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A dialectical reading of Adam Smith on wealth and happiness

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  • Matson, Erik W.

Abstract

In this essay I consider the relationship between wealth and happiness in Adam Smith by a close reading of a famous section of The Theory of Moral Sentiments (TMS IV.i.8-10). I interpret Smith as presenting an open-ended dialectic between the pursuit of wealth and the pursuit of happiness with the goal of contributing to his readers’ moral education. Within the dialectic Smith places some important social analysis, which he uses to stimulate reflection and synthesis. Upon reflection and observation of the tensions within the passages and the larger scope of his works, Smith pushes the reader to confront a question: given the knowledge—knowledge that one acquires upon reading TMS IV.i.8-10—that (1) people tend to be deceived into thinking that pursuing and acquiring wealth will make them happy, and that (2) acting on their deception has beneficial unintended consequences, how should one proceed in one's own pursuit of wealth and happiness?

Suggested Citation

  • Matson, Erik W., 2021. "A dialectical reading of Adam Smith on wealth and happiness," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 826-836.
    • Handle: RePEc:eee:jeborg:v:184:y:2021:i:c:p:826-836
    DOI: 10.1016/j.jebo.2020.08.037
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    References listed on IDEAS

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    1. Stigler, George J, 1976. "The Successes and Failures of Professor Smith," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1199-1213, December.
    2. Anthony Brewer, 2009. "On the Other (Invisible) Hand..," History of Political Economy, Duke University Press, vol. 41(3), pages 519-543, Fall.
    3. Deirdre McCloskey, 2008. "Adam Smith, the Last of the Former Virtue Ethicists," History of Political Economy, Duke University Press, vol. 40(1), pages 43-71, Spring.
    4. Nathan Rosenberg, 1968. "Adam Smith, Consumer Tastes, and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 76(3), pages 361-361.
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    1. Matson, Erik W., 2021. "The Edifying Discourses of Adam Smith: Focalism, Commerce, and Serving the Common Good," OSF Preprints uye54, Center for Open Science.

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    More about this item

    Keywords

    Adam Smith; Happiness; Wealth; Moral education; Prudence;
    All these keywords.

    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
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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