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Moral markets: A marginalistic interpretation of Adam Smith

Author

Listed:
  • Walter G. Castro

    (Universidad Francisco Marroquín)

  • Rafael E. Beltramino

    (Universidad del Centro Educativo Latinoamericano)

Abstract

The article is built upon James Otteson's analogy between the structure of moral and economic rules. In Otteson's interpretation of Adam Smith's works both of them develop from an exchange of information of interacting agents. We develop that concept about Adam Smith's Theory of Moral Sentiments, analyzing those exchanges, and considering them Moral Market processes, in the Austrian Tradition of markets as processes. We think that Smith's emphasis on graduality and his metaphor of the Impartial Spectator allows us to propose a marginalistic approach to those markets stating how, in some of them which we call moral exchanges of justice, and through a great number of exchanges, moral rules of justice emerge. Finally, we present the problems that arise when legislation tries to change the results of these exchanges, in what we called a price control in the moral market.

Suggested Citation

  • Walter G. Castro & Rafael E. Beltramino, 2018. "Moral markets: A marginalistic interpretation of Adam Smith," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(4), pages 419-437, December.
    • Handle: RePEc:kap:revaec:v:31:y:2018:i:4:d:10.1007_s11138-017-0394-z
    DOI: 10.1007/s11138-017-0394-z
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    References listed on IDEAS

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    1. Maria Pia Paganelli, 2010. "The Moralizing Role of Distance in Adam Smith: The Theory of Moral Sentiments as Possible Praise of Commerce," History of Political Economy, Duke University Press, vol. 42(3), pages 425-441, Fall.
    2. L. Kiesling, 2012. "Mirror neuron research and Adam Smith’s concept of sympathy: Three points of correspondence," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 299-313, December.
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