Adam Smith on Economic Justice in the Labor Market

1995 ◽  
Vol 17 (2) ◽  
pp. 228-246 ◽  
Author(s):  
Edd S. Noell
Keyword(s):  
Labor Market ◽  
Economic Analysis ◽  
Natural Law ◽  
Adam Smith ◽  
Economic Justice ◽  
Hugo Grotius ◽  
History Of ◽  
Wealth Of Nations ◽  
The Impact

One of the most significant statements in Joseph Schumpeter's discussion of Adam Smith in the History of Economic Analysis highlights the impact of scholastic thought upon Smith's economic analysis. Speaking of The Wealth of Nations, Schumpeter claimed that “the skeleton of Smith's analysis hails from the scholastics and natural-law philosophers” (Schumpeter 1954, p. 182). Though not the first to make this connection, Schumpeter's affirmation, alongside his treatment (ibid., part II, ch. 2) of the literature produced by these two groups, has been a stimulus to further exploration with respect to both the Protestant scholastics Hugo Grotius and Samuel Pufendorf and the medieval theologians (De Roover 1957; Bowley 1973). More recent studies which have followed in this vein have focused on the significance of the scholastic and natural law traditions for Smith's treatment of economic justice (Hont and Ignatieff 1983; Young and Gordon 1992).

Economic Justice in The Natural Law Tradition: Thomas Aquinas to Francis Hutcheson

1992 ◽  
Vol 14 (1) ◽  
pp. 1-17 ◽  
Author(s):  
Jeffrey T. Young ◽  
Barry Gordon
Keyword(s):  
Natural Law ◽  
Adam Smith ◽  
Economic Justice ◽  
Thomas Aquinas ◽  
Economic Life ◽  
Francis Hutcheson ◽  
Relative Neglect ◽  
Wealth Of Nations

After three or more decades of mainly positivistic readings of the economics of Adam Smith, there was a decided movement following the bicentennial of the publication of the Wealth of Nations to broaden the agenda of Smithian studies. The publication in 1978 of the Report of 1762–63 of Smith's lectures in jurisprudence added impetus to this movement. In particular, historians of ideas began to pay increased attention to Smith's concern with justice in economic life. That attention has evoked renewed interest in certain of Smith's intellectual antecedents who may have played a part in shaping his ideas, but whose influence has remained a matter of relative neglect in modern scholarship.

scholarly journals SCHUMPETER’S ASSESSMENT OF ADAM SMITH AND THE WEALTH OF NATIONS: WHY HE GOT IT WRONG

2019 ◽  
Vol 41 (4) ◽  
pp. 531-551
Author(s):  
Andreas Ortmann ◽  
Benoît Walraevens ◽  
David Baranowski
Keyword(s):  
Economic Analysis ◽  
Adam Smith ◽  
Rhetorical Strategies ◽  
Rhetorical Structure ◽  
Ad Hominem ◽  
History Of ◽  
Wealth Of Nations ◽  
Political Character

In his widely read and cited History of Economic Analysis (Schumpeter 1954), Joseph Alois Schumpeter dismissed Adam Smith’s Nature and Causes of the Wealth of Nations (Smith 1976a) in a blunt and often ad hominem manner. In fact, he even questioned Smith’s intellectual mettle. We argue that Schumpeter’s assessment might have resulted from his failure to appreciate the rhetorical structure of Smith’s masterpiece (and the highly political character of its Book V), a failure possibly due to Schumpeter’s not having access to student notes of Smith’s lectures on rhetoric that surfaced only after Schumpeter’s death. We argue that Schumpeter’s failure to appreciate the rhetorical structure of Smith’s masterpiece is a prominent example of the consequences of not taking into account Smith’s rhetorical strategies and principles when trying to understand the man and his oeuvre.

The Early History of Financial Economics, 1478–1776. By Geoffrey Poitras. Cheltenham and Northampton: Edward Elgar, 2000. Pp. x, 522.

2002 ◽  
Vol 62 (1) ◽  
pp. 268-269
Author(s):  
Larry Neal
Keyword(s):  
Economic History ◽  
Financial Analysis ◽  
Adam Smith ◽  
Economic Thought ◽  
Financial History ◽  
X 522 ◽  
History Of ◽  
The Difference ◽  
Wealth Of Nations ◽  
Simon Fraser University

Economic historians usually have to explain to their economist colleagues the difference between economic history, which focuses on facts, and history of economic thought, which focuses on ideas. Our colleagues in finance departments, typically fascinated by episodes in financial history treated by economic historians, are bound to be disappointed in the lack of attention given to the development of ideas in finance by historians of economic thought. Geoffrey Poitras, a professor of finance at Simon Fraser University, makes a valiant effort to remedy these oversights in his collection of vignettes that highlight the sophistication of financial instruments and analysts of financial markets well before the time of Adam Smith. Starting in 1478 with the publication of the Treviso Arithmetic, a typical textbook of commercial arithmetic for Italian merchants, and ending with brief snippets from the Wealth of Nations, Poitras treats the reader to a fascinating potpourri of excerpts from various manuals, brief biographies of pioneers in financial analysis, and historical discursions on foreign-exchange and stock markets.

