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A Realist Political Economy and Moral Philosophy: Smith and Mittermaier

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  2. Economics, Finance, Business & Management
  3. Journal of Contextual Economics – Schmollers Jahrbuch
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  5. pp. 1–20

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Stettler, M. A Realist Political Economy and Moral Philosophy: Smith and Mittermaier. Journal of Contextual Economics – Schmollers Jahrbuch, 99999(), 1-20. https://doi.org/10.3790/schm.2024.381588
Stettler, Michael "A Realist Political Economy and Moral Philosophy: Smith and Mittermaier" Journal of Contextual Economics – Schmollers Jahrbuch 99999., 2024, 1-20. https://doi.org/10.3790/schm.2024.381588
Stettler, Michael (2024): A Realist Political Economy and Moral Philosophy: Smith and Mittermaier, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 99999, iss. , 1-20, [online] https://doi.org/10.3790/schm.2024.381588
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A Realist Political Economy and Moral Philosophy: Smith and Mittermaier

Stettler, Michael

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. (2024), Online First : pp. 1–20

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/schm.2024.381588
Language
Multiple languages
Pages
20
Keywords

Author Details

Michael Stettler, Karl Mittermaier Centre for Philosophy of Economics, University of Johannesburg 1 Tolip Street Westdene, Johannesburg, South Africa

References

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Abstract

In the Theory of Moral Sentiments, Smith argued against the account of human nature which views moral sentiments as deriving from self-love. This paper emphasises that Smith’s understanding of human nature was not that it was either selfish or benevolent. Human nature consists of the ability to be either or, and the three powers of the mind actualise this ability. The powers of the mind are will, intellect, and memory, to which correspond respectively the offices of self-command, sympathy, and the impartial spectator. The system of sympathy is an example of what Mittermaier calls an ex-ante fact and allows for a real distinction between vice and virtue. Other distinctions important to Smith include production versus predation and market price versus natural price. This paper develops a model that brings together these real distinctions. It demonstrates the complementarity of the Theory of Moral Sentiments and the Wealth of Nations.

Table of Contents

Section Title Page Action Price
Michael Stettler: A Realist Political Economy and Moral Philosophy: Smith and Mittermaier 1
1. Introduction 1
2. Ex-Post and Ex-Ante Facts 2
3. Smith on Human Nature 4
4. Three Powers of the Mind 5
5. Self-Love, Self-Interest and Selfishness 7
6. Das Adam Smith Problem 9
7. Ideals and Three Kinds of Acts 10
8. Plunder and Classical Liberalism 14
9. Realist Model 15
9.1 Virtue and Vice; Production and Predation 16
9.2 Productive and Unproductive Labour 16
9.3 Natural Price and Market Price 17
10. An Application: Index of Moral Sentiments and Political Economy 18
References 19

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