The Same Face of the Two Smiths: Adam Smith and Vernon Smith

Abstract:     
Going from personal to impersonal exchange seems to be a relevant feature that allows humans to develop complex societies and grow prosperous. Adam Smith’s idea of moral imagination, embodied in the impartial spectator and achieved through sympathy, may integrate and complement today’s evolutionary biology and experimental economic explanations, providing the missing key as to how we generate and internalize those rules of conduct that promote fair and cooperative behaviors.

Keywords: Cooperation with Strangers, Adam Smith, Vernon Smith, Sympathy

JEL Classification: B12, B30, C7, C90, D03, P0, Z1

Accepted Paper Series