The homo oeconomicus’ symphaty : a reading of Adam Smith’s theory of moral sentiments in light of Michel Foucault’s concept of liberal governmentality

Abstract

The present dissertation focuses on a series of lectures Michel Foucault gave between the years of 1978 and 1979 at the Collège de France. In these lectures, Foucault traced the emergence of liberalism – or liberal governmentality – back to the mid-eighteenth century, more specifically to the thought of the physiocrats and the political economy of Adam Smith. One of the main features of Liberal Governmentality is that it based its actions on the rationality of its direct correlate: the homo oeconomicus. According to Foucault, the homo oeconomicus is a rational subject moved by his irreducible preferences, i.e., his self-interest. Two aspects of Foucault’s foray into liberal theory appear problematic: (1) According to Foucault, the subject of interest arose from the British empiricist tradition, nevertheless, his analysis of the homo oeconomicus is admittedly superficial; (2) Foucault’s reading of Adam Smith in the context of the 1978-79 lectures is somewhat limited: the French philosopher considered only Smith's economic writings, disregarding the Scot's moral treatise (Theory of Moral Sentiments). As a result, Foucault implicitly reenacts the age-old Adam Smith Problem which posits the incoherence between the Scot's moral treatise and his economic writings. In that sense, I propose to analyze Smith’s moral treatise (specifically Part I and Part IV) in light of Foucault’s liberal governmentality framework. First it is important to note that Foucault was hasty in treating Smith’s political economy as independent from his other writings. Smith’s economical thought was part of the broader science of the legislator, as such intrinsically connected to his moral writings. My contention is that by focusing on the Theory of Moral Sentiments it is possible to show (a) an intersubjective side to the homo oeconomicus by considering Smith’s writings on sympathy and the impartial spectator; (b) the role deception plays in the mechanics of the homo oeconomicus and, by extension, in liberal governmentality. In addition, the mechanics of deception reveals an aesthetic dimension of Liberal Governmentality not yet explored. As a result of this approach the present research aims to contribute to the ongoing debate around Foucault’s concept of Liberal Governmentality. In addition, it intends to add to the contemporary discussions about the rather elusive figure of the homo oeconomicus.