Adam Smith’s The Wealth of Nations, first published in 1776, helped create the discipline of economics with its conjuring of the invisible hand, self-interest, and other explanations of market forces that have influenced academics, governments, and business leaders ever since. But insights from one of Smith’s earlier works, The Theory of Moral Sentiments, can contribute to modern thinking on everything from our fascination with celebrity to the theory of loss aversion. In fact, Moral Sentiments presages the emerging field of behavioral economics. [HBS Working Knowledge Annotation]
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