Two Moments of Impartial Spectators, Four Genera of Satisfactions: Making Sense of The Theory of Moral Sentiments

This paper reconstructs Adam Smith’s theory of human behavior à la rational choice theory. The reconstruction shows how the emotions and morality are different phases of rationality. The reconstruction is based on two sets of distinctions. The first distinguishes between two moments of rationality : (i) the rationality of making the best decisions; and (ii) the rationality of commanding those decisions. The second set includes four genera of satisfaction : (1) substantive satisfaction arises upon consuming pecuniary goods, e.g., food and clothes; (2) transcendent satisfaction takes place when the decision maker bonds with loved ones and aspires great goals; (3) self-possession satisfaction is the “warm glow” that emerges as a by-product of keeping promises, which occasions integrity, and avoiding excessive bonding and attachments, which occasion dignity; and (4) worthiness satisfaction emerges as a by-product of choosing worthy acts, i.e., acts free of toxic preferences (self-aggrandizement and malevolence).