Adam Smith: To be selfish, or selfless?

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June 19, 2015

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Adam Smith: To be selfish, or selfless?

By Wang Yong | June 19, 2015, Friday |

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Contrary to what some might assume, Adam Smith, a pioneering figure in the field of economics as well as an early chronicler of capitalism, never believed that money could buy happiness.

This might seem like an odd observation for those who have read Smith’s seminal “The Wealth of Nations” (1776) — widely considered the first book on political economy — but not his other major work, “The Theory of Moral Sentiments” (1759).

That the earlier book is not better known is a pity for the human race, which since the Industrial Revolution have found few sources of happiness other than monetary success. Collectively we have allowed ourselves to be carried away by Smith’s theories about self-interest as a driver of progress, while underrating his idea of selfless behavior as the source of happiness.

Here’s what Smith says about being selfish and being selfless in the earlier book: “When we are always so much more deeply affected by whatever concerns ourselves, than by whatever concerns other men, what is it which promotes the generous ... and the mean ... to sacrifice their own interests to the greater interests of others?”

Answering his own question, Smith goes on to write: “It is not the soft power of humanity, it is not that feeble spark of benevolence which Nature has lighted up in the human heart, that is thus capable of counteracting the strongest impulses of self-love ... It is reason, principle, conscience.”

When it comes to happiness, Adam Smith says: “Avarice overrates the difference between poverty and riches; ambition, that between a private and a public station; vain-glory, that between obscurity and extensive reputation. The slightest observation, however, might satisfy him, that, in all the ordinary situations of human life, a well-disposed mind may be equally calm, equally cheerful, and equally contented.”

‘Unexpected’ tour

Thanks to Russ Roberts’ new book, “How Adam Smith Can Change your Life: An Unexpected Guide to Human Nature and Happiness,” we can now acquaint ourselves with these inspiring sentences, which have been neglected for far too long. Roberts, a research fellow at Stanford University’s Hoover Institution, is indeed a deft guide along an “unexpected” tour which introduces the ideas of Plato, Aristotle, Confucius or Buddha.

Unlike most religious leaders, Smith doesn’t portray man as pure or in need of purification. He simply demonstrates that, while man can be selfish, he can — and does — overcome his selfishness with his reason and conscience.

Last week I took a taxi and the driver lawfully stopped at every red light. As we struck a casual conversation, he recalled another passenger who disliked his upstanding driving style. This passenger apparently mocked him, saying: “You can’t make money if you stop at every red light. You’ve got to run on it sometimes to catch more passengers.”

“I’ve seen too many people in my life like that passenger,” the middle-aged driver said to me. “They don’t know that being lawful and kind to others does not mean being stupid. I can earn more respect as well as money by choosing less-crowded routes than by running on every red light.”

As we chatted, another taxi ran a red light from our left. As a reward for such behavior, he was forced to stop in the middle of the intersection, bringing traffic on Huaihai Road to a sudden halt — and offering a perfect example of the limits of selfishness.

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Adam Smith: To be selfish, or selfless?

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