By John E. Hill
This booklet examines Adam Smith’s major ideas in Wealth of Nations because the foundation for powerful policymaking. Adam Smith desired to elevate happiness via this formulation for an outstanding lifestyles: equality, liberty, and justice. loose marketplace interpretations of Smith, the booklet argues, grossly misrepresent his concept, emphasizing basically liberty and never additionally equality and justice. This e-book indicates regulations that mix all 3 to ensure that happiness to be maximized.
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Extra resources for Adam Smith’s Equality and the Pursuit of Happiness
The context is the combination of sociability and self-love. Evensky argues that Smith’s point is that “self-love is the spring for human action and it can serve us. What is not on this page of the WN [Wealth of Nations] is the context. ’”40 Yes, one expects the butcher and the baker to act in their self-interest, but that gets them nowhere without a connection to others’ self-interest. 41 The quotation is dangerous when anyone takes it as a license to divorce self-interest from sociability. That results in atomistic individuals advancing their own interests with little, if any, concern about harm done to others.
E. HILL Human beings are constantly in economic community. This social aspect of Smith’s thought is clear in both Theory of Moral Sentiments and Wealth of Nations. He always considered Theory to be his more important work—yes, more important than Wealth of Nations—so let us start with that work. As noted in Chap. 1, the first sentence in Theory of Moral Sentiments emphasized human sociability. Smith knew that individual actions are often based on self-interest, but this self-interest was tempered by sociability.
20 According to Murray Milgate and Shannon Stimson, the “invisible hand” was barely noticed during the nineteenth century. 21 Mansfield, Krugman, and Samuelson, all come from the liberal end of the political spectrum; none of them advocated laissez-faire. That each connected Adam Smith and laissez-faire demonstrates the pervasiveness of the myth. 23 Gavin Kennedy is equally clear that laissez faire cannot be attributed to Smith: Only flaky attribution associates laissez faire with Smith. 24 Examples of the laissez-faire misinterpretation are legion.
Adam Smith’s Equality and the Pursuit of Happiness by John E. Hill