Based on ideas of David Hume, Adam Smith, the founder of modern economics, in his Theory of Moral Sentiments developed the idea of a moral person. Morality in his conception is obtained in a continuous process of imagination about oneself and the others as well. Smith's idea of man has many implications for economic theory. However, in economics it was soon forgotten. Therefore, the history of economic thought beginning with Adam Smith can be understood as the constant loss of imagery and the implications of imaginations for economic activities. At the end, this article provides a short overview of some major implications of this development for economic thought.