Book contents
- Frontmatter
- Dedication
- Contents
- Acknowledgements
- Chapter 1 Introduction
- Chapter 2 The Market Concept in Triplicate
- Chapter 3 Symmetrical Moral Relationships: Adam Smith’s impartial spectator construct
- Chapter 4 Demand and Supply in Partial Equilibrium: The Marshallian cross diagram
- Chapter 5 Vectors of Market-Clearing Prices: The Walrasian auctioneer
- Chapter 6 The Political Rhetoric of “The Market”
- Chapter 7 Conclusion
- Glossary
- Bibliography
- Index
Chapter 3 - Symmetrical Moral Relationships: Adam Smith’s impartial spectator construct
Published online by Cambridge University Press: 09 August 2023
- Frontmatter
- Dedication
- Contents
- Acknowledgements
- Chapter 1 Introduction
- Chapter 2 The Market Concept in Triplicate
- Chapter 3 Symmetrical Moral Relationships: Adam Smith’s impartial spectator construct
- Chapter 4 Demand and Supply in Partial Equilibrium: The Marshallian cross diagram
- Chapter 5 Vectors of Market-Clearing Prices: The Walrasian auctioneer
- Chapter 6 The Political Rhetoric of “The Market”
- Chapter 7 Conclusion
- Glossary
- Bibliography
- Index
Summary
INTRODUCTION
“He’s pre-capitalist, a figure of the Enlightenment. What we would call capitalism he despised. People read snippets of Adam Smith, the few phrases they teach in school. Everybody reads the first paragraph of The Wealth of Nations where he talks about how wonderful the division of labor is. But not many people get to the point hundreds of pages later, where he says that division of labor will destroy human beings and turn people into creatures as stupid and ignorant as it is possible for a human being to be.”
Noam Chomsky, linguist and political activist“Even today – in blithe disregard of his actual philosophy – Smith is generally regarded as a conservative economist, whereas in fact, he was more avowedly hostile to the motives of businessmen than most New Deal economists.”
Robert Heilbroner, The Worldly PhilosophersThere now exists something approaching a cottage industry of authors attempting to detail “what Adam Smith really meant”. His text provides the most reliable insights into his thinking, but on its own it can only take us some of the way towards his innermost thoughts. To get the whole way would require explanations of the relationship between the content of his work, the specific context in which it was written and why his ideas were being propelled in a certain direction at a certain moment in time. Such an account could only have come from his own hand, but unfortunately these were not reflections that he left for his subsequent interpreters to mull over. Meanwhile, almost all generations since Smith’s death in 1790 have put him to work trying to solve their problems as opposed to his. The Wealth of Nations is, after all, a famously open-ended book that permits multiple readings (Rothschild 2001). It acts almost as an invitation to read your own perspective into its pages, allowing later generations to persuade themselves that they have found there what they specifically set out to look for (Tribe 1999). Yet this means that they are positing a Smith of their own creation and not necessarily citing faithfully what he committed to the page in his own words.
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- Information
- The Market , pp. 37 - 60Publisher: Agenda PublishingPrint publication year: 2017