Adam Smith was Consistent in Both The Theory of Moral Sentiments and The Wealth of Nations on the Role of the Concept of Prudence (Self Interest): Das Utilitarian Economist view is the Problem

Michael Emmett Brady

doi:10.70150/b3d9ng06

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Research ArticleEthics · social science · institutions

Adam Smith was Consistent in Both The Theory of Moral Sentiments and The Wealth of Nations on the Role of the Concept of Prudence (Self Interest): Das Utilitarian Economist view is the Problem

Michael Emmett Brady

Ethical Review of Social SciencesVolume 1, issue 2Pages 1–631 December 2025https://doi.org/10.70150/b3d9ng06

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Abstract

Adam Smith was very consistent in both the Wealth of Nations and in The Theory of Moral Sentiments concerning the role of the virtue of prudence(self-interest) in both books. Like all advocates of virtue ethics, the first virtue that must be mastered had to be the Virtue of Prudence, which required the satisfaction of the necessary condition of being able to take care of oneself and family first, before any other virtue could possibly be attempted, applied and mastered. Smith assumed that readers of the Wealth of Nations had previously read his Theory of Moral Sentiments, so that they understood that the butcher, brewer, and baker all had to succeed financially first before they could consider the interests of others second. Only after a clear and large economic surplus had been built up by the butcher, brewer, and baker from their small businesses would it be possible to meet the interests of others through the practice of the virtue of benevolence. There is simply no contradiction or inconsistency between Smith’s position, made all through The Theory of Moral Sentiments, that prudence is the most important virtue and that all other virtues must come second or after prudence(self-interest) has been successfully deployed first. Smith though it obvious that we get our dinner from the prudent behavior (self-interest or self-love) of the butcher, brewer, and baker and not from the virtue of Benevolence because Benevolence can only be practiced if the butcher, brewer, and baker have been successful in their businesses in amassing a surplus. The butcher, brewer, and baker can’t practice Benevolence if they are suffering losses or merely breaking even. The virtue of benevolence should not be confused with altruism.

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VirtueBenevolencePrudenceUtility MaximizationSelf -InterestAdam SmithJeremy BenthamJEL A12JEL A13JEL A23JEL B12JEL B15

