Books

First edition of Smith's first book, including his first use of the "invisible hand" concept. The Theory, a probing analysis of human nature, laid the intellectual foundations for the Wealth of Nations, and Smith himself ranked it above its illustrious successor. The Theory of Moral Sentiments "would be enough to assure the author a respected place among Scottish moral philosophers... Its central idea is the concept, closely related to conscience, of the impartial spectator who helps man to distinguish right from wrong" (Niehans, p. 62). The Theory laid the intellectual foundations of the Wealth of Nations, and the two texts outline a coherent and unified system of economic and moral philosophy. To answer the question of how humans could form moral judgments despite their overwhelming selfish passions, Smith develops the concept of an impartial aspect within the human psyche, passing dispassionate and unavoidable judgments on each person's behavior. For Smith, self-seeking men are often "led by an invisible hand... and thus without intending it, without knowing it, advance the interest of the society" (p. 350). Provenance: the contemporary front free endpaper is inscribed in an 18th-century hand "Wm Radcliffe's book", perhaps the William Radcliffe (1761-1842) who made many noted improvements to traditional weaving technology, wrote papers on legitimate profits in a capitalist system, and operated a weaving factory at Mellor in Derbyshire. Octavo (207 x 122 mm), pp. [xii], 551 [= 531, numbers 317-36 omitted, as issued], [1]. Contemporary sprinkled calf boards, neatly rebacked to style, spine ruled and decorated in gilt, and with red morocco label lettered in gilt, covers panelled with double fillet in gilt. Complete with half-title and errata on last leaf. Extensive, unintrusive contemporary sidelining and infrequent annotations to contents, including some errata corrections. Upper outer corner and outer margin of free endpaper repaired with Japanese tissue. Light browning, foxing and offsetting to contents, small holes to upper outer margin of E8 (removing pagination) and Hh6 (touching text), short closed tear to outer margin of B1, tiny chip to lower outer corner of S3, minor spots of worming to outer margins of gatherings Ff & Gg: a very good copy. Goldsmiths' 9537; Higgs 1890; Kress 5815; Tribe 1; Vanderblue, p. 38. Jürg Niehans, A History of Economic Theory: Classic Contributions, 1720-1980, 1994.