ADAM SMITH'S VIEW OF HISTORY: CONSISTENT OR PARADOXICAL?

The conventional interpretation of Adam Smith is that he is a prophet of commercialism. The liberal capitalist reading of Smith is consistent with the view that history culminates in commercial society. The first part of the article develops this optimistic interpretation of Smith's view of history. Smith implies that commercial society is the end of history because 1) it supplies the ends of nature that he identifies; 2) it is inevitable; and 3) it is permanent. The second part of the article shows that Smith has some dark moments in his writings where he seems to reject completely such teleological notions. In this more civic humanist mood he confesses that commercial society does not supply the ends of nature, nor is it inevitable, nor is it permanent. Both views exist in Smith and the commentator is forced to choose between passages in Smith's work in order to support a particular interpretation of the former's view of history.Political Economy,

ADAM SMITH'S PESSIMISTIC VIEW OF THE FUTURE OF COMMERCIAL SOCIETY: RHETORIC OR REALITY?

Adam Smith is generally viewed as a great optimist about commerce and commercialism. Consistent with this assessment is the conventional view that Smith believed in progress: he had an optimistic view of history. On the other hand, occasionally over the last thirty years commentators, such as Heilbroner, have suggested that Smith actually had a very pessimistic view of history and the prospects of commercial society. Can we explain Smith's apparent inconsistencies? One solution is that Smith "changed his mind" during his lifetime. Another suggestion, proposed by Muller, is that Heilbroner (and others holding similar views) failed to understand Smith's rhetoric. Muller is correct in suggesting that there is exaggeration in some of Smith's pessimistic statements. Nevertheless, Smith's vision has a darker tincture than Muller acknowledges: much of Smith's pessimism about commercial society remains a reality which cannot be neatly explained away as "rhetoric."International Relations/Trade,

THE THEOLOGICAL FOUNDATION OF ADAM SMITH'S WORK

The paper will discuss the theological foundation to Smith's writings. Teleology, final causes and divine design were initially seen as central to understanding Smith's writings. Over time, this view fell out of fashion. In the period after World War II, with the rise of positivism, commentators tended to overlook or downplay this interpretation. In the last decade, or so, teleology has started to be restored to its former position as an essential element in understanding Smith. After spelling out Smith's teleology and his view of final causes, divine design and the ends of nature, we try to explain the Panglossian nature of the 'new theistic view' of Smith. While our view differs somewhat, we agree with the essence of the 'new view' claim: a theological view exists in Smith which underpins his moral and economic theories.Political Economy,

OVERCOMING POSITIVISM IN ECONOMICS: AMARTYA SEN'S PROJECT OF INFUSING ETHICS INTO ECONOMICS

Logical Positivism, which arose in philosophy early in the twentieth century, proclaimed the sharp distinction between facts and values. Despite objections at the time, positivism was imported into economics in the 1930s. Over time, objections lessened; economics was transformed and ethical considerations were driven out of its core. In the 1950s, debates about positivism arose within the discipline which had exported it. According to the American philosopher Hilary Putnam, the fact/value distinction is now discredited in philosophy. If that is so, the methodological foundations of contemporary economics are also discredited. In this article I examine Amartya Sen’s moral science of economics. First, I will present his historical account of the connections between economics and ethics. Sen claims that there was a close connection between the two until positivism was imported. Second, I will sketch some of Sen’s ethical objections to modern economics, which is still suffering from positivism. Finally, I will lay out some of his ideas on how economics can be returned to an ethical path. Once the ground has been cleared of positivism, ethics can re-emerge in economics in various ways. One path has been marked out by Sen.Teaching/Communication/Extension/Profession,

JOHN LOCKE AFTER 300 YEARS

John Locke was a seminal figure in political philosophy and political economy and this year marks the tercentenary of his death. The paper focuses on the classical liberal interpretation of Locke. In this view, Locke defends individualism, natural rights (especially to property) and minimal government. After sketching this interpretation, I will present some extensions and applications of that interpretation. With this background in mind, I then turn to the views of critics who have claimed that Locke's individualism has been exaggerated and that Lockean rights are not absolute (they must be balanced against duties). Then I address the view of those who see Locke as a defender not of minimal government but of a more muscular (albeit limited) government. I then provide a brief conclusion.Political Economy,

Effects of Environmental Moduls and TGF-?1 Surface Concentration on Aortic Valvular Interstitial Cell Activation

Valvular Interstitial Cells (VICs) are the predominant cell population of mammalian heart valves. When the valve is damaged, VICs become activated to a myofibroblastic state and secrete a variety of matrix molecules in order to repair the valve structure. However, in aortic valve stenosis, the VICs differentiate to an osteoblastic state. This phenotype ultimately calcifies the valve resulting in valvular stenosis, which eventually requires valve transplantation for prolonged survival. It has been previously shown that this activation is modulated separately by the cytokine transforming growth factor beta-1 (TGF-β1) as well as mechanical properties of the extracellular microenvironment, notably the environmental modulus. In this investigation, hydrogels of soft and stiff moduli with varying surface concentrations of covalently tethered TGF-β1 were constructed in order to assess the effect of varying both environmental modulus and TGF-β1 concentration. On softer substrates, VICs exhibited a rounded morphology and clustered together. As a result, there was little variation in activation or cell density between different TGF-β1 conditions. On stiffer substrates, VICs exhibited a more spread morphology and higher cell density on all conditions compared to soft conditions. In response to varying levels of TGF-β1 surface concentrations, VICs increased in activation from 0 to 16 ng/cm2 TGF-β1, but then significantly decreased in activation from 16 to 32 ng/cm2. VICs were also seen to form nodules on 32 and 64 ng/cm2 TGF-β1 conditions but not on 0 and 16 ng/cm2 conditions. These results suggest there is a TGF-β1 concentration threshold between the 16 and 32 ng/cm2 below which VICs remain activated and in a myofibroblastic state and above which VICs progress to a disease-like state. However, further cellular characterizations are needed to confirm these conclusions

ADAM SMITH'S OPTIMISTIC TELEOLOGICAL VIEW OF HISTORY

Adam Smith's four-stage theory provides the framework for his writings on history. The fourth stage is the commercial epoch; the culmination of history in this stage is a key component in the conventional interpretation of Adam Smith as a prophet of commercialism. In two historical case studies Smith shows the capacity of commercial society to regenerate itself. This potent capacity suggests that commercial society is inevitable. At a certain point in time it also overcomes the major obstacles to its permanence. Smith's philosophy of history anticipates the end of history views of Kant and Hegel.Political Economy,

Book of hours

The recent acquisition of a single illuminated leaf and its use in teaching are discussed by Elizabeth Alvey and Stephanie Muskens