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a a SECTION I: Of the Character of the Individual, so far as it affects his own Happiness; or of Prudence a - Adam Smith, Glasgow Edition of the Works and Correspondence Vol. 1 The Theory of Moral Sentiments 
The Theory of Moral Sentiments, ed. D.D. Raphael and A.L. Macfie, vol. I of the Glasgow Edition of the Works and Correspondence of Adam Smith (Indianapolis: Liberty Fund, 1982).
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Of the Character of the Individual, so far as it affects his own Happiness; or of Prudencea
1The preservation and healthful state of the body seem to be the objects which Nature first recommends to the care of every individual. The appetites of hunger and thirst, the agreeable or disagreeable sensations of pleasure and pain, of heat and cold, etc. may be considered as lessons delivered by the voice of Nature herself, directing him what he ought to chuse, and what he ought to avoid, for this purpose. The first lessons which he is taught by those to whom his childhood is entrusted, tend, the greater part of them, to the same purpose. Their principal object is to teach him how to keep out of harm’s way.
2As he grows up, he soon learns that some care and foresight are necessary for providing the means of gratifying those natural appetites, of procuring pleasure and avoiding pain, of procuring the agreeable and avoiding the disagreeable temperature of heat and cold. In the proper direction of this care and foresight consists the art of preserving and increasing what is called his external fortune.
3Though it is in order to supply the necessities and bconvenienciesb of the body, that the advantages of external fortune are originally recommended to us, yet we cannot live long in the world without perceiving that the respect of our equals, our credit and rank in the society we live in, depend very much upon the degree in which we possess, or are supposed to possess, those advantages. The desire of becoming the proper objects of this respect, of deserving and obtaining this credit and rank among our equals, is, perhaps, the strongest of all our desires, and our anxiety to obtain the advantages of fortune is accordingly much more excited and irritated by this desire, than by that of supplying all the necessities and cconvenienciesc of the body, which are always very easily supplied.
4Our rank and credit among our equals, too, depend very much upon, what, perhaps, a virtuous man would wish them to depend entirely, our character and conduct, or upon the confidence, esteem, and good–will, which these naturally excite in the people we live with.
5The care of the health, of the fortune, of the rank and reputation of the individual, the objects upon which his comfort and happiness in this life are supposed principally to depend, is considered as the proper business of that virtue which is commonly called Prudence.
6We suffer more, it has already been observed,1 when we fall from a better to a worse situation, than we ever enjoy when we rise from a worse to a better. Security, therefore, is the first and the principal object of prudence. It is averse to expose our health, our fortune, our rank, or reputation, to any sort of hazard. It is rather cautious than enterprising, and more anxious to preserve the advantages which we already possess, than forward to prompt us to the acquisition of still greater advantages. The methods of improving our fortune, which it principally recommends to us, are those which expose to no loss or hazard; real knowledge and skill in our trade or profession, assiduity and industry in the exercise of it, frugality, and even some degree of parsimony, in all our expences.
7The prudent man always studies seriously and earnestly to understand whatever he professes to understand, and not merely to persuade other people that he understands it; and though his talents may not always be very brilliant, they are always perfectly genuine. He neither endeavours to impose upon you by the cunning devices of an artful impostor, nor by the arrogant airs of an assuming pedant, nor by the confident assertions of a superficial and imprudent pretender. He is not ostentatious even of the abilities which he really possesses. His conversation is simple and modest, and he is averse to all the quackish arts by which other people so frequently thrust themselves into public notice and reputation. For reputation in his profession he is naturally disposed to rely a good deal upon the solidity of his knowledge and abilities; and he does not always think of cultivating the favour of those little clubs and cabals, who, in the superior arts and sciences, so often erect themselves into the supreme judges of merit; and who make it their business to celebrate the talents and virtues of one another, and to decry whatever can come into competition with them. If he ever connects himself with any society of this kind, it is merely in self–defence, not with a view to impose upon the public, but to hinder the public from being imposed upon, to his disadvantage, by the clamours, the whispers, or the intrigues, either of that particular society, or of some other of the same kind.
8The prudent man is always sincere, and feels horror at the very thought of exposing himself to the disgrace which attends upon the detection of falsehood. But though always sincere, he is not always frank and open; and though he never tells any thing but the truth, he does not always think himself bound, when not properly called upon, to tell the whole truth. As he is cautious in his actions, so he is reserved in his speech; and never rashly or unnecessarily obtrudes his opinion concerning either things or persons.
