Economists -- Great Britain -- Biography; Smith, Adam, 1723-1790
The truth, as Smith conceived it, is that men are actuated at different
times by different motives, benevolent, selfish, or mixed. The moral
criterion of an action is: will it help society, will it benefit others,
will it be approved by the Impartial Spectator? The economic criterion
of an action is: will it benefit me, will it be profitable, will it
increase my income? Smith built his theory of industrial and commercial
life upon the assumption that wage-earners and profit-makers are
generally actuated by the desire to get as high wages and profits as
possible. If this is not the general and predominant motive in one great
sphere of activity, the production and distribution of wealth, the
_Wealth of Nations_ is a vain feat of the imagination, and political
economy is not a dismal science but a dismal fiction. But there is
nothing whatever either to excite surprise or to suggest inconsistency
in the circumstance that a philosopher, who (to adopt the modern jargon
of philosophy) distinguished between self-regarding and other-regarding
emotions, should have formed the first group into a system of economics
and the second into a system of ethics.
If this comes of learning, an even more extravagant charge has been
preferred by an emotional school. A heated imagination, certainly not
encumbered with facts, and informed only that Adam Smith was the founder
of an odious science, denounced him as “the half-bred and half-witted
Scotchman” who taught “the deliberate blasphemy”—“Thou shalt hate the
Lord thy God, damn His Laws, and covet thy neighbour’s goods.” The same
authority declares that he “formally, in the name of the philosophers of
Scotland, set up this opposite God, on the hill of cursing against
blessing, Ebal against Gerizim”—a God who “allows usury, delights in
strife and contention, and is very particular about everybody’s going to
his synagogue on Sunday.”[34] These three characteristics of Adam
Smith’s deity were unfortunately chosen; for, as it happens, he disliked
usury so much that he defended the laws which had vainly sought to
prevent high rates of interest; disapproved vehemently of war, which he
regarded as one of the deadliest enemies of human progress, and
protested against the idea that a perfect Deity could possibly desire
His creatures to abase themselves before Him. It is sad to think that to
get his gold the Ruskinian must pass so much sand through his mind. The
_Fors Clavigera_, with all its passionate intensity and high-strung
emotion, is a standing warning to preachers not to abuse their masters,
and to learn a subject before they teach it. Let those who climb so
recklessly on Ebal deliver their curses from a safer foothold.
Public-domain text, read in full here on John Shaqi.
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