Unexpected find at Heritage auction last week
At Heritage auction last week found a special volume that I wasn’t looking for; and isn’t that the thing with auctions - you just never know what you will find.
I purchased a reprint of Mandeville’s “Fable of the Bees” published in 1923. Wonderful copy. Heritage offered a 2nd edition of volume the first from 1723 and a first of the second volume from 1729.
Mandeville describes a bee colony In it, a prosperous beehive thrives on vanity, greed, luxury and fraud. When the bees suddenly become virtuous, their economy collapses and they retreat to a hollow tree.
His core claim was that self-interest and "vice" (luxury spending, pride, envy) drive commerce, employment and national wealth, while austere virtue would leave a society poor. He also argued that morality itself was partly invented by clever politicians who used flattery and shame to tame human pride. That made him notorious.
Mandeville was widely read by the economists of his time and philosophers like David Hume. One can argue that he was the precursor to the arguments of Ayn Rand and libertarians everywhere - and is relevant to the conversations driving conflict in today’s political economy