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Spotlight: Adam Smith
Adam Smith by an unknown artist, oil on canvas, c. 1800
‘The most sublime speculation of the contemplative philosopher can scarce compensate the neglect of the smallest active duty.’ So wrote Adam Smith in his Theory of Moral Sentiments in a chapter entitled, ‘Of the Character of Virtue.’ By 1759, the year Moral Sentiments was published, Smith had been Professor of Moral Philosophy at the University of Glasgow for 7 years. (His first post was as Professor of Logic.)
It was The Theory of Moral Sentiments, not Wealth of Nations, that first established Smith’s reputation across Britain and Europe. In it, he argued that moral judgment arises from ‘sympathy,’ or the capacity to imaginatively place ourselves in another’s situation. Rather than portraying humans as purely self-interested, he emphasized the role of conscience and the ‘impartial spectator’ in guiding ethical behaviour. The book was well received in his own day, earning praise for its insight into human psychology and virtuous living, and it went through multiple editions during his lifetime.
Smith’s most famous work, however, is An Inquiry into the Nature and Causes of the Wealth of Nations (1776). Built on his lectures at Glasgow in political economy, in Wealth of Nations, Smith famously argued that individuals pursuing their own interests can unintentionally promote the public good as if guided by an ‘invisible hand.’
The book sharply criticized mercantilist policies—tariffs, monopolies, and colonial trade restrictions—that Smith believed distorted the natural functioning of markets. He argued that systems of ‘natural liberty,’ where individuals are generally free to pursue their economic interests under stable laws and secure property rights, would tend to produce greater prosperity. Smith’s work strongly influenced British policy during the Industrial Revolution and later informed American and Canadian commitments to free enterprise, private property, and open trade.
He is often called the ‘father of modern economics,’ yet his broader contribution lies in his attempt to understand how moral sentiments, legal institutions, and markets together sustain a flourishing society. Ultimately, Smith’s contributions to economics and moral philosophy helped shape much of what would eventually become the ‘free-market capitalist’ outlook that underpins Anglo-American economies today.
Verse: 'Rubaiyat’ of Omar Khayam (#58)
And lately, by the Tavern Door agape,
Came shining through the Dusk an Angel Shape
Bearing a Vessel on his Shoulder; and
He bid me taste of it; and ‘twas — the Grape!
The Rubaiyat of Omar Khayam is Persia’s most famous literary export. Written in in the 11th century, the translation you see above was completed by the Victorian poet Edward Fitzgerald. (He was the first to render the Rubaiyat into English.)
Pensées
Quote - ‘If it is not right, do not do it; if it is not true, do not say it.’ — Marcus Aurelius
The Stoic philosophy of Marcus Aurelius, Seneca, and Epictetus (to name the school’s most famous proponents) emphasized contemplation, virtue, and mental fortitude. And while the Stoics didn’t have everything figured out, this quote from Emperor Marcus Aurelius is just plain common sense. A lot of the time, we needlessly complexify issues of right and wrong, or truth and falsehood, but Aurelius makes it simple for us: whenever we’re faced with a choice, choose the good.
Q: What will it take for you to act virtuously and speak truth today?
Diversions
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