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Full-Text Articles in Social and Behavioral Sciences
Theory Of Moral Sentiments 1759 Vs Theory Of Moral Sentiments 1790: A Change Of Mind Or A Change Of Constraints?, Maria Pia Paganelli
Theory Of Moral Sentiments 1759 Vs Theory Of Moral Sentiments 1790: A Change Of Mind Or A Change Of Constraints?, Maria Pia Paganelli
Economics Faculty Research
The 1790 edition of Adam Smith’s Theory of Moral Sentiments presents significant changes from the 1759 edition. In the 1790 edition Smith seems critical of the moral consequences of commerce. By focusing exclusively on the approbation generated by showing of material possession, I propose that the 1790 edition is just an updated edition of the 1759, and does not represent a change of mind Smith had. Writing The Wealth of Nations Smith realizes the constraints in poor pre-commercial societies are diferent from the constraints in rich commercial societies and therefore behaviors and consequences will differ. The apparent contrast between the …
The Same Face Of The Two Smiths: Adam Smith And Vernon Smith, Maria Pia Paganelli
The Same Face Of The Two Smiths: Adam Smith And Vernon Smith, Maria Pia Paganelli
Economics Faculty Research
Going from personal to impersonal exchange seems to be a relevant feature that allows humans to develop complex societies and grow prosperous. Adam Smith's idea of moral imagination, embodied in the impartial spectator and achieved through sympathy, may integrate and complement today's evolutionary biology and experimental economic explanations, providing the missing key as to how we generate and internalize those rules of conduct that promote fair and cooperative behaviors.
Is A Beautiful System Dying? A Possible Smithian Take On The Financial Crisis And Its Aftermath, Maria Pia Paganelli
Is A Beautiful System Dying? A Possible Smithian Take On The Financial Crisis And Its Aftermath, Maria Pia Paganelli
Economics Faculty Research
Adam Smith is not an optimistic describer of a providential order moved by an always-successful invisible hand. I present some of the more pessimistic analysis of Smith, which, unfortunately, seems to be most appropriate to describe and analyze our current affairs. This reading of Smith may provide an explanation for the events started in the fall of 2008.
The ‘beautiful system of natural liberty’ that Smith describes is a system that may be achieved only under rare circumstances. Smith recognizes systematic biases in human behaviours, ranging from overestimation of probability of success to almost blind admiration for the rich. He …