Not Just an Inferior Virtue, nor Self-Interest: Adam Smith on Prudence

Abstract

This paper focuses on the treatment of prudence by Adam Smith. Smith was one of the few philosophers to conceive of it as a moral virtue. Smithian prudence is the care of one's own happiness that is limited and ennobled, respectively, by the sense of justice and that of self-command. A reconstruction of Smith's view of prudence helps to clarify three central points in his thought: the interaction between the agent's economic and moral dimensions, the relationship between the self and the other, and the dialectical tension between partiality and impartiality. Furthermore, Smithian prudence is important, in itself, as an approach to the above-mentioned points that is still viable. These three points are recurrent crucial issues in the history of ethics.