Publication
The Korean Journal of Economic Studies
The Philosophical Origin of Adam Smith’s Economic and Social Order
이상헌Year 2009Vol. 57No. 1
Abstract
The economic discourse of A. Smith constitutes a part of his moralphilosophy which, in turn, reflects the tradition of Scottish Enlightenment.Smith’s notion of liberal economic order is characterized by empiricism andindividualism. This paper examines their philosophical sources. It argues thatempiricism comes from Hutcheson who restructured the natural law theories ofthe modern era in terms of moral-cum-empiricist arguments. Smith in turntransformed Hutcheson’s moral system, and removed the social necessity toenforce the common good. It makes Smith’s social order individualistic as wellas empiricist.