Impartial Spectator : The Great Innovation of Adam Smith's Economic Ethical Thoughts.

The analysis of the hypothesis about human nature entailed in Adam Smith's economic theory has cast some new light on his economic model and his understanding of the so-called "invisible hand" : the value basis of his economic model is constituted by the ethical standards and the principle of impartiality, which in his theory is actually symbolized by the "impartial spectator" that is an integration of God, the natural divinity and human morality. The impartial spectator thus has been playing a transitional role in the evolution of the economic ethics. The emergence of the theory of impartial spectator, which is a great innovation accomplished by the modem economic ethics and provides an ethical support for the sound social and economic operation in modem times, marks a significant shift in the understanding of the relationship between economy and ethics in the modem context. [ABSTRACT FROM AUTHOR]