Synopsis
Features, facts and highlights
The first issue the author emphasizes on is the connection between poverty and inequality. Adam Smith was of the view that poverty cannot be divorced from inequality. The author suggests that this could be the missing link in formulating policies that effectively eradicate poverty. The author also mentions the idea of ‘prodigals and projectors’ who Jeremy Bentham dismissed as innovators. Adam Smith warned that since these people are often left to their own devices, they could disrupt market operations. The author avers that such persons could have led to the global financial crisis.
The second issue deals with motives in relation to the market. The famous quote by Adam Smith seems to suggest that self interest is the main driver of economic markets. This writer posits that despite insistence on the self interest as a motive, Adam Smith also supported other motives. Adam Smith was of the view that human beings don’t think exclusively along the lines of self interest but that there were other motives that weren’t self seeking. According to the author, Smith used the motive of self interest to explain mainly economic exchange. Additionally, people could be acting in line with morality while their actions could be perceived to be merely following the pattern of strongly rooted norms in society.
In the third issue, the author deals with notions of justice as propounded by Thomas Hobbes and Adam Smith. According to Hobbes, justice can be achieved by pursuing ‘a perfect justice’. This is achieved by developing institutions that will deliver that kind of justice. No consideration is given to the state of society in which the perfect justice is sought to be achieved. On the contrary, Adam Smith had a more society-oriented notion of justice. The proponents of this school of thought aim to look at actual institutions, behaviors and influences that shape justice. Consequently, the focus is on removing injustices ingrained in such societies. This concept is sort of a kaizen where better standards of justice are sought instead of fixing an ideal justice.
Reflection
In my view, the article unearths the treasure that is Adam Smith’s forgotten works. The author ties it excellently to the modern world, in particular economic thought. The author remains balanced in his thought and his suggestions are worthy because they have been backed up by coherent arguments. The author leaves a deep sense of curiosity in me to uncover the rest of Adam Smith’s works as more informational gems may be discovered.
