I examine the history of the concept of spontaneity in philosophy and the social sciences, particularly as it relates to monetary phenomena. I then offer an argument for the general significance of spontaneity. The essay concludes that scholars across the humanities and social sciences, whatever their (disciplinary, political, ideological, etc.) persuasion, would be well-served to further develop the theory of spontaneity and its social effects.

When Adam Smith published his celebrated writings on economics and moral philosophy he famously referred to the operation of an invisible hand. Adam Smith's Political Philosophy makes visible the invisible hand by examining its significance in Smith's political philosophy and relating it to similar concepts used by other philosophers, revealing a distinctive approach to social theory that stresses the significance of the unintended consequences of human action. This book introduces greater conceptual clarity to the discussion of the (...) invisible hand and the related concept of unintended order in the work of Smith and in political theory more generally. By examining the application of spontaneous order ideas in the work of Smith, Hume, Hayek and Popper, Adam Smith's Political Philosophy traces similarities in approach and from these builds a conceptual, composite model of an invisible hand argument. While setting out a clear model of the idea of spontaneous order the book also builds the case for using the idea of spontaneous order as an explanatory social theory, with chapters on its application in the fields of science, moral philosophy, law and government. (shrink)

In this brief review it is not possible to do full justice to this lively and lucidly presented study. It is fair to say, I think, that the considerable merits of this work rest primarily with its intelligent and reliable selection of material, most of which is already available and familiar. This study does not aim to challenge any orthodoxies or present new material of some significant kind. Rasmussen does not need to do this since his real concern is to (...) tell a story about two great thinkers in an engaging manner – a task which he achieves with great success. This is a book that scholars will thoroughly enjoy and appreciate and which will also find many appreciative readers well beyond these boundaries. (shrink)

I intend to dismantle a piece of historiographic mythology created by self-styled ‘Revisionists’ (Hill, Alvey, Oslington, etc.). According to the myth, Adam Smith endorsed several of the traditional proofs of God’s existence; he believed that the order existing in the world is a morally good order implemented by Divine Providence; he believed that evil in the world is part of an all-encompassing Divine Plan; and that the ‘invisible hand’ is the hand of the Christian God who leads the rich (...) to employ their wealth for the greater benefit of the greatest number. I argue instead that there is a remarkable analogy between Smith’s and Kant’s theory of religion. Smith’s philosophy is a third way between Rationalism and Phyrronism, arguing that doctrines confirmed by reason in every field, from natural science to theology, are nothing more than combinations of ideas agreeable to the imagination; if we try, on the basis of both Smithian texts and their context and co-text, to reconstruct his lectures on natural theology, all kind of evidence converge in indicating that he reduced proofs of God´s existence to ‘inventions of the imagination’ and argued that philosophical theism is not different in status from primitive belief in invisible beings, or that it is as unwarranted as any system is, and besides that it generates a moral conundrum; he argued also that teleological explanations are no more and no less imaginary than those based on efficient causes, that the teleological order we may imagine in the world is not too bad from a ‘consequentialist’ point of view, and yet it is far below any moral standard; I argued that this is by no means a proof of Smith’s ‘irreligion’ and also that no convincing proof of any turn from religion to irreligion on his part has been provided so far, and finally that the two viable options he left open were either dismal unbelief or Theism on a moral basis. I defend this third way by proving that what Smith’s lost lectures on natural religion said can be reconstruct with some plausibility and what they did not say with absolute certainty; I argue that he developed a sharp criticism of natural theology, that he argued that at the root of religion there are a number of principles of the mind that make religious belief a ‘natural belief’; I do so by reconstructing, first, the context of the missing lectures (sect. 2); then the contents of their first part, considering the proofs of God’s existence and his attributes (sects 3-4); the ‘principles of the mind’ lying at the root of polytheism (sect. 5), of philosophical monotheism (par. 6), and of pure and rational religion (par.7); I contend, then, that his vindication of toleration is consistent with ‘pure and rational religion’ (par. 8) and that attempts to prove a phantom conversion to ‘natural religion’ or ‘irreligion’ result from misreading (par.9). My conclusions are the following: i) Adam Smith claimed that any natural theology is impossible; ii) There is in fact some kind of order in the world, and it proves useful to a point in allowing for humankind’s survival, but it doesn’t meet any minimal moral criterion; iii) the world is not teleologically ordered; we may indeed imagine such order for mental economy, but the world abounds in misery and depravity; iv) consequences of human wickedness and insanity do, happily enough, deviate from intended outcomes; we may feign invisible mechanisms at work behind, but to mistake them for a hidden mechanism is as childish as the primitive’s belief in ‘invisible beings’. v) there are indeed themes from theological doctrines in Smithian economic theory, but they not the kind of rational theology ‘discovered’ by the ‘New View’; they are instead Augustinian and Jansenist themes. vi) Smith’s theological doctrines did – as suggested by Waterman – have a bearing on his economic theory not by ‘doctrinal dependence’ but – as suggested by Harrison – in the more modest role of source of blueprints for economic explanation. (shrink)

F.A. Hayek essentially quit economic theory and gave up the phenomena of industrial fluctuations as an explicit object of theoretical investigation following the publication of his last work in technical economics, 1941’s The Pure Theory of Capital. Nonetheless, several of Hayek’s more methodologically-oriented writings bear important implications for economic phenomena, especially those of industrial fluctuations. Decisions (usually, for Hayek, of a political nature) taken on the basis of a “pretence” of knowledge impede the operation of the price system’s belief-coordinating (...) function and thereby contribute to episodes of economic disequilibrium. Moreover, this later account – which I call Hayek’s epistemic theory of industrial fluctuations – implies certain aspects of his earlier theory. The two accounts are connected in virtue of the role that ignorance and the limits of human knowledge play in each. Indeed, it turns out that – substantively, if not methodologically – Hayek’s early theory of the cycle is a special case of the more general epistemic account. (shrink)

