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Fall 2005

ISSN 0890-913X

Volume 21, Number 1

Categories: Philosophy | Fall 2005

Adam Smith and Greed

Jonathan B. Wight, University of Richmond

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JournalofPrivateEnterpthe,VolumeXXI,Fall2005AdamSmithandGreedJonathanB.WightUniversityofRichmondThevirtuesofgreedhavebeenwidelypromotedbysomeeconomistsinthe20thcentury.AllegedlyitisAdamSmithwhoprovidesthisnewdignitytogreed(Lerner,1937,ix).KennethArrowandFrankHahnintheGeneralEquikbriumAnalysis(1971),forexample,implicitlyassumethatAdamSmith'sself-interestisthegreedthatpromoteseconomicefficiency(quotedinEvensky,1993,203).WalterWilliams(1999),adevotedfollowerofSmith,writesinhiscolumnthat,"Freemarkets,privatepropertyrights,voluntaryexchange,andgreedproducepreferableoutcomesmosttimesandundermostconditions."Thesepronouncementshavebecomepartoftheculturaltableau.ThenotedinvestmentbankerIvanBoeskygaveacommencementaddresstoMBAsdeclaring,"Youcanbegreedyandstillfeelgoodaboutyourself"(Andrews,1966))Inamovielooselybasedonhisstory,thecharacterGordonGekkoinWallStreet(1987)opinesthat,"[G]reedisgood....Greedworks.Greedclarifies,cutsthroughandcapturestheessenceoftheevolutionaryspirit."Inotherwords,greedissaidtopromotesurvivalinSmith'scompetitiveenvironment.EthicalegoismmaybeflourishinginAmericanculture,buttheassociationofAdamSmithwiththeseviewsissimplywrong.Smithdecriedselfishnessoftenandatlength.ThequotesabovedorelatetoAdamSmith'sdictumthatinexchangeweshouldappealnottothebutcher'shumanitybutrathertohisself-love,andneveraddressourThreemonthslaterBoeskypledguiltytoinsidertradingchargesandwassenttoservethreeyearsinprison.JonathanB.Wight46

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Metadata [hide]

Title	Adam Smith and Greed
Authors/Creators:	Jonathan B. Wight, University of Richmond
Year:	2005
Volume:	21
Number:	1
Pages:	46 - 58
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Adam Smith, Classical economics, Ethics, Business ethics, Egoism, Homo economicus

Citation:
Wight, Jonathan B. / 2005. "Adam Smith and Greed." The Journal of Private Enterprise, 21(1): 46-58.