Adam Smith’s Theory of Society

Many people are intrigued by the theories of Adam Smith, particularly those found within The Theory of Moral Sentiments (TMS). The ideas in his 18th-century manuscript are abstract, dense, and philosophical. Consequently, the insights from Adam Smith can be inaccessible to those who seek to understand these teachings. This book by Vernon L. Smith clarifies and contextualizes Adam Smith's work, making it more approachable for modern readers. It provides over 400 key passages from the Douglas Stewart edition (Henry G. Bohn) of TMS, presenting these ideas with modern context from Vernon L. Smith in a clear and concise manner. The book is structured to allow readers to explore one or two passages a day, providing a gradual and thorough understanding of the ideas that influence societal order and moral foundations. Readers will gain a comprehensive understanding of Adam Smith's insights into societal order and human interaction. The book offers practical context to the 18th-century text, making it relevant for contemporary audiences, including economists, social scientists, and philosophers. By breaking down complex teachings into manageable daily readings, the book equips readers with the knowledge to appreciate and apply Adam Smith's theories in their own lives and professional fields. Vernon L. Smith received the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. Smith has joint appointments with the Argyros School of Business & Economics and the Fowler School of Law at Chapman University, and he is part of a team that will create and run the new Smith Institute for Political Economy and Philosophy at Chapman. Smith has authored or co-authored more than 300 articles and books on capital theory, finance, natural resource economics and experimental economics. He serves or has served on the board of editors of the American Economic Review, Cato Journal, Journal of Economic Behavior and Organization, the Journal of Risk and Uncertainty, Science, Economic Theory, Economic Design, Games and Economic Behavior, and the Journal of Economic Methodology. He is past president of the Public Choice Society, the Economic Science Association, the Western Economic Association and the Association for Private Enterprise Education. Smith is the coauthor of Economics of Markets (Palgrave Macmillan 2022) and the author of A Life of Experimental Economics (Palgrave Macmillan, 2018). This is his thirteenth book.