I reconstruct Adam Smith’s theory of irony and its application. I illustrate how he defines it as a combination of something “grand” with something “mean” and how this is consistent with his anti-Cartesian and post-skeptic epistemology. I suggest that, for Smith, “systems” of any kind, from Cartesian physics to philosophical monotheism, Stoic ethics, and the “mercantile system” draw their apparent plausibility from some disease of human imagination. I argue that in every field, including political economy, in his view, the (...) philosopher’s task is partially sceptical and partially ironical. That is, it is the task to fight erroneous systems by showing how these arise from unwarranted associations of ideas between apparently “grand” ideas —say, the public interest— with “mean” ones, say, the merchants’ self-interest. In this light, the phrase “invisible hand” turns out to be both an ironic joke and one more application of Smith’s post-skeptical theory of knowledge whose target is dismantling all kind of “invisible” entities that human imagination tends to create. (shrink)

Introduction. The book is a study in Adam Smith's system of ideas; its aim is to reconstruct the peculiar framework that Adam Smith’s work provided for the shaping of a semi-autonomous new discipline, political economy; the approach adopted lies somewhere in-between the history of ideas and the history of economic analysis. My two claims are: i) The Wealth of Nations has a twofold structure, including a `natural history' of opulence and an `imaginary machine' of wealth. The imaginary machine (...) is a kind of Newtonian theory, whose connecting links are principles; provided either by `partial' characteristics of human nature or by analoga of physical mechanisms transferred to the social world; ii) a domain of the economic, understood as a self-standing social sub-system, was discovered first by Adam Smith. His `discovery' of the new continent of the economic was an `unintended result' of a deviation in his voyage to the never-found archipelago of natural jurisprudence. -/- 1. Imaginary machines and invisible chains: natural philosophy and method. The first chapter reconstructs Smith's views on the method in natural philosophy, presented primarily in the History of Astronomy (HA). The peculiar kind of semi-sceptical Newtonianism which permeates the essay is highlighted. Its reconstruction of the history of one natural science is shown to be based on the assumptions of Hume’s epistemology, and to lead to a self-aware deadlock. Smith's dilemma is between an essentialist realism and sceptical instrumentalism; the Cartesian presuppositions he shares with Hume and with the 18th century as a whole make it impossible for him to overcome his dilemma. The following chapters will show how, on the one hand, Smith's skeptical methodology encourages him in the enterprise to `carve off' a new self-contained discipline and how, on the other hand, his epistemological dilemma is reflected in the inner tensions of his moral and political theory as well as in a number of basic oscillations concerning the status of the new discipline. -/- 2. Chessboards and clocks: moral philosophy and method. -/- The second chapter reconstructs Smith's views on the method in the parallel field of moral philosophy, including the theory of moral sentiments and natural jurisprudence. I argue that The Theory of Moral Sentiments, when considered together with with the Lectures on Jurisprudence, where Smith's peculiar version of a `weaker' form of natural law is presented, wins special interest, not only for the history of ethics but even more for the history of political theory and the social sciences. The two most striking features of Smith's work in this area are highlighted. First, his effort at reformulating the `practical science' is a methodologically self-aware attempt at applying the Newtonian method to moral subjects. Secondly, this attempt ends in a stalemate as two distinguished kinds of normative order are introduced: one ultimate order of Reason, ultimately justifiable but inaccessible, and one weaker order of our `natural sentiments', to which we have empirical access, but which is so variable as to lack any ultimate value as a basis for grounding our normative claims. These two parallel conundrums may arguably account for the author's inability to publish during his lifetime both The History of Astronomy and the projected history and theory of law and government. -/- 3. Wheels, dams, and gravitation: the structure of scientific argument in The Wealth of Nations. -/- The third chapter provides the core of the book, dealing with the structure of the argument in WN. I argue that the main presupposition that makes the shift possible from a `natural history' to a `system' approach is the Newtonian contrast of `mathematical' with `physical' explanation; that is, Smith drops any discussion of the "original qualities" of human nature that could account for economic behaviour, while introducing, as `principles' for the system, a set of `hypothetical' statements of `observed' regularities in human behaviour and of `observed' super-individual self-regulating mechanisms. In bringing this presupposition to light, the coexistence of a teleological with a mechanistic approach is clarified; fresh light is shed on the notion of the invisible hand by a comparison of its occurrence in Smith with the occurrence of the same expression (until now overlooked) in the correspondence between Newton and Cotes. Finally, the peculiar semi-prescriptive and semi-descriptive character of political economy are highlighted, and the consistency of Smith's `impure' semi-prescriptive social science, when understood in his own terms, is defended against familiar charges with inconsistency and against even more familiar strained modernizations. -/- 4. Apples, deer, and frivolous trinkets: the construction of the economic. -/- The fourth chapter draws consequences from the third, examining how Smith's achievement in political economy, marking its transition to scientific status, carried a re-description of the phenomena, creating the comparatively independent and unified field of the economic. Smith's achievement is interpreted not as the `discovery' of an autonomous character already possessed by the economy out there, so much as a Gestalt-switch by which our perception of social phenomena is modified making us `see' the partial order of the economy as an isolated system. To sum up, the autonomy of the economic in social reality and the autonomy of the economic in social consciousness are shown to be two sides of one process. -/- 5. Concluding considerations: Political economy and the Enlightenment halved. -/- A few suggestions on the status of economic theory two centuries after The Wealth of Nations in its relationship to ‘practical philosophy’ are illustrated. (shrink)

The notion of a spontaneous order has a long history in the philosophy of economics, where it has been used to advance a view of markets as complex networks of information that no single mind can apprehend. Traditionally, the impossibility of grasping all of the information present in the spontaneous order of the market has been invoked as grounds for not subjecting markets to central planning. A less noted feature of the spontaneous order concept is that (...) when it is applied to ecosystems it yields a reasonably strong environmental ethic. Thinking of ecosystems as spontaneous orders generates a presumption against interfering with their natural functioning in a manner that results in anthropogenic species loss. Such a presumption will permit some interventions in nature while precluding others. Environmental ethics could potentially make valuable use of the spontaneous order idea, without necessarily endorsing its traditional application to markets. (shrink)

This essay is my brief review of Nicholas Phillipson’s biography of Adam Smith. I discuss the highlights of his treatment of Smith’s fascinating life. Phillipson does a beautiful job of surveying Smith’s academic career. Especially useful is Phillipson’s discussion of the influence David Hume had on Smith’s thought, as well as the influences of Montesquieu, Samuel Johnson, Voltaire, Rousseau, and others.