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Becker, Gary S. (1981). Altruism in the Family and Selfishness in the Market Place. Economica, New Series, Vol. 48, No. 189 (Feb.), pp. 1-15.
Bentham, Jeremy. (I789). Defense of Usury. Kessinger Publishing, pp.1-74.
Bentham, Jeremy. (1787). The Principles of Morals and Legislation. Nabu Press. NY; NY.
Brady, Michael Emmett. (2017). Adam Smith's Wealth of Nations after 240 Years: It Is still the Work of an Intellectual Giant Towering Heads and Shoulders Above the Benthamite Utilitarian Economists of the 18th, 19th, 20th and 21st Centuries (November 15). Available at SSRN: https://ssrn.com/abstract=3071434.
Brady, Michael Emmett. (2017). Modeling Adam Smith's Analysis of the Very Severe, Negative Impacts of 'Projectors, Imprudent Risk Takers and Prodigals' on the Macro Economy in the Wealth of Nations Using a Modified Lotka-Volterra Non-Linear Coupled Model of Differential Equations (October 13). Available at SSRN: https://ssrn.com/abstract=3053111.
Brady, Michael Emmett and Gorga, Carmine. (2017). From Aristotle, Augustine, Aquinas, and Adam (Smith) to Concordian Monetary Policy - How to Use Public Policy to Guide Accumulation toward Virtuous Ends (June 4,). Available at SSRN: https://ssrn.com/abstract=2980194.
Brady, Michael Emmett. (2017). On the Updating and Reformulations, Added by Adam Smith and J M Keynes, to Aristotle's Universal, General Theory of Economics, Politics, Civics, and Institutions (June 7). Available at SSRN: https://ssrn.com/abstract=2982921.
Brady, Michael Emmett. (2014). From Adam Smith to John Maynard Keynes and Back to Adam Smith: The Circle Closes. The Old Economic Thinking of Smith and Keynes Combined is Still Superior to Any 'New Economic Thinking’. Available at SSRN Working Paper Series.
Brady, Michael Emmett. (2011). A Comparison-Contrast of Adam Smith, JM Keynes and Jeremy Bentham on Probability, Risk, Uncertainty, Optimism-Pessimism and Decision Making with Applications Concerning Banking, Insurance and Speculation. International Journal of Applied Economics and Econometrics, Volume 19, No.4, October -December, pp. 86-111.
Coleman, William. (1999). Book Review: The Myth of Adam Smith. History of Economic Review,29, pp.142-144.
Evensky, J. (1993). Ethics and the Invisible Hand. Journal of Economic Perspectives, Volume 7, no. 2 (Spring), pp.197-205.
Evensky, J. (2005). Adam Smith’s Moral Philosophy. Cambridge; Cambridge University Press.
Friedman, Milton and Friedman, Rose. (1980). Free to Choose, New York: Harcourt, Brace and Jovanovich.
Frey, Donald E. (1996). The Good Samaritan as Bad Economist: Self-Interest in Economics and Theology. CrossCurrents, Vol. 46, No. 3, The Good Samaritan (FALL), pp. 293-302.
Higgins, B., & Sovoie, D. J. (1997). Towards a new political economy of regional development. In Regional Development Theories and Their Applications, chapter 21, pp.395-408.New Jersey; Transactions Publishers. Reissued by Routledge (2017).
Hueckel, Glenn R. (2000). The Myth of Adam Smith (review). History of Political Economy,32. no.2, pp. 405- 406.
Kennedy, Gavin. (2008) Adam Smith: A Moral Philosopher and His Political Economy (Great Thinkers in Economics). England: Palgrave Macmillan.
Kennedy, Gavin (2009). “Adam Smith and the Invisible hand: From Metaphor to Myth”, Economic Journal Watch, Vol.6, no.2, May, pp. 239‐263.
Kennedy, Gavin (2012). The Myth of the Invisible Hand‐A View from the Trenches. Paper presented at the 44th Annual UK History of Economic Thought Conference‐ Keele University,4 September 2012.
Klein, Daniel B. (2009).” In Adam Smith’s Invisible Hands: Comment on Gavin Kennedy”, Economic Journal Watch, Vol.6, no.2, May, pp. 264‐279.
Klein, Daniel B. and Lucas, Brandon (2011). In a Word or two, placed in the middle: The Invisible hand in Smith’s Tomes, Economic Affairs, Vol.31, no.1, pp.43‐52.
Klein, Daniel B. and Lucas, Brandon (2011).” On the Deliberate Centrality of An Invisible Hand: Reply to Gavin Kennedy, Ryan Hanley and Craig Smith”, Economic Affairs, Vol.31, no.2, pp.90‐92.
Levy, David. M. (1999). Adam Smith’s Katallactic Model of gambling: Approbation from the Spectator. J. Hist. Econ. Thought,21,1, pp.81-91.
McMahon, Christopher. (1981). Morality and the Invisible Hand. Philosophy and Public Affairs, 10, No.3, (Summer), pp. 247-277.
Meeropol, Michael (2004). “Another Distortion of Adam Smith: The Case of the “Invisible Hand”. Working Paper Series, no.79, Political Economy Research Institute, U. of Massachusetts, Amherst.
Moore, G.E. (1903). Principia Ethica. Amherst, New York: Prometheus Books (1988).
Mossner, E C, and Ross, I S. eds. (1987) The Correspondence of Adam Smith (Glasgow Edition of the Works and Correspondence of Adam Smith). London; Liberty Fund, Inc.
Pack, Spencer. (1999). Book Review: The Myth of Adam Smith. Southern Economic Journal,65, no.3, pp.661-664.
Pack, Spencer J. (2008). Aristotle’s Difficult Relationship With Modern Economic Theory. Found. Sci. (2008) 13:265–280. DOI 10.1007/s10699-008-9135-x.
Pack, Spencer J. (2010) Aristotle, Adam Smith and Karl Marx: On Some Fundamental Issues in 21st Century Political Economy. Cheltenham, UK: Edward Elgar.
Paganelli, M. (2003). In Medio Stat Virtus: Alternative view of usury in Adam Smith’s Thinking. History of Political Economy, Vol. 35, no.1, pp.21-48.
Paganelli, M. (2008). The Adam Smith Problem in Reverse: Self-Interest in The Wealth of Nations and The Theory of Moral Sentiments. History of Political Economy 40:2, pp.365-382.
Rashid, Salim. 1998.The Myth of Adam Smith. Cheltenham, England: Edward Elgar.
Schumpeter, Joseph. (1954). History of Economic Analysis. England: Oxford University Press.
Smith, Adam. (1776). The Wealth of Nations. Modern (Cannan) Library Edition with the foreword by Max Lerner. N.Y., N.Y.
Smith, A. (1759,1st ed.). The Theory of Moral Sentiments. Gutenberg Publishers (March 26, 2011) .6th edition,1790.
Stigler, G. J. (1971). Smith’s Travels on the Ship of the State. History of Political Economy, Vol.3, no.2, pp.265-277. Stigler, George. (1975). “Smith’s Travels on the Ship of State.” In Essays on Adam Smith, edited by Andrew S. Skinner and Thomas Wilson. Oxford: Clarendon Press.
Stigler, G. J. (1976). The Successes and Failures of Professor Smith. Journal of Political Economy, Vol.84, no.6, pp.1199-1213.
Stigler, George J. (1982). The Economist as Preacher and Other Essays (Chicago: University of Chicago Press, 1982).
Viner, Jacob. (1927). Adam Smith and Laissez Faire. Journal of Political Economy, Vol. 35, No. 2 (April), pp. 198-232.
Valdesolo, P.& DeSteno, D. (2016). Positive Emotions, Social Cognition, and Inter Temporal Choice. In Tugade, M.M., Shiota, M.N., and Kirby, l.D.2016). Handbook of Positive Emotions, chapter 11, pp.201-214.Guilford Press; NY.

