Jeremy Bentham And Adam Smith:
Jeremy Bentham, while critical of some aspects of Adam Smith's work, incorporated and expanded upon several of Smith's ideas in his own writings. Notable points of influence include:
Utilitarianism:
Bentham's Adaptation: While not directly from Adam Smith, Bentham's utilitarianism, emphasizing the greatest happiness for the greatest number, aligned with the broader Scottish Enlightenment ideas, including those of Smith.
Economic Ideas:
Laissez-Faire: Bentham embraced the concept of laissez-faire economics, a notion promoted by Adam Smith. This idea advocates for minimal government interference in the economy, allowing individuals to pursue their own interests freely.
Self-Interest and Competition: Bentham, like Smith, recognized the role of self-interest and competition in economic interactions. Both thinkers acknowledged that individuals, in pursuing their own interests, contribute to the overall prosperity of society.
Invisible Hand:
Although not explicitly endorsed by Bentham, the idea of the "invisible hand," as articulated by Smith, suggests that individual self-interest can unintentionally contribute to the common good. This notion of unintended social benefits aligns with aspects of Bentham's utilitarianism.
Law and Punishment:
Pleasure and Pain: Bentham's utilitarian calculus, evaluating actions based on their contribution to pleasure and pain, bears some resemblance to Smith's consideration of sympathy and moral sentiments in assessing the justice and utility of laws.
While Bentham and Smith had differences in their perspectives, particularly in their approaches to ethics and political philosophy, Bentham's utilitarianism and embrace of laissez-faire economics were influenced by key ideas from the work of Adam Smith and the broader intellectual currents of their time.
