What the classicals said: Difference between revisions

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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>
 
 
 
 


==Merits of considering both traditions==
===Adam Smith===


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 we will naturally try to make our actions appealing to what others might be able 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 even if we are free to do as we choose.  Smith's arguments for the foundation of moral sentiments based on this theory of sympathy is the basis of modern normative economics.  Smith argues for what should be.
<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>

Latest revision as of 04:44, 2 May 2007

Home | Introduction | Normative Economics | Positive Economics | Economics today & Its Future | Conclusion | Works Cited




Home | Introduction | Normative Economics | Positive Economics | What the classicals said | Transition | Economics today (Positive) & its future | What we learn from this | Conclusion | Works Cited
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