Adam Smith's Metaphysics of Economics: Labour, Scarcity and Civilisational Progress

This article presents a reading of Adam Smith’s Wealth of Nations (1776/1904) and The Theory of Moral Sentiments (1759/2002) that uncovers the metaphysical assumptions embedded in his political economy. Drawing on Conceptual Metaphor Theory (Lakoff & Johnson, 1980) and intellectual history, it argues that Smith should be read as a metaphysician of economics. Labour, in his framework, functions as the ontological substance of value, conceptualised through metaphors of container, standard, time, energy and money. Scarcity, within his framework, is no longer a mere negative constraint. It emerges as the metaphysical driver of interdependence, specialisation and social bonds. Money, meanwhile, is demystified. It is not intrinsic value, but a token of labour and trust, essential to social cohesion. Finally, economic activity itself is framed as the force of civilisational progress, reinforcing moral sentiments and establishing institutions of honesty, civility and prudence. By repositioning Smith as a metaphysician, this article illuminates the deep structures that continue to underpin economic thought and practice.