9The prudent man, though not always distinguished by the most exquisite sensibility, is always very capable of friendship. But his friendship is not that ardent and passionate, but too often transitory affection, which appears so delicious to the generosity of youth and inexperience. It is a sedate, but steady and faithful attachment to a few well–tried and well–chosen companions; in the choice of whom he is not guided by the giddy admiration of shining accomplishments, but by the sober esteem of modesty, discretion, and good conduct. But though capable of friendship, he is not always much disposed to general sociality. He rarely frequents, and more rarely figures in those convivial societies which are distinguished for the jollity and gaiety of their conversation. Their way of life might too often interfere with the regularity of his temperance, might interrupt the steadiness of his industry, or break in upon the strictness of his frugality.
10But though his conversation may not always be very sprightly or diverting, it is always perfectly inoffensive. He hates the thought of being guilty of any petulance or rudeness. He never assumes impertinently over any body, and, upon all common occasions, is willing to place himself rather below than above his equals. Both in his conduct and conversation, he is an exact observer of decency, and respects with an almost religious scrupulosity, all the established decorums and ceremonials of society. And, in this respect, he sets a much better example than has frequently been done by men of much more splendid talents and virtues; who, in all ages, from that of Socrates and Aristippus,2 down to that of Dr. Swift and Voltaire, and from that of Philip and Alexander the Great, down to that of the great Czar Peter of Moscovy, have too often distinguished themselves by the most improper and even insolent contempt of all the ordinary decorums of life and conversation, and who have thereby set the most pernicious example to those who wish to resemble them, and who too often content themselves with imitating their follies, without even attempting to attain their perfections.
11In the steadiness of his industry and frugality, in his steadily sacrificing the ease and enjoyment of the present moment for the probable expectation of the still greater ease and enjoyment of a more distant but more lasting period of time, the prudent man is always both supported and rewarded by the entire approbation of the impartial spectator, and of the representative of the impartial spectator, the man within the breast. The impartial spectator does not feel himself worn out by the present labour of those whose conduct he surveys; nor does he feel himself solicited by the importunate calls of their present appetites. To him their present, and what is likely to be their future situation, are very nearly the same: he sees them nearly at the same distance, and is affected by them very nearly in the same manner. He knows, however, that to the persons principally concerned, they are very far from being the same, and that they naturally affect them in a very different manner. He cannot therefore but approve, and even applaud, that proper exertion of self–command, which enables them to act as if their present and their future situation affected them nearly in the same manner in which they affect him.
12The man who lives within his income, is naturally contented with his situation, which, by continual, though small accumulations, is growing better and better every day. He is enabled gradually to relax, both in the rigour of his parsimony and in the severity of his application; and he feels with double satisfaction this gradual increase of ease and enjoyment, from having felt before the hardship which attended the want of them. He has no anxiety to change so comfortable a situation, and does not go in quest of new enterprises and adventures, which might endanger, but could not well increase, the secure tranquillity which he actually enjoys. If he enters into any new projects or enterprises, they are likely to be well concerted and well prepared. He can never be hurried or drove into them by any necessity, but has always time and leisure to deliberate soberly and coolly concerning what are likely to be their consequences.
13The prudent man is not willing to subject himself to any responsibility which his duty does not impose upon him. He is not a bustler in business where he has no concern; is not a meddler in other people’s affairs; is not a professed counsellor or adviser, who obtrudes his advice where nobody is asking it. He confines himself, as much as his duty will permit, to his own affairs, and has no taste for that foolish importance which many people wish to derive from appearing to have some influence in the management of those of other people. He is averse to enter into any party disputes, hates faction, and is not always very forward to listen to the voice even of noble and great ambition. When distinctly called upon, he will not decline the service of his country, but he will not cabal in order to force himself into it, and would be much better pleased that the public business were well managed by some other person, than that he himself should have the trouble, and incur the responsibility, of managing it. In the bottom of his heart he would prefer the undisturbed enjoyment of secure tranquillity, not only to all the vain splendour of successful ambition, but to the real and solid glory of performing the greatest and most magnanimous actions.
14Prudence, in short, when directed merely to the care of the health, of the fortune, and of the rank and reputation of the individual, though it is regarded as a most respectable and even, in some degree, as an amiable and agreeable quality, yet it never is considered as one, either of the most endearing, or of the most ennobling of the virtues. It commands a certain cold esteem, but seems not entitled to any very ardent love or admiration.
