Adam Smith's Philosophy and Modern Moral Economics

Dear Colleagues,

Adam Smith’s intellectual contributions are often narrowly associated with his economic philosophy, as articulated in The Wealth of Nations (WN), while his earlier work, The Theory of Moral Sentiments (TMS), is frequently overlooked. This neglect can be attributed to either a lack of awareness or the perception that TMS is incompatible with WN, generally referred to as Das Adam Smith Problem. However, recent scholarly research has increasingly challenged this assumption, arguing that TMS is fundamental to understanding the moral foundations of Smith’s economic thought. Specifically, the roles of sympathy, the impartial spectator and justice provide essential insights into the framework within which Smith envisioned free market interactions. Further, this renewed scholarly attention has significant implications, particularly concerning Smith’s broader moral philosophy rooted in moral development as a function of sociability. Revisiting Smith’s moral philosophy thus enriches our understanding of his economic theory, demonstrating that his vision of market dynamics was not based on unregulated self-interest but rather on a system inherently shaped by ethical considerations. This perspective challenges the conventional dichotomy between his economic and moral thought, offering a more integrated view of his intellectual legacy. It also invites further reflection on how Smith’s insights might inform contemporary debates on business ethics, economic justice, ethical capitalism, and the moral dimensions of market behaviour, such as his relevance to contemporary moral economics, market dynamics, business practice, and societal structures.

In this Special Issue, original research articles and reviews are welcome. Research areas may include (but not limited to) the following: ethical market economics, business ethics, economic inequalities, tensions with laissez-faire policies, economic growth, behavioural and institutional economics, developmental economics, and economic justice.

I look forward to receiving your contributions.

Prof. Dr. Mark Rathbone
Guest Editor

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• Adam Smith
• moral economics
• sympathy
• self-interest
• justice
• happiness
• ethics