Adam Smith is respected as the father of contemporary economics for his work on systemizing classical economics as an independent field of study in The Wealth of Nations. But he was also a significant moral philosopher of the Scottish Enlightenment, with its characteristic concern for integrating sentiments and rationality. This article considers Adam Smith as a key moral philosopher of commercial society whose critical reflection upon the particular ethical challenges posed by the new pressures and (...) possibilities of commercial society remains relevant today. The discussion has three parts. First I address the artificial separation between self-interest and morality often attributed to Smith, in which his work on economics is stripped of its ethical context. Second I outline Smith’s ethical approach to economics, focusing on his vigorous but qualified defence of commercial society for its contributions to prosperity, justice, and freedom. Third I outline Smith’s moral philosophy proper as combining a naturalistic account of moral psychology with a virtue ethics based on propriety in commercial society. (shrink)

In the debate on realism of models in economics, the Austrian School and Hayekin particular, seem to have, in a certain way, remained outside. Assuming neoclassical models asunrealistic, the theory of the market as a process looks like a more realistic proposal. However, oneof the fundamental issue s in Hayek’s dissent is not so much the unrealism of the assumptions, but that the market equilibrium theory was not correctly raised, especially with regards to the perfectknowledge assumption. Despite this, (...) in this setting and in line with a previous paper (Zanotti & Borella, 2015), we will argue that Hayek’s spontaneous order may be understood as the Austrian School’s “model”, assuming Mäki’s MISS version of models (Models as Isolations and Surrogate Systems) and emphasizing the place of the ontological foundation of Hayek’s proposal when assessing his model. (shrink)

Critical theory has long resisted the notion that an “invisible hand” can operate within the real social dynamics of a free market. But despite the most radical desires of the socially critical imagination, the optimization of that “spontaneous order” or depersonalized way of ordering things known as “the economy” has become the dominant playing field and decisive electoral issue of modern politics. Within this broad contemporary context, Michel Foucault made a strange theoretical intervention that, to this day, continues to (...) baffle readers. During a lecture, he argued that Adam Smith’s invisible hand was, after all, truly and purposively, that is, for technical rather than ideological reasons, “invisible.” This article argues that there is a counter-positivism or tactical irony contained within the logic of such a controversial thesis; namely, that when one acknowledges that the principle of economic competition encourages an efficient self-organizing effect at all times, regardless of context, one is also immediately in a position to appreciate why the art of government should always maintain its political primacy over the spontaneous order of the market. (shrink)

Within the Anglo-American world, economic liberalism is generally viewed as having only one progenitor—Adam Smith—and one offspring—neoliberalism. But it actually has two. The work of G. W. F. Hegel was also very influential on the development of economic liberalism, at least in the German-speaking world, and the most powerful contemporary instantiation of economic liberalism within that world is not neoliberlaism, but ordoliberalism, although this is generally unknown and certainly unacknowledged outside of Continental Europe. Accordingly, what I am going to (...) be doing in this piece is trying to bring ordoliberalism more directly into the light—I will argue that by comparing and contrasting the views of Smith and Hegel or at least between how Smith and Hegel tend to be currently (mis)understood, we can better understand both the roots and the nature of these two contemporary incarnations of economic liberalism, and the light this sheds, in turn, brings some interesting and important features of these two contemporary theories into view. From Smith, for example, neoliberals took the idea of the invisible hand, although I am going to argue that contemporary advocates of invisible hand theory have largely misconstrued or at the very least overstated the significance of this metaphor. From Hegel, in contrast, ordoliberals took the idea of the civil society, and I will argue that the civil society is a much better metaphor not only for Hegel's but also for Smith's views. Indeed, I will argue that ordoliberalism, not neoliberalism, is a better and more coherent instantiation of economic liberalism than neoliberalism could ever be. (shrink)

The article focuses on Burke’s engagement with India and the Impeachment of Warren Hastings. It attempts to trace the way in which Burke, in his rhetoric on India, uses the sentimentalist vocabulary of the Scottish Enlightenment and, more particularly, the concept of sympathy. Burke, it is suggested, passes from a Humean to a Smithian understanding of sympathy, giving however, at every stage of this development, his own turn and character to the concept. Overall, Burke’s writings on India reveal quite (...) advanced for his time political reflexes and oblige us to reconsider the stereotypic image of Burke as an icon of conservatism. (shrink)

I discuss first Adam Smith’s ethical theory and the peculiar function played by the quadrangle of sympathy, the social function of sympathy with the rich and powerful and the unavoidable corruption of moral sentiments it carries. Secondly, I examine human nature in Smith’s work, and show how diverging tendencies are carried by different social roles. Thirdly I discuss the modest normative claims advanced by his ethical theory and show how these are not from utilitarian ones, how ethical pluralism is (...) mirrored in Smith’s triad of private virtues, prudence, justice, benevolence and of public virtues, liberty, justice, equality, how these are far from being utilitarian virtues, being rather the result of overlapping between several reasonable normative ethics. Fourthly I discuss Smith’s attitude to merchants and master-manufacturers, showing how, far being the theorist of ‘bourgeois virtues’, he was a radical critic of both the aristocratic establishment and the new emerging class in the name of oppressed. My conclusion is that ‘The Wealth of Nations’ is not an argument for self-regulating markets but instead an argument for a less authoritarian society where political authority, under pressure from a newly formed public opinion made by people in the middling ranks of life, would cease favouring the most powerful pressure group and leave ‘civil society’ in a condition where an adjustment in the distribution of wealth, revenue, knowledge and power could take place through a quasi-spontaneous process. (shrink)

