Adam Smith introduces the key term in our study in style:[1]
Virtue, according to Aristotle, consists in the habit of mediocrity according to right reason. Every particular virtue, according to him, lies in a kind of middle between two opposite vices, of which the one offends from being too much, the other from being too little affected by a particular species of objects. Thus the virtue of fortitude or courage lies in the middle between the opposite vices of cowardice and of presumptuous rashness, of which the one offends from being too much, and the other from being too little affected by the objects of fear. Thus too the virtue of frugality lies in a middle between avarice and profusion, of which the one consists in an excess, the other in a defect of the proper attention to the objects of self-interest. Magnanimity, in the same manner, lies in a middle between the excess of arrogance and the defect of pusillanimity, of which the one consists in too extravagant, the other in too weak a sentiment of our own worth and dignity.Today, we explain the ethical doctrines of Aristotle in different terms. ( Read more... )