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9 - Self-Interest and Other Interests

Published online by Cambridge University Press:  28 August 2006

Knud Haakonssen
Affiliation:
University of Sussex
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Summary

Any discussion of Adam Smith's conception of self-interest labors under the shadow of Smith's encrusted reputation, summarized in George Stigler's claim that “The Wealth of Nations is a stupendous palace erected upon the granite of self interest.” Many puzzles of Smith interpretation, including the so-called “Adam Smith Problem” take this claim as a starting axiom. The Adam Smith Problem referred to the alleged inconsistency between The Wealth of Nations, which seemed to be premised on the claim that every individual was essentially self-interested, and The Theory of Moral Sentiments, which was based on a psychological principle of sympathy. This charge of inconsistency rests on a gross misunderstanding. Sympathy, for Smith, was not a principle of benevolence. It was rather a mechanism for moral judgment that allowed the agent to judge the appropriateness of all behavior. Within the judgments generated by the impartial spectator, there would be room for the proper pursuit of self-interest.

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Publisher: Cambridge University Press
Print publication year: 2006

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