Love, money and madness: Money in the economic philosophies of Adam Smith and Jean-Jacques Rousseau

¹An earlier version of this paper was presented at the Annual Congress of the Philosophical Society of Southern Africa in Port Elizabeth, South Africa, 12–14 January 2015.

Abstract

In this paper, the economic philosophies of Adam Smith (1723–1790) and Jean-Jacques Rousseau (1712–1778) are discussed, with special reference to their respective views on money. It is argued that self-love plays an important role in their philosophies of money. For Smith, self-love is the foundation of economic activity and a means to quantify exchange relations. Rousseau, in turn, rejects money because of the possibility that it may give rise to destructive and narcissistic forms of self-love—which he calls amour-propre. It seems that Smith's and Rousseau's views of money are in opposition to each other; however, both argue that their view of money becomes unsustainable, if not qualified, by the embedded tension present in self-love. For Smith, self-love must remain in tension with sympathy for the economy to function, as discussed in his Theory of Moral Sentiments. Rousseau concedes that in society both amour-propre and amour de soi (passionate, sacrificial love) are necessary. This tension introduces a moment of madness that may have important implications when contemporary philosophies of economics engage issues such as economic inequality and poverty.

Notes

¹ An earlier version of this paper was presented at the Annual Congress of the Philosophical Society of Southern Africa in Port Elizabeth, South Africa, 12–14 January 2015.