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Vertus et justice du marché chez Adam Smith

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  • Benoît Walraevens

Abstract

The paper aims at showing the neglected moral aspect of the market in Smith?s work. The first part provides a new interpretation of the natural price as a just price. In the second part it is claimed that free competition is an institutional framework best suited for fostering the virtues of industry, frugality, probity, fairness and prudence. The last part justifies Smith?s plea for a legally enforced maximal rate of interest by means of concepts taken from his moral philosophy such as the desire of social recognition, excessive self-esteem and self-deceit. The conclusion underlines the close link between politics, ethics and economics in Smith?s thought. Classification JEL : B12, B31.

Suggested Citation

  • Benoît Walraevens, 2014. "Vertus et justice du marché chez Adam Smith," Revue économique, Presses de Sciences-Po, vol. 65(2), pages 419-438.
    • Handle: RePEc:cai:recosp:reco_652_0419
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    More about this item

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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