Natural Law Republicanism

2021 ◽  
Author(s):  
Michael C. Hawley
Keyword(s):  
Natural Law ◽  
John Locke ◽  
Private Property ◽  
Political Legitimacy ◽  
John Adams ◽  
Political Ideas ◽  
The People ◽  
Hugo Grotius ◽  
History Of ◽  
The Individual

By any metric, Cicero’s works are some of the most widely read in the history of Western thought. This book suggests that perhaps Cicero’s most lasting and significant contribution to philosophy lies in helping to inspire the development of liberalism. Individual rights, the protection of private property, and political legitimacy based on the consent of the governed are often taken to be among early modern liberalism’s unique innovations and part of its rebellion against classical thought. However, this book demonstrates that Cicero’s thought played a central role in shaping and inspiring the liberal republican project. Cicero argued that liberty for individuals could arise only in a res publica in which the claims of the people to be sovereign were somehow united with a commitment to universal moral law, which limits what the people can rightfully do. Figures such as Hugo Grotius, John Locke, and John Adams sought to work through the tensions in Cicero’s vision, laying the groundwork for a theory of politics in which the freedom of the individual and the people’s collective right to rule were mediated by natural law. This book traces the development of this intellectual tradition from Cicero’s original articulation through the American founding. It concludes by exploring how modern political ideas remain dependent on the conception of just politics first elaborated by Rome’s great philosopher-statesman.

Epilogue

2019 ◽  
pp. 232-248
Author(s):  
James M. Vaughn
Keyword(s):  
West Indies ◽  
Atlantic World ◽  
Adam Smith ◽  
Political History ◽  
Critical Examination ◽  
The Enlightenment ◽  
Ancient Regime ◽  
History Of ◽  
East And West ◽  
Wealth Of Nations

This chapter describes The Abbé Raynal's A Philosophical and Political History of the Settlements and Trade of the Europeans in the East and West Indies, one of the Enlightenment treatises that blazed like a comet across the night sky of the ancient régime. Widely translated and published, twenty official and fifty illegal editions produced between 1770 and 1796. While the Philosophical History was a bestseller throughout the Atlantic world, it was particularly widely discussed and debated in Britain and its empire. The work was the most detailed and critical examination to date of European overseas expansion, and it was avidly read in Britain—where it most famously influenced Adam Smith while he was in the final stages of composing An Inquiry into the Nature and Causes of the Wealth of Nations.

Enlightenment, Scottish

2018 ◽  
Author(s):  
Christopher J. Berry
Keyword(s):  
Cultural History ◽  
David Hume ◽  
Causal Explanation ◽  
Adam Smith ◽  
Social Institutions ◽  
Commercial Society ◽  
The Enlightenment ◽  
History Of ◽  
Wealth Of Nations ◽  
William Robertson

This term refers to the intellectual movement in Scotland in roughly the second half of the eighteenth century. As a movement it included many theorists – the best known of whom are David Hume, Adam Smith and Thomas Reid – who maintained both institutional and personal links with each other. It was not narrowly philosophical, although in the Common Sense School it did develop its own distinctive body of argument. Its most characteristic feature was the development of a wide-ranging social theory that included pioneering ‘sociological’ works by Adam Ferguson and John Millar, socio-cultural history by Henry Home (Lord Kames) and William Robertson as well as Hume’s Essays (1777) and Smith’s classic ‘economics’ text The Wealth of Nations (1776). All these works shared a commitment to ‘scientific’ causal explanation and sought, from the premise of the uniformity of human nature, to establish a history of social institutions in which the notion of a mode of subsistence played a key organising role. Typically of the Enlightenment as a whole this explanatory endeavour was not divorced from explicit evaluation. Though not uncritical of their own commercial society, the Scots were in no doubt as to the superiority of their own age compared to what had gone before.

