Episode 89 – Adam Smith: The Stoic Economist

This episode explores the profound and often overlooked influence of ancient Stoicism on Adam Smith's moral philosophy. The discussion deliberately sets aside his famous work, The Wealth of Nations, to focus on what Smith considered his most important book, The Theory of Moral Sentiments (TMS). It posits that Stoicism was not a dead philosophy for Enlightenment thinkers but a living intellectual tradition that provided a blueprint for moral engineering in a new commercial society. The core of Smith's system, the concept of the "impartial spectator," is presented as a direct parallel to an internalized Stoic judge.

This internal observer's highest value is self-command, the ability to moderate one's passions to a level that others can sympathize with. True admiration is earned not for suffering, but for the moral strength demonstrated in controlling one's reaction to it. The episode examines Smith's distinction between "awful virtues," like rigid Roman fortitude, and the "amiable virtues" of kindness and benevolence, which act as the "moral oil" for a smoothly functioning commercial society. The ultimate example of awful virtue is shown through Smith's analysis of Socrates drinking the hemlock, maintaining cheerful tranquility while his friends weep uncontrollably.

This Stoic emphasis on internal control and temperate behavior was essential for the world of commerce Smith envisioned, as it ensures market participants are reliable, accountable, and not driven by destabilizing passions. Ultimately, the episode argues that Smith's entire economic worldview was built upon this Stoic foundation of a rational, self-governing, and socially considerate individual.