While Smith thought the state should be restricted to questions of commutative justice, he didn’t think other aspects of ethics were merely matters of taste.
Why all this talk about Smith’s moral theory? After all, what can we really say in judgment of other people’s peaceful and personal choices? As Mises said, “no man is qualified to declare what would make another man happier or less discontented.” Can’t we libertarians rely on the liberty principle for politics and leave everything else to individual choice? Well, I think Smith would say “no” for two reasons; one public, one private. Firstly, how people choose to live affects others, even when no coercion is involved. From raising children to caring for the elderly, from sponsoring the fine arts to alleviating poverty, our choices have a profound impact on others and on the concatenation of social affairs. Secondly, morality affects our own personal flourishing. Pace Mises, we can, in fact, talk meaningfully about virtue and recommend that others modify their habits. Read more
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