“The importance to Smith of the overall set of values in which the economy operates is generally ignored by his followers in the late twentieth century. His economics, based upon individual self-interest, is remembered, but his moral framework is not.”

— Paul Ormerod , book The Death of Economics

Part I, Chapter 1, Economics in Crisis, p. 14
The Death of Economics (1994)

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Paul Ormerod 20

English economist

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Context: He who bases or thinks he bases his conduct — his inward or his outward conduct, his feeling or his action — upon a dogma or a principle which he deems incontrovertible, runs the risk of becoming a fanatic, and moreover, the moment that this dogma is weakened or shattered, the morality based upon it gives way. If the earth that he thought firm begins to rock, he himself trembles at the earthquake, for we do not all come up to the standard of the ideal Stoic who remains undaunted among the ruins of a world shattered into atoms. Happily the stuff that is underneath a man's ideas will save him. For if a man should tell you that he does not defraud or cuckold his best friend only because he is afraid of hell, you may depend upon it that neither would he do so even if he were to cease to believe in hell, but that he would invent some other excuse instead. And this is all to the honor of the human race.

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“The importance to Smith of the overall set of values in which the economy operates is generally ignored by his followers in the late twentieth century. His economics, based upon individual self-interest, is remembered, but his moral framework is not.”

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Paul Ormerod 20

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