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Michael Emmett Brady Corresponding author

California State University

mandmbrady@juno.com

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Adam Smith was Consistent in Both The Theory of Moral Sentiments and The Wealth of Nations on the Role of the Concept of Prudence (Self Interest): Das Utilitarian Economist view is the ProblemMichael Emmett Brady The Origin of Morality and the Making of the Moral PredicamentGennady Shkliarevsky

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DOI: 10.70150/b3d9ng06
Published: 31 December 2025
Volume / issue: 1 / 2
Pages: 1–6
Language: EN
Licence: CC BY 4.0
ISSN: 2978-8358

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Michael Emmett Brady (2025). Adam Smith was Consistent in Both The Theory of Moral Sentiments and The Wealth of Nations on the Role of the Concept of Prudence (Self Interest): Das Utilitarian Economist view is the Problem. Ethical Review of Social Sciences, 1(2), 1–6.

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[reference-1] Becker, Gary S. (1981). Altruism in the Family and Selfishness in the Market Place. Economica, New Series, Vol. 48, No. 189 (Feb.), pp. 1-15.

[reference-2] Bentham, Jeremy. (I789). Defense of Usury. Kessinger Publishing, pp.1-74.

[reference-3] Bentham, Jeremy. (1787). The Principles of Morals and Legislation. Nabu Press. NY; NY.

[reference-4] Brady, Michael Emmett. (2017). Adam Smith's Wealth of Nations after 240 Years: It Is still the Work of an Intellectual Giant Towering Heads and Shoulders Above the Benthamite Utilitarian Economists of the 18th, 19th, 20th and 21st Centuries (November 15). Available at SSRN: https://ssrn.com/abstract=3071434.

