ABSTRACT
James Otteson’s book (2002) is a comprehensive and clear analysis of Smith’s two works – Wealth of Nations and The Theory of Moral Sentiments – and their relation. Otteson’s detailed analysis shows how, for Smith, market systems and moral systems are similar. Both are generated by individual decisions. And both generate unintended systemic social order. I think Otteson’s analysis is correct. In this paper I develop one possible implication of Otteson’s reading of Smith (that Otteson did not develop) aimed at justifying his Smith’s position (as read by Otteson).
