Economic Theory

Adam Smith's Lost Legacy by G. Kennedy

By G. Kennedy

During this available booklet, Gavin Kennedy takes a clean examine Adam Smith's ethical philosophy and its hyperlinks to his political economic system and his lectures on jurisprudence. The e-book offers a brand new research of Wealth of countries, and argues that Adam Smith's highbrow legacy was once coopted within the 19th and 20th centuries through economists pursuing agendas that Smith didn't recommend. It additionally presents a brand new cause of the most mysteries approximately Smith's later lifestyles.

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What the eye cannot understand or explain the Philosopher grieves about, as he wrestles with the absence of an explanation. Discovering the connecting chain of intermediate events calms the emotional passions of Surprise and Wonder and makes way for the emotional tranquillity of Admiration. One senses Smith’s mounting enthusiasm for the exhilarating effects on those who practise Philosophy. ’8 Philosophical discovery is not easy. 11 Philosophy was for young, not old, minds. Had he realised that he was brighter than his elderly Oxford tutors and certainly better able than they to tackle difficult problems in philosophy?

14 This success crowned the plan begun in 1748 to allow his talents to flower. And flower they did. 15 Smith had played the interest game with great skill and was now in the right Chair and in the right place, ready for his next steps. This page intentionally left blank Part II Impartial Spectators Introduction In Part II I discuss selected ideas from Smith’s philosophy in plain language. Philosophical ideas can seem unconnected with the real world but my treatment is selective, not comprehensive, and I miss out a great deal from the contents of his Moral Sentiments.

His ‘handicap’ had nothing to do with the quality of his education at Glasgow – far from it, as Glasgow at the time was superior academically to Oxford or Cambridge. He missed out on something far more important for the game of life near the top of British politics – the lifetime male ‘bonding’ (and, of course, lifetime hatreds too) built up as ‘the mob of young gentlemen’ prepared to become men in the cloying intensity of their shared alma mater. In adult life, ‘outsiders’ were treated with a degree of 28 His Strategic Allegiance 29 suspicion by Oxbridge alumni (and still are) and, in the great crush for political position and place the ‘insiders’ were prone to indulge in orchestrated innuendo against ‘Scotch’ interlopers (a version of which Smith suffered at Balliol).

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