ABSTRACT
Two lectures back I tried to clarify that Aristotle’s theory of virtues has two aspects: we can understand the virtues (or some of them) as those dispositions that serve for well-being, or we can understand the virtues (or some of them) as the dispositions that are being morally approved. In the last lecture I interpreted Erich Fromm as a modern author who deals with virtues in the first sense, and in the present lecture I shall deal with an author who has given a new interpretation of the virtues in the second sense: Adam Smith in The Theory of Moral Sentiments (1759).1
