Smithian

Smithian refers to ideas associated with Adam Smith, the 18th‑century Scottish economist and moral philosopher. The term is used to describe theories in economics and ethics that stem from Smith’s work, notably The Wealth of Nations (1776) and The Theory of Moral Sentiments (1759).

In economic thought, Smithians emphasize the division of labor, specialization, and the productivity gains from exchange. They stress that competitive markets coordinate self‑interested actions into socially beneficial outcomes, a process often described through the metaphor of the invisible hand. Smith argued for broad liberty of trade and limited government oversight, with government roles limited to maintaining justice, providing public goods, and supporting education and infrastructure.

Smith's moral psychology centers on sympathy and the impartial spectator, suggesting that moral judgments arise from the capacity to empathize and from social norms reinforced through reputation. Smithians view economic and ethical life as interconnected, with market behavior shaped by moral sentiments and social expectations.

Today, the Smithian label is used to distinguish ideas that align with Adam Smith’s thought from other schools. In contemporary debates, Smithian perspectives often appear in discussions of free markets, economic liberty, and the tradeoffs involved in regulation and public provision. Critics point to market failures, inequality, and power imbalances that Smith himself acknowledged could warrant intervention.