moral sentiment

Economics and A Theory of Moral Sentiment

Adam Smith is largely responsible for starting the field of economics as an academic subject. His magnum opus The Wealth of Nations is considered the first work of modern economics, and Smith is sometimes referred to as “the father of modern economics.” I tell you this because I think Smith would be at least mildly ashamed of his academic progeny. Smith is perhaps best known for his famous statement on mutually beneficial trade: