The idea that we are morally conscious agents, with free will and the power of choice, had important implications for the economic sphere as well. This more expansive and more optimistic vision of human character helped to foster new insights into the beneficial consequences of individual initiative. If people can understand what is in their spiritual interest and act on it, they can do the same for their worldly interests, improving their own lives and the lives of others, too. Adam Smith’s crucial contribution was to identify market competition as the mechanism that enables individual initiative to realize its potential.
Friday, January 22, 2021
Just so you know…
… How Religion Shaped Modern Economics - WSJ. (Hat tip, Dave Lull.)