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Adam Smith's Theory of Moral Sentiments: On Morals and Why They Matter to a Liberal Society of Free People and Free Markets

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  • Jerry Evensky

Abstract

This essay describes Smith's analysis of ethics in his Theory of Moral Sentiments: the interaction of our nature and our nurturing that makes common civic ethics possible and the dynamic interaction of individuals and extant societal constructions that can lead to ever more mature systems of civic ethics and thus toward those conditions necessary for a constructive, sustainable liberal system.

Suggested Citation

  • Jerry Evensky, 2005. "Adam Smith's Theory of Moral Sentiments: On Morals and Why They Matter to a Liberal Society of Free People and Free Markets," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 109-130, Summer.
    • Handle: RePEc:aea:jecper:v:19:y:2005:i:3:p:109-130
    Note: DOI: 10.1257/089533005774357806
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/089533005774357806
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    References listed on IDEAS

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    2. Biel, Anders & Johansson-Stenman, Olof & Nilsson, Andreas, 2006. "Emotions, Morality and Public Goods: The WTA-WTP Disparity Revisited," Working Papers in Economics 193, University of Gothenburg, Department of Economics.
    3. Geoffrey Hodgson, 2014. "The evolution of morality and the end of economic man," Journal of Evolutionary Economics, Springer, vol. 24(1), pages 83-106, January.
    4. Polowczyk Jan, 2021. "A synthesis of evolutionary and behavioural economics," Economics and Business Review, Sciendo, vol. 7(3), pages 16-34, September.
    5. Jonathan Wight, 2009. "Sociability and the Market," Forum for Social Economics, Taylor & Francis Journals, vol. 38(2-3), pages 97-110, January.
    6. Rodriguez Braun Carlos, 2009. "Money and Contract in The Merchant of Venice," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 15(1), pages 1-25, December.
    7. Kjell Arne Brekke & Olof Johansson-Stenman, 2008. "The behavioural economics of climate change," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(2), pages 280-297, Summer.
    8. Whittaker, Julie, 2011. "The evolution of environmentally responsible investment: An Adam Smith perspective," Ecological Economics, Elsevier, vol. 71(C), pages 33-41.
    9. Stephen Fox, 2019. "Moveable Production Systems for Sustainable Development and Trade: Limitations, Opportunities and Barriers," Sustainability, MDPI, vol. 11(19), pages 1-21, September.
    10. Stimel, Derek & Sekerka, Leslie E., 2018. "Play fair! Innovating internal self-regulation in the market for profit," Business Horizons, Elsevier, vol. 61(1), pages 115-124.
    11. Fuan Li, 2022. "Market Ethic and Morality Transformation in Emerging Economies," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 111-124.
    12. Al Halbusi, Hussam & Ruiz-Palomino, Pablo & Williams, Kent A., 2023. "Ethical leadership, subordinates’ moral identity and self-control: Two- and three-way interaction effect on subordinates’ ethical behavior," Journal of Business Research, Elsevier, vol. 165(C).
    13. Soldatos, Gerasimos T., 2015. "A Critical Overview of Islamic Economics from a Welfare-State Perspective," MPRA Paper 70066, University Library of Munich, Germany, revised 2016.
    14. Gregory Wolcott, 2018. "The Rehabilitation of Adam Smith for Catholic Social Teaching," Journal of Business Ethics, Springer, vol. 149(1), pages 57-82, April.
    15. Biel, Anders & Johansson-Stenman, Olof & Nilsson, Andreas, 2011. "The willingness to pay–willingness to accept gap revisited: The role of emotions and moral satisfaction," Journal of Economic Psychology, Elsevier, vol. 32(6), pages 908-917.

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