an extensive review of the extant secondary literature from economists, business ethicists, and philosophers, comparing their assessments to crucial elements of Smith’s theoretical system. As a result, we show that Smith, far from being an advocate of a value-free or even value-averse conception of economic transactions, stood for a virtue-based and values-oriented model of business. Accordingly, we argue current management education and the pedagogy of business ethics ought to be changed, and certain strategic conclusions drawn for business practice. (shrink)

Recent studies have investigated connections between Adam Smith’s economic and philosophical ideas and Catholic Social Teaching (CST). Scholars argue that their common background lies in their respective anthropologies, both endorsing a relational view of human beings. I raise one main concern regarding these analyses. I suggest that the relationality endorsed by Smith lacks a central element present in CST—the other-oriented perspective which is the intentional concern for promoting the good of others. Some key elements of CST, such as love, gift, (...) gratuitousness, and fraternity, find a very different space in Smith’s social view and very little space in his economic view. Moreover, I show how CST relationality is more in accordance with a civil economy view of the market as a place of fraternity and mutual assistance. (shrink)