An Exploration of ‘to kalon’: Examining Aristotelian Ethics and Adam Smith’s Market Morality

The concept of mediocrity, as employed by Adam Smith's teacher, Hutcheson, is derived from Aristotle's ethics, particularly the concept of the mean. Smith's arguments in The Theory of Moral Sentiments are influenced by classical Greek philosophy, particularly Aristotle's key ethical concepts such as the mean, decency, the decent person, equity, sympathy, and thoughtfulness in relation to virtue. Key concepts in Smith's work include empathy, compassion, friendship, virtue as a morally beautiful purpose, selflove, and friends as another-self. The paper aims to examine these relevant concepts in Aristotelian ethics and their interrelationships.