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Societies for the History of Economics

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From:
[log in to unmask] (Forstater, Mathew)
Date:
Fri Mar 31 17:19:15 2006
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----------------- HES POSTING ----------------- 
 
Tiziano - 
 
Ok, but what about: "From whence, then, arises that emulation which runs through all the
ranks of men, and what are the advantages we propose by that great purpose of human life
which we call bettering our condition? To be observed, to be attended to, to be taken
notice of with sympathy, complacency, and approbation, are all the advantages which we can
propose to derive from it," and the passage that precede and follow it in Section III
chapter II of TMS?
 
The funny thing is that even though people strive to "better their condition" by working
themselves to the bone, it is really a deception, because it usually doesn't pay off
(Smith's story of the poor man's son). And even if it *does* pay off, it is worthy only of
a 'cold esteem', since those qualities associated with bettering one's condition
(industriousness, etc.) fall under Smith's 'lower' level of prudence. At least it does pay
off for society (via the invisible hand)), as the individual's industriousness results in
creating jobs, goods, etc.
 
By the way, I recall the line, but can't locate it, where Smith talks about those who
would reduce all to self-interest suffering from some confused misapprehension concerning
the system of sympathy.  Does anyone remember where that line is?  (I know that is not
what you (Tiziano) are saying; I just thought I would take the opportunity to ask while we
are on the topic).
 
Best, 
 
Mat 
 
 
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