The Scottish philosopher David Hume (1711-1776) is widely regarded as the greatest and most significant English-speaking philosopher and often seen as having had the most influence on the way philosophy is practiced today in the West. His reputation is based not only on the quality of his philosophical thought but also on the breadth and scope of his writings, which ranged over metaphysics, epistemology, morals, politics, religion, and aesthetics. The Handbook's 38 newly commissioned chapters are divided into six (...) parts: Central Themes; Metaphysics and Epistemology; Passion, Morality and Politics; Aesthetics, History, and Economics; Religion; Hume and the Enlightenment; and After Hume. The volume also features an introduction from editor Paul Russell and a chapter on Hume's biography. (shrink)

Adam Ferguson’s imperial thought casts new light on the age-old republican dilemma of the tension between empire and liberty. Generations of republican writers had been haunted by this issue as the decline of Rome proved that imperial expansion would eventually ruin the liberty of a state. Many eighteenth-century Scottish thinkers regarded this as an insoluble conundrum and thus became critics of empire. Ferguson shared their basic views but, paradoxically, was still able to defend the British Empire in the (...) debates over the American Revolution. His argument effectively offered a viable solution to the republican dilemma, which distinguished him from his contemporaries. In light of this, I argue that political representation was the pivotal conception for Ferguson to make empire and liberty compatible. It was on this ground that he could advocate the union with Ireland, which he believed would lead to a lasting balance of power in Europe. -/- ; British Empire; liberty; balance of power; political representation; American Revolution; Anglo-Irish Union. (shrink)

The paper discusses the relationship between Adam Smith’s economic doctrines and his ethical doctrines in the light of the “Lectures on Jurisprudence”. The main claim is a comparatively autonomous status of economic discourse, an autonomy granted not by dismissal of ethical claims but instead precisely by a given constellation of claims, on liberty, justice, equality, prudence and benevolence.

In this brief review it is not possible to do full justice to this lively and lucidly present- ed study. It is fair to say, I think, that the considerable mer- its of this work rest primarily with its intelligent and reliable selection of material, most of which is already available and familiar. This study does not aim to challenge any orthodox- ies or present new material of some significant kind. Rasmus- sen does not need to do this since his (...) real concern is to tell a story about two great thinkers in an engaging manner – a task which he achieves with great success. This is a book that scholars will thoroughly enjoy and appreciate and which will also find many appreciative readers well beyond these boundaries. (shrink)

In this paper I reconstruct the birth, blossoming and decline of an eighteenth century program, namely “Moral Newtonianism”. I reconstruct the interaction, or co-existence, of different levels: positive theories, methodology, worldviews and trace the presence of scattered items of the various levels in the work of Hume, Adam Smith, Adam Ferguson, Dugald Stewart. I highlight how Mirowski’s reconstruction of the interaction between physics and economics may be extended to the eighteenth century in an interesting way once the (...) outdated reconstruction of Adam Smith that has been adopted by Mirowski is updated. I show how general methodological ideas, such as the distinction between ultimate causes or essences and intermediate principles, that originated in a context where the issue was the interaction between natural science and theology, proved useful when transferred to social theory in encouraging a kind of “experimental” approach to social phenomena. I discuss finally the genesis of frozen metaphors such as equilibrium, circulation, and value, arguing that Canguilhem’s lesson – namely that scientific change is produced not only by similarity but also by opposition – may be applied also to the history of economic thought. I take as an example Adam Smith’s ‘discovery’ of social mechanisms vis-à-vis his sceptical mistrust of neo-Stoic and Platonic views of a world-order. (shrink)

In his book The Sensory Order, Hayek anticipates many of the central ideas behind what we now call the connectionist paradigm, and develops on this basis a theory of the workings of the human mind that extends the thinking of Hume and Mach. He shows that the idea of neural networks is can be applied not only in psychology and neurology but also in the sphere of economics. For the mind, from the perspective of The Sensory Order, is a (...) dynamic, relational affair that is in many respects analogous to a market process. The mind, as Hayek puts it, is a 'continuous stream of impulses, the significance of each and every contribution of which is determined by the place in the pattern of channels through which they flow' , so that the flow of representative neural impulses can be compared 'to a stock of capital being nourished by inputs and giving a continuous stream of outputs'. (shrink)

John Rawls shares the Enlightenment's commitment to finding moral and political principles which can be reflectively endorsed by all individuals autonomously. He usually presents reflective autonomy in Kantian, rationalist terms: autonomy is identified with the exercise of reason, and principles of justice must be constructed which are acceptable to all on the basis of reason alone. Yet David Hume, Adam Smith and many other Enlightenment thinkers rejected such rationalism, searching instead for principles which can be endorsed by all (...) on the basis of all the faculties of the human psyche, emotion and imagination included. The influence of these sentimentalists on Rawls is clearest in his descriptive moral psychology, but I argue that it is also present in Rawls's understanding of the sources of normativity. Although this debt is obscured by Rawls's explicit "Kantianism," his theory would be strengthened by a greater understanding of its debts to the sentimentalist Enlightenment. (shrink)

