In his famous work The Wealth of Nations, Adam Smith articulated a paradox that he could not resolve: water is essential to life; diamonds a mere decoration. Yet for all that, we are willing to lavish enormous sums on pretty rocks while taking clean water for granted. What could explain this disconnect? Smith’s confusion stemmed from his understanding of the source of Continue Reading …
Episode 177: Guest Russ Roberts on Adam Smith and Libertarian Economics (Part Two)
Continuing with the Econtalk host on the moral aspects of economics, focused by Adam Smith's The Wealth of Nations and Theory of Moral Sentiments. Should we sacrifice ourselves to the machine of the economy? Smith wasn't just all about monetary gain: how does his idea of virtue and talk of the "impartial spectator" line up with economic growth? If growth is the key to Continue Reading …
Episode 177: Guest Russ Roberts on Adam Smith and Libertarian Economics (Part One)
The host of Econtalk provides his take on our ep. 174 on The Wealth of Nations, and explores with us the idea of emergent economic order. As preparation, we all listened to a June 2017 episode of Econtalk that featured Russ, Mike Munger, and Don Boudreaux, so you should too! For a graphic introduction to this idea, see wonderfulloaf.org. Is the economy profitably thought of Continue Reading …
Ep. 177: Guest Russ Roberts on Adam Smith and Libertarian Economics (Citizen Edition)
The host of Econtalk provides his take on our ep. 174 on The Wealth of Nations, and explores with us the idea of emergent economic order. As preparation, we all listened to a June 2017 episode of Econtalk that featured Russ, Mike Munger, and Don Boudreaux, so you should too! For a graphic introduction to this idea, see wonderfulloaf.org. Is the economy profitably thought of Continue Reading …
Episode 174: Adam Smith’s “Wealth of Nations” (Part Two)
Continuing on the foundational text of economics. Is Smith's position the equivalent of "greed is good?" (No.) What's the deal with the "invisible hand?" We talk about Smith's picture of the (sort of) self-regulating economy, and why he thinks we shouldn't have tariffs or guilds or other restrictions on the mobility of goods, workers, or capital. We rant a bit in ways that Continue Reading …
Episode 174: Adam Smith’s “Wealth of Nations” (Part One)
On Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations. We discuss the foundational text of modern economics, first published in 1776. How does the division of labor and our instinct to exchange lead to the growth of wealth? Is the economy sufficiently machine-like to enable us to manipulate its output, or at least to tell us how not to screw it Continue Reading …
Ep. 174: Adam Smith’s “Wealth of Nations” (Citizen Edition)
On Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations. We discuss the foundational text of modern economics, first published in 1776. How does the division of labor and our instinct to exchange lead to the growth of wealth? Is the economy sufficiently machine-like to enable us to manipulate its output, or at least to tell us how not to screw it Continue Reading …
Is Capitalism Moral? (Reactions to a Video by Walter Williams)
Our upcoming episode #174 will be on Adam Smith's Wealth of Nations, and we've scheduled a follow-up (#176) with Russ Roberts of EconTalk, so I again have economics on the brain, and am trying to figure out exactly what rubs me the wrong way about pro-capitalist cheerleading apart from its obvious association with some pretty despicable elements in politics, given that I agree Continue Reading …
Cognitive and Affective Empathy in Moral Sentiment
[DISCLAIMER: Although I am using a conceptual distinction I got from the embedded Simon Baron-Cohen TEDx talk (where ever he got it from), I am not taking a position on his stance on Autism or Psychopathy. I have no point of view about Autism and have reflected on empathy and psychopathy in this blog before, here and here. I'm interested in the constituent parts of empathy Continue Reading …
David Hume and Adam Smith in the Context of Eighteenth-Century Moral Philosophy, Part 2
As mentioned in my previous entry, moral philosophy in the eighteenth century was principally concerned with three issues: “the selfish hypothesis,” the nature of moral judgment, and the character of moral virtue. This entry regards the second component: the debate between the rationalists and sentimentalists over the nature and justification of moral judgment. Moral Continue Reading …
David Hume and Adam Smith in the Context of Eighteenth-Century Moral Philosophy, Part 1
Moral philosophy in the eighteenth century was principally concerned with three issues. First, was “the selfish hypothesis,” which maintained that all declarations of public interest were ultimately expressions of private interest. Second, was the explanation and justification of moral judgment. And third, was the character of moral virtue. The selfish hypothesis, though Continue Reading …
Episode 45: Moral Sense Theory: Hume and Smith (Citizens Only)
Discussing parts of David Hume's Treatise of Human Nature (1740) and Adam Smith’s The Theory of Moral Sentiments (1759). Where do we get our moral ideas? Hume and Smith both thought that we get them by reflecting on our own moral judgments and on how we and others (including imaginary, hypothesized others) in turn judge those judgments. Mark, Wes, Seth, and guest Getty Continue Reading …
PREVIEW-Episode 45: Moral Sense Theory: Hume and Smith
This is a 33-minute preview of our vintage 1 hr, 46-minute episode. Buy Now Purchase this episode for $2.99. Or become a PEL Citizen for $5 a month, and get access to this and all other paywalled episodes, including 68 back catalogue episodes; exclusive Part 2's for episodes published after September, 2020; and our after-show Nightcap, where the guys respond to listener email Continue Reading …
Topic for #45: Moral Sense Theory: Hume and Smith
Here's the recorded episode. In Ep. 41, we discussed David Hume's ethics both providing a challenge for any naturalist (meaning one compatible with a modern scientific world-view) ethics--you can't deduce "ought" from "is"--and as providing an approach to moral psychology. In this discussion, we grappled with selections from Hume’s Treatise of Human Nature (1740) and Adam Continue Reading …