From pursuit of self-interest to pursuit of happiness: Complementary or contradictory readings of “wealth of nations” and “theory of moral sentiments”?

Abstract

In the face of global economic volatility and widening socioeconomic disparities, there is a growing call to reevaluate prevailing economic models. Heterodox economists and management scholars increasingly emphasise the significance of happiness and subjective well-being, advocating for a well-being economy that prioritises human welfare over traditional growth-centric approaches. This article contributes to this discourse by critically examining Adam Smith's seminal works, particularly "The Wealth; of Nations" and "The Theory of Moral Sentiments." It argues for a nuanced; understanding of economic growth and progress, integrating subjective well-being and ethical considerations into contemporary management frameworks. Despite limited attention in management literature, Smith's ideas about the relationship between wealth and happiness offer valuable insights for modern management and the emerging field of well-being economics. This article explores how the relationship between wealth and happiness in Smith's works holds promise for contemporary debates.