Adam Smith and the Virtues of a Modern Economy

Outlines Smith’s argument that how, and why, the moral standards by which ‘economics’ was judged needed to be recalibrated for the modern world of commerce. By labelling this a ‘recalibration’, the implication is that when Smith displaces the dominant view of economic morality he replaces it with another; he does not, contrary to some interpretations by both friend and foe, situate economics in an ethics- free zone.