By John E. Hill
This publication examines Adam Smith’s major rules in Wealth of Nations because the foundation for potent policymaking. Adam Smith desired to elevate happiness via this formulation for an outstanding existence: equality, liberty, and justice. unfastened marketplace interpretations of Smith, the booklet argues, grossly misrepresent his suggestion, emphasizing simply liberty and never additionally equality and justice. This publication indicates guidelines that mix all 3 to ensure that happiness to be maximized.
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Additional resources for Adam Smith’s Equality and the Pursuit of Happiness
5. 65. 150–151. 66. Lester J. , The Adams-Jefferson Letters: The Complete Correspondence between Thomas Jefferson and Abigail and John Adams (Chapel Hill: University of North Carolina Press, for the Institute of Early American History and Culture, 1959), 2:499. See also John E. 72–73 and throughout, on the importance of justice to Adam Smith and John Adams, as well as the founders in general. E. HILL 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. Smith, Theory of Moral Sentiments, 1:1–2.
And to promote that fair market, he proposed a significant role for government in the economy (see below). In short, Smith’s market required an active role for government in promoting justice. Justice in the Ethical Sense Justice is not solely a matter of efficient, impartial courts; the ethical sense of justice as fairness was also very important to Smith. The 1790 edition of Theory of Moral Sentiments included an entirely new section six on practical morality. ”85 Restrained self-interest cannot be mandated by the government; no regulations could possibly assure such ethical behavior.
This requires a cultural reversion back to an old-fashioned ideal, integrity. Consider the legal costs if every economic transaction requires a contract. Mutual trust based on an ethic of fair play, even though very weak today, makes capitalism much more efficient than it would be otherwise. Greater efficiency would make it possible to diffuse wealth widely throughout all ranks of the people while increasing the nation’s wealth. Smith stated this explicitly (see Chap. 4). A good example of the importance of trust and fair play in Smith’s system is his discussion of the ethical responsibilities of entrepreneurs.
Adam Smith’s Equality and the Pursuit of Happiness by John E. Hill