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Vol. 44 No. 79 (2025)

Economic theory

The incompatibility between sympathy and self-interest: Adam Smith's problem

https://doi.org/10.19053/uptc.01203053.v44.n79.2025.18212

Published 2025-03-12

  • Mario Eduardo Hidalgo-Villota
    • ,
  • Yadi Emilce Bolaños-Sánchez

Mario Eduardo Hidalgo-Villota
University of Nariño image/svg+xml

Yadi Emilce Bolaños-Sánchez
University of Nariño image/svg+xml

Abstract

This article examines Adam Smith's problem, called by the German historical school “Das Adam Smith Problem”, arising from the philosophical dichotomy between the sympathy developed in The Theory of Moral Sentiments published in 1759 and the self-interest outlined in The Wealth of Nations, a work published in 1776. On the basis of these two classic works and a review of a number of specialized studies on the subject, the authors of this manuscript provide some reflections in favor of the coexistence and complementarity of sympathy and self-interest in human behavior, in contrast to Smith's detractors, who erroneously compare self-interest with the selfishness symbolized in the caricature of Homo economicus. Hence, self-interest is generally profitable not only because of the natural coincidence between self-interest and the common good as it is usually interpreted, but also because it must meet certain institutional preconditions that will make self-interest work in the desired direction to achieve the common good. In this sense, Adam Smith's problem, far from being a contradiction, is a very relevant historical and philosophical misunderstanding because of its implications in the contemporary debate between economics and ethics.

Keywords

Das Adam Smith Problem, institutions, invisible hand, self-interest, sympathy, Economic Theory

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