Moral sentimentalism can be understood as a metaethical theory, a normative theory, or some combination of the two. Metaethical sentimentalism emphasizes the role of affect in the proper psychology of moral judgment, while normative sentimentalism emphasizes the centrality of warm emotions to the phenomena of which these judgments properly approve. Neither form of sentimentalism necessarily implies a commitment to virtue ethics, but both have an elective affinity with it. The classical metaethical sentimentalists of the Scottish Enlightenment—such as David (...) Hume and Adam Smith—were all, to a greater or lesser extent, also virtue theorists. The connection is even stronger in the case of Enlightenment philosophers who were also normative sentimentalists , as with Frances Hutcheson. For Hutcheson, virtue simply is a habit of acting from the warm motive of universal benevolence. Today, neo-sentimentalist metaethicists such as Allan Gibbard, Justin D’Arms and Daniel Jacobson generally remain agnostic on the question of whether virtue ethics is superior to its deontological and consequentialist competitors. Michael Slote, however, has developed a comprehensive theory of sentimentalist care ethics in an unambiguously virtue-centered form. (shrink)

This article shows how Hume, based on a definition of freedom as a historical process and an understanding of the faction as inevitable phenomenon in human political path, concludes that the harmful effects of the different factions do not crystallize, as in the case of justice and the origin of government, in a spontaneous balance, but require strategies in the executive and legislative to be controlled and reoriented in order to obtain from such control a fundamental socio-political advantage: the (...) development and expansion of the experience of political freedom. (shrink)

David Hume, a leading Scottish Enlightenment philosopher using empirical investigation, examines and explains his view on human nature, society, and morality in A Treatise of Human Nature (Treatise) and in An Enquiry Concerning the Principles of Morals (Enquiry). In Dr. Jekyll and Mr. Hyde (Jekyll and Hyde), Robert Louis Stevenson draws from the Enlightenment’s empirical explorations in the study of the individual and society, to tell a story examining human nature.

A sentimentalist theory of morality explains all moral evaluations as manifestations of certain emotions, ones that David Hume and Adam Smith, in their related but divergent accounts, call moral sentiments. The two theories have complementary successes and failures in capturing familiar features of the experience of making moral evaluations. Thinking someone courageous or dishonest need not involve having goals or feelings of desire, and Hume’s theory captures that well; but its account of how our moral evaluations are about (...) or directed toward people or actions is deficient. Smith’s theory readily explains how moral sentiments can be about things (and which things they are about), but at the cost of construing some central moral evaluations as goal-directed desires that are simply not like that. Present-day sentimentalists also face the challenge of combining these two desiderata. (shrink)

This essay reconsiders David Hume’s thinking on the fate of the British Empire and the future of established religion. It provides a detailed reconstruction of the development of Hume’s views on Britain’s successive attempts to impose or regain its authority over its North American colonies and compares these views with the stance taken during the American Crisis by Adam Smith and Josiah Tucker. Fresh light is shed on this area of Hume’s later political thought by a new letter, (...) appended to the essay, which at the same time provides an illuminating glimpse of his abiding preoccupation with the future of established religion. It is argued that this evidence of Hume’s privately held views belies the notion that his thinking on political and religious matters was fundamentally opposed to that of his friends among the philosophes. It is consequently misleading to regard Hume as an opponent of the more radical wing of the Enlightenment. (shrink)

Up till this day one cannot find much scholarship which situates Hume in the context of early modern natural philosophy. Tamás Demeter's new book, David Hume and the Culture of Scottish Newtonianism, does a spectacular job in filling this gap. His monograph is the most comprehensive pursuit to understand Hume's place in the Newtonian tradition of natural philosophy. Demeter specifies Hume's place both in the context of Newtonian moral philosophy and Newtonian chemistry and physiology.

Tamas Demeter presents a clear and compelling new perspective of Hume’s methodology and conceptual structure in David Hume and the Culture of Scottish Newtonianism. Hume, he argues, is a Newtonian of the Scottish tradition, but not the mechanical kind that is modeled after the Principia. Instead, Hume should be understood as a kind of European Enlightenment “vitalist.” As a result, his work reflects the more organic methodology that defines Newton’s Opticks.

I frame my argument by way of Hayek's tendency to treat Hume and Smith as central articulations of the rule of law. The rest of the paper explores their defense of clientelism. First, I introduce Hume’s ideas on the utility of patronage in his essay, “Of the Independency of Parliament.” I argue that in Hume clientelism just is a feature of parliamentary business. It seems ineliminable. I then contextualize Hume’s account by comparing it to Montesquieu’s account of this system of (...) patronage in Book XIX, chapter 27 of The Spirit of the Laws. Montesquieu primarily treats it as a species of bad corruption. However, he also sees some benefits to it. I then turn to Smith and I show that he echoes Hume’s analysis of corruption in an easily ignored passage in Wealth of Nations. I then show that for Smith one argument in favor of a kind of federal parliamentary union between Great Brittain and her American colonies lies in its ability to facilitate and make more efficient the system of patronage by the Crown. While Smith’s account of these matters is quite Humean, one can discern in Smith a distinct cost-benefit argument for the acceptance of the necessity of a system of patronage in the service of the peaceful expansion and entrenchment of the rule of law in his proposal for parliamentary union. (shrink)

Friedrich Hayek’s defense of neoliberal free market capitalism hinges on the distinction between economies and catallaxies. The former are orders instituted via planning, whereas the latter are spontaneous competitive orders resulting from human action without human design. I argue that this distinction is based on an incomplete semantic history of “economy.” By looking at the meaning of “oikonomia” in medieval providential theology as explained by Giorgio Agamben and Joseph Vogl, I argue how Hayek’s science of catallactics is itself a (...) secularization of providential theology. This exposes Hayek to three criticisms: he unjustifiably neglects the possibility of tendencies toward spontaneous disorder in free markets, he condemns the “losers” of neoliberal competition to being providential waste on the road to general prosperity, and he imposes on people the duty to consent to a neoliberal order that hinders them from cultivating their inoperativity. (shrink)

