Abstract
Adam Smith, The Theory of Moral Sentiments (1759) articulated a theory of society based on emergent rule-governed norms of social propriety. Society is based on people who care enough, or not, about getting along with their neighbors that they follow rules of Beneficence and of Justice that create order that includes property. The Wealth of Nations (1776), models price discovery in markets—important, for his fundamental theorem is that wealth is created by specialization, determined by the extent of markets. The neoclassical utilitarian theorists failed to accomplish this. Consequently, Smith’s complete model of social economy is fresh, relevant, and predictive for modern scholars and experimenters.
A paper for this lecture is available here.