Jonathan B. Wight - “Saving Adam Smith: A Tale of Wealth Transformation, and Virtue.”

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"Saving Adam Smith: A Story of Wealth Transformation, and Virtue"

\"Saving Adam Smith: A Story of Wealth Transformation, and Virtue\" is written by Jonathan B. Wight. Wight brings Adam Smith, the man considered as the father of economics, to twenty-first-century researchers in this text. Wight encourages present academics to study, grasp, and apply Smith's teachings written more than 200 years ago. Wight believes Smith's influence was more focused on moral improvement than economic development.

Adam Smith's Beliefs on Self-Love and Virtue

Wight's ideas are consistent with Smith's belief that self-love is a human virtue. It is critical for an individual to take care of his or her own health and well-being. It is incorrect for any one person to interpret this viewpoint as selfish. Following the footsteps of Aristotle, Stoics, and Plato, Smith emphasizes that the right balance is fundamental between the three forms of virtue; proper benevolence, strict justice, and prudence. To uphold and maintain this balance an individual needs sympathy, imagination, and feelings for others.

The Life and Contributions of Adam Smith

One might be tempted to ask who Adam Smith was. Smith was a Scot scholar with a specialty in moral philosophy. Besides, he was a brilliant thinker, British patriot, and a great writer. Smith was a rational thinker and rigorous in observation; his perspectives on issues affecting humankind still affect the human approaches until this day. He studied and attained a distinction under the mentorship of Frances Hutchinson at the University of Glasgow; Hutchinson taught him the significance of love. His theory of Moral Sentiments depicts massive admiration for Hutchinson\u2019s approaches, but still unearthing its limitation as a moral philosophy. The book reveals that Smith went forth to study ministry at the University of Oxford but later found that his calling was not along those lines. He grew academically and became a popular lecturer at the University of Edinburgh and then was elected the chair of moral philosophy at Glasgow in 1752. He made his first publication in 1759, \u201cThe Theory of Moral Sentiments mainly based on lectures about natural theology and ethics. His popular text, Nature, and Causes of the Wealth of Nations was published in 1776.

Reintroducing Adam Smith's Teachings in the 21st Century

Wight\u2019s fictional text portrays the voice and spirit of Adam Smith resurfacing in America of the 21st century; the book depicts the picture of Smith coming back to correct his views regarding the moral philosophy as well as economics. He challenges economic scholars that they are not honest to their perceptions concerning his principles because they confess his them with the lips and not the heart and exercise zero commitment of trying to put them into practice. Wight, in Smith\u2019s shoes, says that the modern-day scholars do not connect with the principles which they teach.

Smith's View of Markets and People

He fosters smith\u2019s view that markets and people cannot exists without each other. If one is absent, the other cannot survive.

The Significance of Natural Effort and Free Market

Wight advances smith\u2019s ideas as though he is the one writing the book. He portrays a desperate Smith wanting to make corrections on the misunderstanding made on his perspectives notably, the perception of self-interest wrongly seen as selfishness when left to direct economic activities since it results in creation and accumulation of wealth for individuals who manage to optimize their wealth. Smith highlights the significance of natural effort of all people to better their own conditions; given that they do not breach natural law and justice, is paramount and compelling and has the capacity to propel a society to growth and development. Allowing the features of the competitive market to prevail, and considering the externality factor, a free market will channel resources to attain higher profits without any control from a central authority. The constant search for benefits results in transformations and innovations which are beneficial to the nations and consumers. Mercantilists are often against this viewpoint because it denies them a chance to manipulate the market and gain higher profit by running away from competition.

Wight's Novel: Marketing Smith's Work to the 21st Century

Wight\u2019s novel offers a format of marketing Smith\u2019s work to the 21st-century scholar. The book is enjoyable to read and outlines an appealing journey of a young professor striving to finish doctoral thesis early enough to put its findings and principles into the market, particularly an asset assessment formula, to a global firm with the optimism of cornering the aluminium company based in post-communist Russia. The realization of this objective which comes with fame, academic recognition through the Samuelson gift. However, this does not happen because of the inherent nature of the professor caring for sick people, a senior man motivated by the Adam smith\u2019s talkative nature and the developing inner conflict through the association with a woman of tender age, and the struggle to find the meaning of his life.

Smith's Stance on Leadership and Character Transformation

Wight reveals that Smith might have been receptive to the contemporary designs of leadership. But the author could not determine whether Smith could apply his rational genius to open up dangers and powers associated with present-day management. The writer cannot determine whether Smith is pro-leadership which works on a vision which inspires and transforms the viewpoints of its followers. Wight reveals that smith was against human tyranny and Utopian thinking. His morals dictate that people have to follow principled means, especially those provided by an external higher power like God and the provisions of natural law. Besides, the book reveals Smith as a man who desired the good ending of an issue as well as the transformation of character. Benevolence and prudence are significant from smith\u2019s view, but justice is paramount in human endeavors and business activities.

Smith's Moral Philosophy in the Contemporary Academic World

Wight advances smith\u2019s valued view to the contemporary academic in a skilful manner. As the writer elaborates, Smith through the influence of his close ally brings a moral argument to the core. He posits that a sufficiently complete individual is one guided by both his heart and intellect. As Wight captures, there are no essential qualities accorded to goodwill than having a public spirit, a core of sympathy, working towards the good of the entire society and a generous concern for the well-being of the community at large.

Smith's Views on Economics and Politics

From the social and economic standpoint, Smith agrees with the views of Robert Novak that capitalism cannot be the source of all optimism. The framework of natural liberty calls for economic and political articulation. Additionally, the political setup has a higher priority than an economic order in the promotion of the rule of law. Economics is not everything as Novak (1996) puts it; it is just a means to the next step.

In Conclusion

Wight\u2019s text is impressive and commendable for reading by everyone. It is paramount, and lecturers can utilize it to introduce business practitioners and learners to complete understanding of Adam Smith\u2019s canons while entertaining them with well-organized narration not connected with scholarly surveys. The main idea of the novel is that Smith\u2019s moral philosophy is relevant to the world economy today and need to be read and conceptualized. Reading the text is a challenge worth undertaking.

June 12, 2023
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