[reference-5] Brady, Michael Emmett. (2017). Modeling Adam Smith's Analysis of the Very Severe, Negative Impacts of 'Projectors, Imprudent Risk Takers and Prodigals' on the Macro Economy in the Wealth of Nations Using a Modified Lotka-Volterra Non-Linear Coupled Model of Differential Equations (October 13). Available at SSRN: https://ssrn.com/abstract=3053111.

[reference-6] Brady, Michael Emmett and Gorga, Carmine. (2017). From Aristotle, Augustine, Aquinas, and Adam (Smith) to Concordian Monetary Policy - How to Use Public Policy to Guide Accumulation toward Virtuous Ends (June 4,). Available at SSRN: https://ssrn.com/abstract=2980194.

[reference-7] Brady, Michael Emmett. (2017). On the Updating and Reformulations, Added by Adam Smith and J M Keynes, to Aristotle's Universal, General Theory of Economics, Politics, Civics, and Institutions (June 7). Available at SSRN: https://ssrn.com/abstract=2982921.

[reference-8] Brady, Michael Emmett. (2014). From Adam Smith to John Maynard Keynes and Back to Adam Smith: The Circle Closes. The Old Economic Thinking of Smith and Keynes Combined is Still Superior to Any 'New Economic Thinking’. Available at SSRN Working Paper Series.

[reference-9] Brady, Michael Emmett. (2011). A Comparison-Contrast of Adam Smith, JM Keynes and Jeremy Bentham on Probability, Risk, Uncertainty, Optimism-Pessimism and Decision Making with Applications Concerning Banking, Insurance and Speculation. International Journal of Applied Economics and Econometrics, Volume 19, No.4, October -December, pp. 86-111.

[reference-10] Coleman, William. (1999). Book Review: The Myth of Adam Smith. History of Economic Review,29, pp.142-144.

[reference-11] Evensky, J. (1993). Ethics and the Invisible Hand. Journal of Economic Perspectives, Volume 7, no. 2 (Spring), pp.197-205.

[reference-12] Evensky, J. (2005). Adam Smith’s Moral Philosophy. Cambridge; Cambridge University Press.

[reference-13] Friedman, Milton and Friedman, Rose. (1980). Free to Choose, New York: Harcourt, Brace and Jovanovich.

[reference-14] Frey, Donald E. (1996). The Good Samaritan as Bad Economist: Self-Interest in Economics and Theology. CrossCurrents, Vol. 46, No. 3, The Good Samaritan (FALL), pp. 293-302.

[reference-15] Higgins, B., & Sovoie, D. J. (1997). Towards a new political economy of regional development. In Regional Development Theories and Their Applications, chapter 21, pp.395-408.New Jersey; Transactions Publishers. Reissued by Routledge (2017).

[reference-16] Hueckel, Glenn R. (2000). The Myth of Adam Smith (review). History of Political Economy,32. no.2, pp. 405- 406.

[reference-17] Kennedy, Gavin. (2008) Adam Smith: A Moral Philosopher and His Political Economy (Great Thinkers in Economics). England: Palgrave Macmillan.

[reference-18] Kennedy, Gavin (2009). “Adam Smith and the Invisible hand: From Metaphor to Myth”, Economic Journal Watch, Vol.6, no.2, May, pp. 239‐263.

[reference-19] Kennedy, Gavin (2012). The Myth of the Invisible Hand‐A View from the Trenches. Paper presented at the 44th Annual UK History of Economic Thought Conference‐ Keele University,4 September 2012.

[reference-20] Klein, Daniel B. (2009).” In Adam Smith’s Invisible Hands: Comment on Gavin Kennedy”, Economic Journal Watch, Vol.6, no.2, May, pp. 264‐279.

[reference-21] Klein, Daniel B. and Lucas, Brandon (2011). In a Word or two, placed in the middle: The Invisible hand in Smith’s Tomes, Economic Affairs, Vol.31, no.1, pp.43‐52.

