“One source of misunderstanding is that many of the commentators have been economists who have looked at the Moral Sentiments simply in order to find some relevance for The Wealth of Nations.”

— D. D. Raphael

This gave rise to the so-called Adam Smith problem, a supposed inconsistency between the psychological assumptions of the two books. Another source of error has been a failure to note whether a particular passage was written for the first or for the sixth edition.
The Impartial Spectator: Adam Smith's Moral Philosophy (2007), Ch. 1: Two Versions

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D. D. Raphael 6

Philosopher 1916–2015

D. D. Raphael (1916–2015) Philosopher

The Impartial Spectator: Adam Smith's Moral Philosophy (2007), Ch. 1: Two Versions

“Economists have long known that people are an important part of the wealth of nations.”

Theodore Schultz (1902–1998) American economist

Source: "Investment in human capital," 1961, p. 2

“But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral Sentiments as for The Wealth of Nations. And as he understood so well, society is more than the sum of its individual parts.”

Paul Ormerod book The Death of Economics

Source: The Death of Economics (1994), Chapter 10, Economics Revisited, p. 212

“However much the theory of political realism may have been misunderstood and misinterpreted, there is no gainsaying its distinctive intellectual and moral attitude to matters political.
Intellectually, the political realist maintains the autonomy of the political sphere, as the economist, the lawyer, the moralist maintain theirs. He thinks in terms of interest defined as power, as the economist thinks in terms of interest defined as wealth; the lawyer, of the conformity of action with legal rules; the moralist, of the conformity of action with moral principles. The economist asks: "How does this policy affect the wealth of society, or a segment of it?" The lawyer asks: "Is this policy in accord with the rules of law?" The moralist asks: "Is this policy in accord with moral principles?" And the political realist asks: "How does this policy affect the power of the nation?" (Or of the federal government, of Congress, of the party, of agriculture, as the case may be.)
The political realist is not unaware of the existence and relevance of standards of thought other than political ones. As political realist, he cannot but subordinate these other standards to those of politics.”

Hans Morgenthau book Politics Among Nations

Six Principles of Political Realism, § 6.
Politics Among Nations (1948)

“Labour is the source of all wealth, the political economists assert. And it really is the source -- next to nature, which supplies it with the material that it converts into wealth. But it is even infinitely more than this. It is the prime basic condition for all human existence, and this to such an extent that, in a sense, we have to say that labour created man himself.”

Friedrich Engels The Part Played by Labour in the Transition from Ape to Man

The Part Played by Labour in the Transition from Ape to Man (1876) http://www.marxists.org/archive/marx/works/subject/quotes/index.htm

“Too many misinterpretations have been made; too many misunderstandings have come up between the white men and the Indians.”

Chief Joseph (1840–1904) Nez Percé Chieftain

Lincoln Hall Speech (1879)
Context: Too many misinterpretations have been made; too many misunderstandings have come up between the white men and the Indians. If the white man wants to live in peace with the Indian he can live in peace. There need be no trouble. Treat all men alike. Give them the same laws. Give them all an even chance to live and grow. All men were made by the same Great Spirit Chief. They are all brothers. The earth is the mother of all people, and all people should have equal rights upon it. You might as well expect all rivers to run backward as that any man who was born a free man should be contented penned up and denied liberty to go where he pleases. If you tie a horse to a stake, do you expect he will grow fat? If you pen an Indian up on a small spot of earth and compel him to stay there, he will not be contented nor will he grow and prosper. I have asked some of the Great White Chiefs where they get their authority to say to the Indian that he shall stay in one place, while he sees white men going where they please. They cannot tell me.

“I want to block some common misunderstandings about "understanding": In many of these discussions one finds a lot of fancy footwork about the word "understanding."”

John Rogers Searle (1932) American philosopher

Minds, Brains and Programs (1980)

John Jay Federalist Papers

As a nation we have made peace and war: as a nation we have vanquished our common enemies: as a nation we have formed alliances, and made treaties, and entered into various compacts and conventions with foreign States.
1780s, The Federalist Papers, Federalist No. 2 (1787)

“Collective wisdom, alas, is no adequate substitute for the intelligence of individuals. Individuals who opposed received opinions have been the source of all progress, both moral and intellectual. They have been unpopular, as was natural.”

Bertrand Russell (1872–1970) logician, one of the first analytic philosophers and political activist

Source: Why I Am Not a Christian and Other Essays on Religion and Related Subjects

“The economic policy issues that we debate today—trade policy, inflation, the proper role of government, the eradication of poverty, and the means of raising the rate of economic growth—have been discussed by economists for more than two centuries. Many of today’s economic policies—both the good ones and the bad—are the result of the ideas of those past economists. And many of today’s debates about economic policy can be understood only by those who have at least some familiarity with the ideas of earlier economists.
The giants of economic science during the past two hundred years have been men concerned with the critical policy issues of their time. They studied the working of the economy in order to advocate better economic policies. But despite their concern with policy, they were not polemicists or politicians but men who sought to persuade their contemporaries in government and in the broader public by analysis and evidence that would meet the standards of professional debate.”

Martin Feldstein (1939–2019) American economist

Martin Feldstein (1989), Foreword to New Ideas from Dead Economists by Todd Buchholz.

“One source of misunderstanding is that many of the commentators have been economists who have looked at the Moral Sentiments simply in order to find some relevance for The Wealth of Nations.”

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