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Adam Smith and Immanuel Kant: On Markets, Duties, and Moral Sentiments

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  • Mark White

Abstract

This note points out a neglected parallel between the philosophies of Adam Smith and Immanuel Kant related to their views on self-interest, morality, and society. First, I explain the distinction between Kant’s perfect and imperfect duties, and how they result from his moral philosophy. Next, I summarize Smith’s two major perspectives on human behavior, as presented in The Theory of Moral Sentiments and The Wealth of Nations, and discuss the apparent conflict between them. Finally, I use Kant’s two types of duties, along with his concept of the kingdom of ends, to explicate my interpretation of the relationship between Smith’s two strains of thought. By explaining these dual aspects of Kant’s ethical system in relation to Smith, I hope to give a new perspective on the apparent duality in Smith’s thought, as well as help bring out the oft-neglected social aspects of Kant’s.
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  • Mark White, 2010. "Adam Smith and Immanuel Kant: On Markets, Duties, and Moral Sentiments," Forum for Social Economics, Springer;The Association for Social Economics, vol. 39(1), pages 53-60, April.
    • Handle: RePEc:spr:fosoec:v:39:y:2010:i:1:p:53-60
    DOI: 10.1007/s12143-009-9043-z
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    1. Smith, Adam, 1759. "The Theory of Moral Sentiments," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1759.
    2. Mark D White, 2009. "Kantian Ethics and the Prisoners' Dilemma," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 35(2), pages 137-143.
    3. Jeffrey T. Young, 1997. "Economics as a Moral Science," Books, Edward Elgar Publishing, number 842.
    4. Cooter, Robert D., 1998. "Models of Morality in Law and Economics: Self-Control and Self-Improvement for the "Bad Man" of Holmes," Berkeley Olin Program in Law & Economics, Working Paper Series qt5dj8m2kf, Berkeley Olin Program in Law & Economics.
    5. 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.
    6. Jonathan Wight, 2006. "Adam Smith's Ethics and the “Noble Arts”," Review of Social Economy, Taylor & Francis Journals, vol. 64(2), pages 155-180.
    7. Jonathan B. Wight, 2005. "Adam Smith and Greed," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 21(Fall 2005), pages 46-58.
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    Cited by:

    1. Gomes, Orlando & Frade, João, 2019. "“Fool me once, …”: deception, morality and self-regeneration in decentralized markets," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 24(48), pages 312-326.
    2. Bruno Deffains & Claude Fluet, 2013. "Legal Liability when Individuals Have Moral Concerns," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 29(4), pages 930-955, August.
    3. Richard M. Robinson, 2018. "Friendships of Virtue, Pursuit of the Moral Community, and the Ends of Business," Journal of Business Ethics, Springer, vol. 151(1), pages 85-100, August.
    4. Lolita Shaila P. Safaee Chalkasra & John Paolo R. Rivera & Dynah Avigail T. Basuil, 2019. "A Review of Theoretical Perspectives on CSR Among Family Enterprises," Vision, , vol. 23(3), pages 225-233, September.
    5. Richard Robinson, 2018. "Duty and Boycotts: A Kantian Analysis," Journal of Business Ethics, Springer, vol. 149(1), pages 117-126, April.

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