[reference-22] Klein, Daniel B. and Lucas, Brandon (2011).” On the Deliberate Centrality of An Invisible Hand: Reply to Gavin Kennedy, Ryan Hanley and Craig Smith”, Economic Affairs, Vol.31, no.2, pp.90‐92.

[reference-23] Levy, David. M. (1999). Adam Smith’s Katallactic Model of gambling: Approbation from the Spectator. J. Hist. Econ. Thought,21,1, pp.81-91.

[reference-24] McMahon, Christopher. (1981). Morality and the Invisible Hand. Philosophy and Public Affairs, 10, No.3, (Summer), pp. 247-277.

[reference-25] Meeropol, Michael (2004). “Another Distortion of Adam Smith: The Case of the “Invisible Hand”. Working Paper Series, no.79, Political Economy Research Institute, U. of Massachusetts, Amherst.

[reference-26] Moore, G.E. (1903). Principia Ethica. Amherst, New York: Prometheus Books (1988).

[reference-27] Mossner, E C, and Ross, I S. eds. (1987) The Correspondence of Adam Smith (Glasgow Edition of the Works and Correspondence of Adam Smith). London; Liberty Fund, Inc.

[reference-28] Pack, Spencer. (1999). Book Review: The Myth of Adam Smith. Southern Economic Journal,65, no.3, pp.661-664.

[reference-29] Pack, Spencer J. (2008). Aristotle’s Difficult Relationship With Modern Economic Theory. Found. Sci. (2008) 13:265–280. DOI 10.1007/s10699-008-9135-x.

[reference-30] Pack, Spencer J. (2010) Aristotle, Adam Smith and Karl Marx: On Some Fundamental Issues in 21st Century Political Economy. Cheltenham, UK: Edward Elgar.

[reference-31] Paganelli, M. (2003). In Medio Stat Virtus: Alternative view of usury in Adam Smith’s Thinking. History of Political Economy, Vol. 35, no.1, pp.21-48.

[reference-32] Paganelli, M. (2008). The Adam Smith Problem in Reverse: Self-Interest in The Wealth of Nations and The Theory of Moral Sentiments. History of Political Economy 40:2, pp.365-382.

[reference-33] Rashid, Salim. 1998.The Myth of Adam Smith. Cheltenham, England: Edward Elgar.

[reference-34] Schumpeter, Joseph. (1954). History of Economic Analysis. England: Oxford University Press.

[reference-35] Smith, Adam. (1776). The Wealth of Nations. Modern (Cannan) Library Edition with the foreword by Max Lerner. N.Y., N.Y.

[reference-36] Smith, A. (1759,1st ed.). The Theory of Moral Sentiments. Gutenberg Publishers (March 26, 2011) .6th edition,1790.

[reference-37] Stigler, G. J. (1971). Smith’s Travels on the Ship of the State. History of Political Economy, Vol.3, no.2, pp.265-277. Stigler, George. (1975). “Smith’s Travels on the Ship of State.” In Essays on Adam Smith, edited by Andrew S. Skinner and Thomas Wilson. Oxford: Clarendon Press.

[reference-38] Stigler, G. J. (1976). The Successes and Failures of Professor Smith. Journal of Political Economy, Vol.84, no.6, pp.1199-1213.

[reference-39] Stigler, George J. (1982). The Economist as Preacher and Other Essays (Chicago: University of Chicago Press, 1982).

[reference-40] Viner, Jacob. (1927). Adam Smith and Laissez Faire. Journal of Political Economy, Vol. 35, No. 2 (April), pp. 198-232.

[reference-41] Valdesolo, P.& DeSteno, D. (2016). Positive Emotions, Social Cognition, and Inter Temporal Choice. In Tugade, M.M., Shiota, M.N., and Kirby, l.D.2016). Handbook of Positive Emotions, chapter 11, pp.201-214.Guilford Press; NY.