In a world of partially overlapping and partially conflicting interests there is good reason to doubt that self-seeking behaviour at the micro-level will spontaneously lead to desirable social outcomes at the macro-level. Nevertheless, some sophisticated economic writers advocating a laissez-faire policy prescription have proposed various 'invisible hand' mechanisms which can supposedly be relied upon to 'educe good from ill'. Smith defended the 'simple system of natural liberty' as giving the greatest scope to the unfolding of God's will and the working (...) out of 'natural' providential processes free of interference by 'artificial' state intervention - the expression not of divine order but of fallible human reason. Hayek, adopting a similar policy stance, based it in an evolutionary process in which those institutional forms best adapted to reconciling individual interests would, he believed, spontaneously be selected for in the inter-group struggle for survival. Keynes shares the holistic approach of Smith and Hayek, but without their reliance on invisible hand mechanisms. If spontaneous processes cannot be relied upon to generate desirable social outcomes then we have to take responsibility for achieving this ourselves by establishing the appropriate institutional framework. Keynes takes a historical view of the role of capitalism and analyses its pathology as rooted in what we would now refer to as a multi-player prisoners' dilemma. The paper draws out the significance of his methodological standpoint here. Keynes's policy standpoint assigns a critical role to his own class, the 'educated bourgeoisie' in the reform process he maps out. A distinction, but also an intimate connection, is highlighted between, on the one hand, micro-level individualism (the 'Manchester System, and, on the other, the macro-level collective action ('planning') required to preserve it. Finally Keynes is considered in relation to the themes of laissez-faire, holism, reductionism, providentialism and the invisible hand. (shrink)

In this book, Russell examines Hume's notion of free will and moral responsibility. It is widely held that Hume presents us with a classic statement of a compatibilist position--that freedom and responsibility can be reconciled with causation and, indeed, actually require it. Russell argues that this is a distortion of Hume's view, because it overlooks the crucial role of moral sentiment in Hume's picture of human nature. Hume was concerned to describe the regular mechanisms which generate moral sentiments such as (...) responsibility, and Russell argues that his conception of free will must be interprted within this naturalistic framework. He goes on to discuss Hume's views about the nature and character of moral sentiment; the extent to which we have control over our moral character; and the justification of punishment. Throughout, Russell argues that the naturalistic avenue of interpretation of Hume's thought, far from draining it of its contemporary interest and significance, reveals it to be of great relevance to the ongoing contemporary debate - particuarly in relation to the views of P.F. Strawson and his influential paper "Freedom and Resentment". (shrink)

The paper aims to establish that Terence Hutchison’s argument in The Politics and Philosophy of Economics (1981) to the effect that the young F.A. Hayek maintained a methodological position markedly similar to that of Ludwig von Mises fails to establish the relevant conclusion. The first problem with Hutchison’s argument is that it is not clear exactly what conclusion he meant to establish with regard to the methodological views of the two paragons of 20th century Austrian economics. Mises (...) (in)famously maintained a rather extreme methodological apriorism. However, Hutchison’s argument does not support the claim that Hayek was ever an apriorist of the Misesian variety. The concept of a priori knowledge that emerges from Hayek’s epistemology – specifically the epistemology implied by Hayek’s work in theoretical psychology – is the direct opposite of Mises’ treatment of a priori knowledge. Simply stated, Hayek conceived of a priori knowledge as fallible and relative, while Mises considered a priori knowledge to be infallible and absolute. Thus, it cannot be maintained – if, indeed, Hutchison meant to establish – that Hayek was a Misesian apriorist during the years in question. What’s more, the paper shows that Hutchison’s argument does not support a weaker interpretation of the relevant conclusion. There are alternative interpretations of the evidence adduced by Hutchison that are both more charitable and more in line with Hayek’s epistemology that undermine Hutchison’s conclusion. (shrink)

Adam Smith sought to explain the persistence of slavery as an institution in Wealth of Nations and Lectures on Jurispridence. In order to accomplish this he also drew on arguments he had developed in the Theory of Moral Sentiments. The result was a sophisticated explanation which bridged economic, psychological, and moral considerations. After presenting Smith’s explanation I will consider a discussion of the moral wrong of slavery in Ottobah Cugoano, the author of the incisive criticism of the slave trade (...) Thoughts and Sentiments on the Evil of Slavery (1787). I will suggest that Cugoano’s account of what is morally wrong in slavery shows an important lacuna in Smith‘s views. (shrink)

Focusing on the work of Friedrich von Hayek and Vernon Smith, we discuss some conceptual links between Austrian economics and recent work in behavioral game theory and experimental economics. After a brief survey of the main methodological aspects of Austrian and experimental economics, we suggest that common views on subjectivism, individualism, and the role of qualitative explanations and predictions in social science may favour a fruitful interaction between these two research programs.

In the history of modern liberal political thought the work of Friedrich Hayek stands out as one of the most significant contributions to liberal theory since J. S. Mill. This article provides a deep re-reading and engagement with key neoliberal texts from Friedrich Hayek and the development of understandings regarding the ‘‘spontaneous ordering’’ mechanisms of the market and the appreciation of the need for states to govern for the market rather than merely to withdraw from responsibility. My intention is (...) to bring some analytical clarity to the so-called incongruity and some of the ‘‘blind-spots’’ of neoliberal thought, but also to show why it makes such an important contribution to contemporary political theory. Doing so will, I suspect, expose the blurring lines that seemingly exist within the neoliberal intellectual project to describe some recent trends in our contemporary economic and political thoughts by illustrating the views and particularly the thinking of Friedrich Hayek. I conclude by reflecting upon the implications of these findings for the scholarly study of contemporary neoliberal political theories. (shrink)

