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May 3, 2026
Adam Smith and Modern Economics
Reclaiming the Moral High Ground
Summary
For more than two centuries, economists and researchers have struggled with the conundrum of reconciling Adam Smith’s views on economics and ethics. While some held that Smith’s capitalism and free markets institutionalized selfishness, greed, inequality and injustice, others focused on his theory of the moral nature of all human persons and the application of conscience and self-restraint in capitalist activities.
Adam Smith and Modern Economics suggests that neither of these two conventional understandings alone is accurate and conducive to human flourishing. Smith put markets in the context of morality, observing that markets serve best when our moral sentiments are followed.
Stephen B. Young is the Global Executive Director of the Caux Round Table for Moral Capitalism, an international network of experienced business leaders who advocate a principled approach to global capitalism.
Alfred Marcus is the Edson Spencer Professor at the Carlson School of Management University of Minnesota.
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