In the Theory of Modern Sentiments Smith distinguishes between the actual impartial spectator and the ideal; the man within the breast – a mechanism that allows Smith to extend the theory of moral approbation to judge the actions and motives of the agent himself. Argues that the significance...

As social economics is a value‐directed enquiry into economic theory as it pertains to the formulation of economic policy it is incumbent upon the social economist not merely to state a value position but to provide reasons for holding this position. In this manner values enter the realm of...