15Wise and judicious conduct, when directed to greater and nobler purposes than the care of the health, the fortune, the rank and reputation of the individual, is frequently and very properly called prudence. We talk of the prudence of the great general, of the great statesman, of the great legislator. Prudence is, in all these cases, combined with many greater and more splendid virtues, with valour, with extensive and strong benevolence, with a sacred regard to the rules of justice, and all these supported by a proper degree of self–command. This superior prudence, when carried to the highest degree of perfection, necessarily supposes the art, the talent, and the habit or disposition of acting with the most perfect propriety in every possible circumstance and situation. It necessarily supposes the utmost perfection of all the intellectual and of all the moral virtues. It is the best head joined to the best heart. It is the most perfect wisdom combined with the most perfect virtue. It constitutes very nearly the character of the Academical or Peripatetic3 sage, as the inferior prudence does that of the Epicurean.
16Mere imprudence, or the mere want of the capacity to take care of one’s–self, is, with the generous and humane, the object of compassion; with those of less delicate sentiments, of neglect, or, at worst, of contempt, but never of hatred or indignation. When combined with other vices, however, it aggravates in the highest degree the infamy and disgrace which would otherwise attend them. The artful knave, whose dexterity and address exempt him, though not from strong suspicions, yet from punishment or distinct detection, is too often received in the world with an indulgence which he by no means deserves. The awkward and foolish one, who, for want of this dexterity and address, is convicted and brought to punishment, is the object of universal hatred, contempt, and derision. In countries where great crimes frequently pass unpunished, the most atrocious actions become almost familiar, and cease to impress the people with that horror which is universally felt in countries where an exact administration of justice takes place. The injustice is the same in both countries; but the imprudence is often very different. In the latter, great crimes are evidently great follies. In the former, they are not always considered as such. In Italy, during the greater part of the sixteenth century, assassinations, murders, and even murders under trust, seem to have been almost familiar among the superior ranks of people. Caesar Borgia invited four of the little princes in his neighbourhood, who all possessed little sovereignties, and commanded little armies of their own, to a friendly conference at Senigaglia, where, as soon as they arrived, he put them all to death.4 This infamous action, though certainly not approved of even in that age of crimes, seems to have contributed very little to the discredit, and not in the least to the ruin of the perpetrator. That ruin happened a few years after from causes altogether disconnected with this crime. Machiavel, not indeed a man of the nicest morality even for his own times, was resident, as minister from the republic of Florence, at the court of Caesar Borgia when this crime was committed. He gives a very particular account of it,5 and in that pure, elegant, and simple language which distinguishes all his writings. He talks of it very coolly; is pleased with the address with which Caesar Borgia conducted it; has much contempt for the dupery and weakness of the sufferers; but no compassion for their miserable and untimely death, and no sort of indignation at the cruelty and falsehood of their murderer. The violence and injustice of great conquerors are often regarded with foolish wonder and admiration; those of petty thieves, robbers, and murderers, with contempt, hatred, and even horror upon all occasions. The former, though they are a hundred times more mischievous and destructive, yet when successful, they often pass for deeds of the most heroic magnanimity. The latter are always viewed with hatred and aversion, as the follies, as well as the crimes, of the lowest and most worthless of mankind. The injustice of the former is certainly, at least, as great as that of the latter; but the folly and imprudence are not near so great. A wicked and worthless man of parts often goes through the world with much more credit than he deserves. A wicked and worthless fool appears always, of all mortals, the most hateful, as well as the most contemptible. As prudence combined with other virtues, constitutes the noblest; so imprudence combined with other vices, constitutes the vilest of all characters.
[a–a] SECT. I/Of...Prudence 6 7
[b–b] conveniences 6 7 See Introduction, 50.
[c–c] conveniences 6 7
 I.iii.1.8. For the economic implications of prudence, cf. WN II. iii, note 22.
 Aristippus of Cyrene, a companion of Socrates, noted for a combination of sensuality and self–control. He is often said to be the founder of the Cyrenaic philosophy of hedonism, but modern scholars think this is probably a confusion with his grandson of the same name.
 Platonic or Aristotelian.
 Two were strangled at Senigallia on the night of their arrival, 31 December 1502; the other two at the castle of Pieve on 18 January 1503.
 Machiavelli, Descrizione del modo tenuto dal duca Valentino nello ammazzare Vitellozzo Vitelli, Oliverotto da Fermo, il signor Pagolo e il duca di Gravina Orsini.