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• W3022854722 abstract "Adam Smith rejected Mandeville’s invisible-hand doctrine of ‘private vices, publick benefits’. In The Theory of Moral Sentiments his model of the ‘impartial spectator’ is driven not by sympathy for other people, but by their approbation. The innate capacity for sympathy makes approbation credible. Approbation needs to be authenticated, and in Smith’s model authentication relies on innate virtue, which is not realistic. An alternative model of ‘regard’ makes use of signalling and is more pragmatic. Modern versions of the invisible hand in rational choice theory and neoliberalism are shown to be radical departures from the ethical legacy of Enlightenment and utilitarian economics, and are not consistent with Adam Smith’s own position. Since the 1980s, public policy in English-speaking countries has been guided by two doctrines. The first is selfishness (or more grandly, ‘rational choice’), namely that people are motivated primarily by selfregarding interests which they pursue in market exchange. The second is that the primacy of self-regard is good. Adam Smith's ‘invisible hand’ ensures that market exchange is socially efficient. Wherever possible, therefore, production, distribution, and exchange should be transacted in markets, and should respond to prices. I call these doctrines ‘market liberalism’. There is however a long-standing question as to whether Adam Smith’s notion of the invisible hand can be reconciled with his ethical motive of ‘sympathy’ in the Theory of Moral Sentiments (Montes, 2003). I argue here that what matters in Smith’s conception of sympathy is not our sympathy for others. Rather, it is approbation, the sympathy of others for ourselves. This reading reconciles selfishness and sympathy and is altogether more credible. It also has a bearing on the efficiency attributes and on the ethical authority of the norms of self-interest and market freedom in the present. Despite their venerable lineage and normative centrality, we do not know whether the doctrines of self-interest and market efficiency are true. Their core premises are insecure. It has never been proven that they are always more efficient than other arrangements; it is not even easy to define what such efficiency would consist of. As for self-interest, it is either an a priori axiom, or a psychological speculation. In reality, choices are not always intended to maximise economic advantage. Financial motivations are often crowded out by intrinsic ones, such as obligation, compassion, and public spirit. As for aggregate efficiency, those who buy and sell for their own advantage have no incentive to seek it, and it has never been proven that efficiency happens by itself. The doctrines of selfishness and of market efficiency are sometimes presented as hard-nosed conceptions of immutable reality. It is supposedly not the business of economists to make moral" @default.
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• W3022854722 date "2012-01-01" @default.
• W3022854722 modified "2023-09-24" @default.
• W3022854722 title "Self-interest, Sympathy and the Invisible Hand: From Adam Smith to Market Liberalism" @default.
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