Abstract

As a variant of Political Economy deriving from Adam Smith’s Wealth of Nations(WN), Public Choice students need to add Theory of Moral Sentiment to recognize true meaning of Homo Economicus, which the discipline stands on. This article focuses on four points regarding this project. First, the meaning of Sympathy by Smith was extracted from TMS. Second, logic of Smith’s Justice theory were analyzed, Third, some persuasive explanations were tried to solve so-called ‘Das Adam Smith Problem’ between TMS and WN. Fourth, relations of TMS to Public Choice was suggested, in the context of both concord and discord. Results of this article reveal some implications as follows. First, Smithian TMS logic emerged without any transcendental components like absolute reason or revelation by god, which serves to more acceptability to ordinary individuals. Second, ‘Impartial Spectator’ plays vital role to induce more objective judgements from subjective judgements of any individuals. Without it, moral sentiments are not to form mutual sympathy. Third, situations is restricted in which sympathy can lead to social stability. Therefore, force by politics, institutions, and law is more common where sympathy is hard to emerge. Public Choice is a set of knowledge to deal with those situations(‘organizational order’, by Hayek) lacking sympathy. Fourth, even so, organizational order requires to secure sympathy of the individuals being governed, at least in long-term basis, suggesting sympathy is still important, both in the world of spontaneous and organizational order.

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