Book IV of Wealth of Nations: Political Economy as Moral Philosophy

• For Smith, moral philosophy is the study of virtue and the faculty of mind that allows us to determine what is praise- or blameworthy conduct. When we understand the project of the moral sentiments, we can see that Smith adopts the same logic in his analysis of political economy. Political economy provides a lens through which to hone sensibilities about virtue and good conduct.

While Adam Smith has often been thought of as only the father of economics, most scholars now agree...