• DOI:10.2307/1061349
Corpus ID: 154002759

The Two Faces of Adam Smith

@article{Smith1998TheTF,
  title={The Two Faces of Adam Smith},
  author={V. L. Smith},
  journal={Southern Economic Journal},
  year={1998},
  volume={65},
  pages={2-19}
}

V. L. Smith

Published 1998

Economics

Southern Economic Journal

Adam Smith’s two major works are based on apparently contradictory themes in human nature: noncooperative self-interest and other-regarding sympathy. These views are not contradictory if we distinguish impersonal market exchange and personal exchange. Noncooperative behavior in the former maximizes the gains from exchange, the basis of specialization and wealth creation. Cooperative behavior in personal exchange is based on reciprocity—trading gifts, favors, and assistance across time—which… CONTINUE READING

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