II. Adam Smith's Project of an Empire

1925 ◽  
Vol 1 (3) ◽  
pp. 249-283 ◽  
Author(s):  
E. A. Benians
Keyword(s):  
Great Britain ◽  
British Empire ◽  
Adam Smith ◽  
Natural System ◽  
American Colonies ◽  
Colonial Policy ◽  
The Future ◽  
History Of ◽  
Wealth Of Nations ◽  
General Opinion

It is now nearly one hundred and fifty years since the publication of the Wealth of Nations and the Declaration of American Independence. The two events, closely associated in time, recall each other; for in his famous chapter on colonies Adam Smith predicted, with little apparent regret, the loss of the American colonies, and outlined the project of an empire which he thought could have been preserved and been worth preserving. That chapter, though it did not influence the course of the controversy which called it forth, nor, for a time, the colonial policy of Great Britain, has become, none the less, a landmark in the history of the British Empire. After Adam Smith had written, it was possible to think of colonies in a new way, though it was still not impossible to treat them in the old. The united empire of which he dreamed never became a fact, or even a political programme, but the ideas which he advanced bore their fruit in general opinion, and the spirit in which he wrote was in due course to animate a generation of colonial reformers and to bring forth a new and better colonial policy. Durham and his friends did not advocate Smith's imperial Parliament, the “States General of the British Empire,” and they did advocate imperial control of colonial trade, and not his “natural system of perfect liberty and justice”; but one may believe that the faith in the future of the British Empire which inspires the speeches of Molesworth and Buller, the Report on Canada and the Art of Colonization, owed some of its vitality to the courageous Utopia imagined in the Wealth of Nations.

Adam Smith: Moral and Political Philosophy

Philosophy ◽  
2019 ◽  
Author(s):  
Craig Smith
Keyword(s):  
Political Philosophy ◽  
Moral Psychology ◽  
Moral Philosophy ◽  
Adam Smith ◽  
Scottish Enlightenment ◽  
History Of ◽  
Technical Details ◽  
Wealth Of Nations ◽  
The University ◽  
The 19Th Century

Adam Smith (1723–1790) has become known as the father of economics. His reputation as the author of the Wealth of Nations has eclipsed his contributions to other areas of philosophy. Smith was Professor of Moral Philosophy at the University of Glasgow and a key figure in the Scottish Enlightenment. His Theory of Moral Sentiments (1759) was well-regarded at the time but faded from the philosophical canon in the 19th century and has only recently been subject to a revival of interest among philosophers. Smith’s thought was dismissed as moral psychology or as proto-utilitarian political economy until a revival in interest stemming largely from the publication of a critical edition of his works in the 1970s. Recent years have seen a renaissance in interest in Smith among moral philosophers. This has been accompanied by the first serious analysis of Smith’s thinking on rhetoric and the philosophy of science. This bibliography focuses on Smith’s moral and political philosophy. There is a very large literature on the technical details his economic theory and his contribution to the history of that discipline, but that will be mentioned here only when illuminating for discussions of his moral and political thinking.

National Security Policy as a Field for Economics Research

1960 ◽  
Vol 12 (3) ◽  
pp. 434-452 ◽  
Author(s):  
Charles J. Hitch
Keyword(s):  
Economic Analysis ◽  
National Security ◽  
Security Policy ◽  
Adam Smith ◽  
Allocation Of Resources ◽  
The Past ◽  
Past Generation ◽  
Wealth Of Nations ◽  
Second World ◽  
Economics Research

Problems of national security are in no sense novel for the application of economic analysis. Adam Smith, in a well-known passage in The Wealth of Nations, was concerned with the allocation of resources between “defense” and “opulence”—what we would call the problem of the size of the national security budget. There has been great interest among economists, especially during and following the First and Second World Wars, in problems of industrial mobilization during war, including the associated problems of economic stablization. In fact, to many economists during the past generation this set of mobilization problems constituted the economics of defense. Books were published with titles like Economics of Defense that dealt with little else.

AN ANATOMY OF CORRUPTION

2018 ◽  
Vol 35 (02) ◽  
pp. 1-11
Author(s):  
David Schmidtz
Keyword(s):  
Adam Smith ◽  
Invisible Hand ◽  
The People ◽  
History Of ◽  
Social Arrangements ◽  
Wealth Of Nations ◽  
The Right ◽  
As If

Which social arrangements have a history of fostering progress and prosperity? One quick answer, falsely attributed to Adam Smith, holds that we are guided as if by an invisible hand to do what builds the wealth of nations. A more sober answer, closer to what Smith said and believed, is thatifthe right framework of rules—plus decent officiating—steers us away from buying and selling monopoly privilege and steers us toward being valuable to the people around us, we indeed will be part of the engine that drives human progress and the wealth of nations.

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