DVM2350 Lecture Notes - Lecture 3: Barter
27 Dec 2017
School
Course
Professor
Adam Smith (1723-1790):
An Inquiry into the Nature and Causes of the Wealth of Nations (1776)
The Ada “ith Prole
How can a morality based in sympathy support a free market system that relies on
self-interest?
Sympathy and the free market
Honesty, promise/contract keeping, fairness – these are moral values that depend
on sympathy.
These moral values are ABSOLUTELY essential to the effective running of a free
market.
Self-interest
Not an insatiable desire for wealth.
Simply what interests us in our own affairs.
Is therefore not opposed to benevolence towards others.
Mutual dependence
Unlike animals, we are dependent on each other to survive.
But e a’t epet others to eeoletl proide this help.
Smith says:
Ma has alost ostat oasio for the help of his brethren, and it is in vain for
him to expect it from their benevolence only. He will be more likely to prevail if he
can interest their self-love in his favour...It is not from the benevolence of the
butcher, the brewer, or the baker, that we expect our dinner, but from their regard
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
An inquiry into the nature and causes of the wealth of nations (1776) Honesty, promise/contract keeping, fairness these are moral values that depend on sympathy. These moral values are absolutely essential to the effective running of a free market. Simply what interests us in our own affairs. Is therefore not opposed to benevolence towards others. Unlike animals, we are dependent on each other to survive. But (cid:449)e (cid:272)a(cid:374)"t e(cid:454)pe(cid:272)t others to (cid:271)e(cid:374)e(cid:448)ole(cid:374)tl(cid:455) pro(cid:448)ide this help. (cid:862)ma(cid:374) has al(cid:373)ost (cid:272)o(cid:374)sta(cid:374)t o(cid:272)(cid:272)asio(cid:374) for the help of his brethren, and it is in vain for him to expect it from their benevolence only. We address ourselves, not to their humanity but to their self- lo(cid:448)e, a(cid:374)d (cid:374)e(cid:448)er talk to the(cid:373) of our o(cid:449)(cid:374) (cid:374)e(cid:272)essities (cid:271)ut of their ad(cid:448)a(cid:374)tages. (cid:863) Emerges spontaneousl(cid:455) fro(cid:373) our (cid:374)atural prope(cid:374)sit(cid:455) (cid:862)to tru(cid:272)k, (cid:271)arter a(cid:374)d e(cid:454)(cid:272)ha(cid:374)ge o(cid:374)e thi(cid:374)g for a(cid:374)other. (cid:863)
