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| <center>[[Group 3: Normative and Positive Traditions in Economics|Home]] | [[Introduction: What are Positive and Normative Economics?|Introduction]] | [[Normative Economics]] | [[Positive Economics]] | [[What the classicals said]] | [[Transition period, Seperation, and their labeling|Transition]] | [[Economics today (Positive) & its future]] | [[What we learn from this]] | [[Our Conclusions|Conclusion]] | [[Sources and Works Cited|Works Cited]]</center> | | <center>[[Group 3: Normative and Positive Traditions in Economics|Home]] | [[Introduction: What are Positive and Normative Economics?|Introduction]] | [[Normative Economics]] | [[Positive Economics]] | [[Economics today & Its Future]] | [[Our Conclusions|Conclusion]] | [[Sources and Works Cited|Works Cited]]</center> |
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| ==Merits of considering both traditions==
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| ===Adam Smith===
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| In one of his most famous works, ''The Theory of Moral Sentiments'', Smith introduces the idea of sympathy as a guiding force for our actions in society. More akin to what we might call empathy, Smith's idea of sympathy is our ability to identify ourselves with others and to in some sense share in the pain and pleasure which we see them receive. Smith views this as similar to switching places with another and yet retaining your consciousness, in other words, to "put yourself in their shoes". Thus because of sympathy people will naturally try to make their actions appealing to what others are willing to go along with. Sympathy is also a way that we can "step outside of ourselves" and regard our actions objectively. In this way, sympathy will normalize our behavior, causing us to socialize our behavior even if we are free to do as we choose. Thus, sympathy is the foundation of rules and justice. Smith's arguments about moral sentiments which are based on this theory of sympathy is the foundation of modern normative economics. However, Smith is not simply interested in the morals and ethics of economics, he also considers the positive side of economics. In his book ''The Wealth of Nations'' he talks about many more logistical aspects of economics. His main point is about the power of the division of labor in producing beneficial outcomes above and beyond the what several people could achieve working individually. He speaks of three chief benefits that the division of labor produces:
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| "first to the increase of dexterity in every particular workman; secondly, to the saving of the time which is commonly lost in passing from one species of work to another; and lastly, to the invention of a great number of machines which facilitate and abridge labour, and enable one man to do the work of many."..."[[Sources and Works Cited|[10]]]
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Latest revision as of 04:44, 2 May 2007