Capitalism: The Birth of an Idea. Amongst the Enlightenment’s emancipatory slogans was a call for the liberation of economic energy, a call that was most fully expressed by Adam Smith in Inquiry into the Nature and Causes of the Wealth of Nations. Smith provided a final analysis of the mercantilist system that had been prevailing from the beginning of the sixteenth century. By justifying the superiority of the free market economy models, Smith created the intellectual foundations for the capitalist (...) order. He proposed a model for the production and distribution of goods that was based on two pillars: the right to private property and free market institutions. The vision of capitalism created by Smith was a system of power and freedom: a system of individual sovereignty over the world of objects and a system of the free circulation of goods. The combination of these two principles resulted in a coherent system which, when used in practice, has shown remarkable efficiency. Smith’s work proved to be a reliable way to achieve worldly success, one that has worked wherever it was tried out. Capitalism, and the accompanying moral philosophy, was the most commonly pursued idea of the eighteenth century. (shrink)

This book is a collection and reworking of research done by Pascal Salin since around 1990. Salin is an economist in the tradition of the Austrian school of economics. He emphasizes the centrality of individual choice in an uncertain world in which individual actions interact to produce spontaneous orders. But he is no mere conduit of established ideas. He also offers his own highly original insights honed after a lifetime as an economist, one who has earned the (...) respect in which he is now held by his peers worldwide. The book makes delightful reading. Salin covers a lot of ground in this book, mostly within the topics indicated by the title, though in the final two chapters he goes beyond these and into the foundations of economic science. The book is divided into five parts: (1) firms, markets and competition, (2) globalization and international economic problems, (3) monetary integration, (4) money, finance and economic policies, and (5) foundations of economic theory. (shrink)

A short discussion of the origin of the notion of mode of subsistence in the eighteenth-century discussion and particularly in the Scottish Enlightenment and its legacy n the Marxist theory of modes of production or social economic formations.

Metaphors establish connection. Root metaphors--patterns of relational imagery in the language and thought of a culture, in which a diverse group of tenors are related to a single indentifiable class of vehicles--play an important role in organizing our thought, and in bringing a coherence to our vision of the world. This is a political function; root metaphors, as philosopher Stephen Pepper discusses them, are most often found in the works of philosophers remembered as political philosophers. ;The second law of thermodynamics--the (...) law of entropy--holds that in any spontaneous process, usable energy becomes unusable energy. It also suggests that improbable order must succumb, through time, to more probable chaos. The law of entropy has enjoyed a popularity as metaphor unusual for such physics esoterica. In the works of Brooks Adams, Henry Adams, Nicholas Georgescu-Roegen, and Thomas Pynchon, the idea of entropy appears as the fundamental, organizing idea for an economic interpretation of history, a philosophy of history, an ecologically enlightened economic theory, and an encyclopedic novel that apotheosizes modern culture. Analysis of how the entropy metaphor is manifest in the works of these thinkers allows us to judge the strengths and weaknesses of entropy as root metaphor. Analysis of its contemporary popularity affords insight into the politics of the day. Ultimately, the entropy root metaphor serves as the foundation of a refurbished "generating substance" world hypothesis, but the root metaphor itself remains equivocal on the important issue of centralized versus decentralized political organization. (shrink)

I contend that Adam Smith and David Hume offer re-interpretations of Aristotle’s notion of greatness of soul, focusing on the kind of magnanimity Aristotle attributes to Socrates. Someone with Socratic magnanimity is worthy of honor, responds moderately to fortune, and is virtuous—just and benevolent. Recent theorists err in claiming that magnanimity is less important to Hume’s account of human excellence than benevolence. In fact, benevolence is a necessary ingredient for the best sort of greatness. Smith’s “Letter to Strahan” (...) attributes this greatness to Hume. It encourages us to admire Hume as an exemplar of human excellence, to seek Hume’s virtues for ourselves, and to approve of the “love of literary fame” which Hume calls his “ruling passion.”. (shrink)

In this essay I intend to analyze the issue of good government in the works of Adam Smith, the importance of which seems to have not received due attention. The reconstruction is driven by three hermeneutical hypotheses concerning the role played by the idea of good government in the development of Smith's speculation: 1) the «good government» has a synthetic character, holding together the different aspects – moral, legal, economic and political – of his reflection; 2) it emerges against (...) the backdrop of the first acquisitions of the Theory of Moral Sentiments about the ‘mediating’ role of the middle class, and especially during the reflection that goes from the Lectures on Jurisprudence to the Wealth of Nations, and then feeds back into the subsequent rewritings of the Theory; 3) From the moment the «good government» appears, it becomes a descriptive and prescriptive idea of the social order. In the conclusions I will show how these hermeneutical hypotheses might have implications in the history of political, legal and economic thought. (shrink)

Background Analysis of aphasic narratives can be a challenge for clinicians. Previous studies have mainly employed measures that categorized speech samples at the word level. They included quantification of the use and misuse of different word classes, presence and absence of narrative contents and errors, paraphasias, and perseverations, as well as morphological structures and errors within a narrative. In other words, a great amount of research has been conducted in the aphasiology literature focusing on micro-linguistic structures of oral narratives. Aspects (...) of macro- linguistic structures, such as the analysis of content information by a speaker, consistency of using cohesive devices to present information within a narrative, and order of presenting information necessary to form a coherent discourse, have not been extensively investigated. The current investigation proposes a clinical analytic system to target three aspects of macro-linguistic structures in narratives among speakers with aphasia. Specifically, (1) the presence of search events (i.e., the mentioning of key events that allow the listener to understand; Capilouto, Wright, &Wagovich, 2006) within a narrative, (2) the sequence of the mentioned events, and (3) the informativeness (i.e., the fulfillment of lexical items that allow the user to understand what the event is detailing) of the event contents, were focused in the proposed framework. Method Ten controls transcripts from were selected from the AphasiaBank (MacWhinney, Fromm, Forbes, & Holland, 2011). Three narrative tasks, including sequential picture description of ‘Refused Umbrella’, procedural narrative of making a ‘Peanut Butter and Jelly Sandwich’, and telling of ‘Cinderella’ story, were used to establish normative data for the basis of analysis. Specifically, the Search Events (e) and Informative Words (i) used by at least 70% of the speakers were listed for each genre. The sequential order of mentioning the Search Events, i.e., common order of events in 90% of the speakers, (s.total) was determined. Twelve speakers with aphasia (nine fluent and three non-fluent) were recruited and administered the Western Aphasia Battery and Object and Action Naming Battery. Their performance in the above three discourse tasks were orthographically transcribed and analyzed using the following measures: e.total, e.matched with norm, e.missed, e.irrlevant, e.extra, s.total, i.pb&j, i.umbr, i.cind, and i.total. Three samples were randomly chosen to be re-analyzed for inter- and intra-rater reliability. Results Results of an independent t-test suggested significant differences between the fluent and non-fluent subjects in sequential order of Search Events for all genres (s.total) and i.total, suggesting sensitivity of this framework to differentiate between the two fluency groups. Results of Pearson product-moment correlations revealed significant relation between Informative Words and WAB spontaneous speech scores, AQ, as well as OAB scores, for both aphasic groups. The mean value of coefficients for intra-rater reliability (0.992), with significant correlations on e.match, e.miss, and e.extra, was higher than that of inter-rater reliability (0.897). Discussion Based on our preliminary results, this objective framework allowed clinical evaluation of impairment in macro-linguistic structures present in aphasic discourse. Further extension should involve more subjects encompassing a wider range of severity with different types of aphasia. (shrink)

Thomas Reid launched a scathing attack on David Hume in his first book: "An Inquiry into the Human Mind on the Principles of Common Sense" published in 1764. But this was ineffective and his arguments failed to persuade Hume to rethink his philosophy. Till the end of his life Hume remained unconvinced by Reid's criticisms of him. In this paper I examine: (1) what Hume thought of Reid's book, (2) why Hume was unshaken by Reid's arguments against him, (3) (...) whether the arguments of Reid's later book published after Hume died in 1776 were any stronger, and (4) why Reid failed to confront Hume with better arguments before 1776. (shrink)

Apresentação da tradução para o português de três textos póstumos do filósofo e historiador escocês David Hume (1711-1776): os ensaios “Da imortalidade da alma” e “Do suicídio”, e a autobiografia “Minha vida”. O livro Inclui também a tradução dois relatos sobre os últimos dias de Hume: a “Carta a William Strahan”, de Adam Smith, e a “Última entrevista com David Hume”, de James Boswell. - Hume, David. Da imortalidade da alma e outros textos póstumos. Tradução: Jaimir (...) Conte, Davi de Souza e Daniel Murialdo. Ijuí:Editora Unijuí, 2006. (Coleção filosofia; 12). ISBN: 85-7429-558-2. (shrink)

To Aaron Pacitti and Michael Cauvel–whose journal article, “Rent-Seeking Behavior and Economic Justice: A Classroom Exercise” broadly argues that “understanding the [complexities] of rent-seeking behavior helps fill the gap between economics and politics”–the varieties of rent are wide and, therefore, can only be described in their category-specific positions. I will discuss three of these categories in more detail below, but for now, I propose that a useful working grasp of economic rent involves “the amount paid to the owner of (...) a factor of production over the cost that is to be necessarily incurred on utilizing such elements in the production process.” In math terms, ‘economic rent’ equals the agreed-upon-amount paid by the consumer (when that amount far exceeds the market value of the product) minus the cost spent by the producer to make the product (when that cost is far below the typical amount to produce the product). Originally, the concept of economic rent concerned land ownership and the production of natural goods. Two major economists, Adam Smith and David Ricardo, offered insights into the general makeup and logic of what they called, the rent of land and simply rent, respectively. (shrink)

This book describes the philosophical principles underlying the doctrine (the political project) often called “classical liberalism”. By this expression we mean, in this book, the project for society proposed, during the second half of the eighteenth century, by David Hume and Adam Smith in Great Britain, Turgot and Condorcet in France, Thomas Jefferson in the United States and Kant and Humboldt in Germany. The differences between the principles of “classical liberalism” and those of the extreme doctrines of Milton (...) Friedman and Friedrich Hayek (often confused with 'classical liberalism') are clearly explained. -/- This book has been translated into Spanish, Portuguese, Italian, Vietnamese, Rumanian and Turkish. -/- Several scholars have done me the honor of posting a .pdf version of this work (which is no longer available in paper form). Here are three excellent versions that are easily found : -/- "Les fondements philosophiques du libéralisme jugurtha noblogs" (224 pages), "Les fondements philosophiques du libéralisme" (224 pages), in ZLibrary. -/- "Les fondements philosophiques du libéralisme abdelmagidzarrouki" (224 pages), -/- . (shrink)

I argue the existence of two tensions in Smith's system of ideas: the first is that between the postulate of an invisible noumenal order of the universe and the imaginary principles by means of which we connect the phenomena; the second is a tension between the noumenal order of the world where 'is' and 'ought' converge, and the various partial orders that may be reconstructed in social phenomena that leave room for irrationality and injustice. My first claim is that these (...) tensions are dialectical tensions in a unitary, albeit rhapsodically presented in writing. My second claim is that, the system’s unanswered question in the moral domain is a ‘metaphysical’ and ‘theological’ question, namely the problem of evil; by implication, I contend also that Smith was no secularist, but instead a post-skeptical fideist or agnostic, who took Bayle's question: "why are men wicked and unhappy?" quite seriously. His private ethics of prudence, justice, benevolence and his public ethics of liberty, justice, equality were modest proposals for coping with the problem of social evil in our imperfect world. (shrink)