Introduction

Adam Smith is one of the most influential figures in the history of economics and philosophy. His two most famous works, ldquo;The Theory of Moral Sentimentsrdquo; (TMS) and ldquo;The Wealth of Nationsrdquo; (WN), have had a profound impact on modern society. However, while WN is often considered seminal and revolutionary, TMS remains less prominent. This article explores the significance of TMS in comparison to WN and the reasons for its lesser-known status.

The Relevance and Reception of The Theory of Moral Sentiments

Published in 1759, TMS was Smith’s first major work and introduced him to the European intellectual scene. Unlike WN, which was published in 1776, TMS had a less controversial reception with the powers of that time. This was because TMS was more abstract in nature, making it less threatening to the established order. It supported a kind of abstract metaphysics that was intellectually engaging but not a direct challenge to the existing social structures.

The Intellectual Impact of The Theory of Moral Sentiments

The only direct report of TMS’ significance comes from Simon N Patten, who acknowledged its importance clearly. Walter Bagehot, another scholar, indirectly referred to it in his essay on the bicentennial of WN. Despite the clear importance of TMS, it remains underreported, which is a significant oversight.

The Cited Works and Their Influence

Simon N Patten’s work is particularly noteworthy. Patten believed that with new technology, Earth’s resources were adequate to provide an economy of abundance, ensuring that everyone could achieve a proper diet, good housing, and education. What was missing, according to Patten, was group social action to achieve these goals. This thought was highly influential during the Progressive Era, impacting politicians and policymakers.

Another significant figure mentioned in this context is Thorstein Veblen, whose contemporaries were heavily influenced by Patten’s ideas. Veblen and Patten shared a similar perspective on social change and economic abundance. Their works highlight the broader implications of Smith’s theories beyond pure economic gain.

The Relativity of The Wealth of Nations

While TMS was impactful in its own right, WN had a more revolutionary influence. The Wealth of Nations introduced a new framework for understanding economic systems, which remained revolutionary even if many of its ideas were anticipated by earlier philosophers such as Hume and even Hobbes. WN was also the first reliable economics textbook, and its insights are still relevant today.

Concluding Thoughts

Adam Smith’s works are deeply interconnected, with each contributing in its own way to our understanding of economics and society. While The Wealth of Nations is often more celebrated and cited, The Theory of Moral Sentiments remains a cornerstone of Smith’s intellectual legacy. As we continue to grapple with the complex issues of social and economic justice, understanding the full range of Smith’s ideas, as presented in both TMS and WN, is crucial.