Search

In this comment I scrutinise critically some of the views put forward in this Special Issue on Sraffa’s research programme, his accomplishments, and the relationship of his analysis to the analyses of Petty, the physiocrats, Adam Smith, Ricardo and Marx. A special concern is with the role of the sciences in the elaboration of Sraffa’s systems of equations. The emphasis is on precautions that ought to be taken in order not to misinterpret Sraffa’s papers, or his objectivist orientation, and on what I consider to be obvious misunderstandings and misconceptions in the literature. [ABSTRACT FROM AUTHOR]

The contemporary relevance of Adam Smith is evidenced by continued reference to his name. Computational analysis identifies over 700 mentions of Smith and his two famous works— The Theory of Moral Sentiments and The Wealth of Nations —in post-World War 1 House of Commons debates. We find some parliamentarians appreciate Smith's complex ideas, but most references are 'ornamental'. Charting Smith's use over the decades, this paper builds on Kirk Willis' idea that studying parliamentary debates are an ideal way to understand how, at best, policy ideas, germinate and disseminate over time, or, at worst, how 'complex ideas became slogans'. [ABSTRACT FROM AUTHOR]

Adam Smith had a longstanding interest in colonialism and more generally relations between Europe and the rest of the world. It was through engagement with these issues that he worked through some of the central elements of his thought. This paper examines both Smith's contexts and our own and argues that Smith's work provides an important resource for reflecting today on relations with distant and diverse others today. It identifies three aspects of Smith's thought that are particularly relevant: the political and economic costs of colonial ventures to the colonisers themselves, the question of whether and how imperialism had encouraged 'progress', and the question of how social and cultural differences should be understood and judged. The paper teases out Smith's sometimes uncertain arguments in these areas and suggests that they can contribute to our own reflections on the troubled practices of liberal imperialism. [ABSTRACT FROM AUTHOR]

Copyright of Revista Cultura Económica is the property of Pontificia Universidad Catolica Argentina and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper argues that despite of the efforts of political economists like David Hume or Adam Smith, the moral evaluation of self-interested motives or acts was, in some places, controversial throughout the 18th and 19th centuries. Although the paper primarily focuses on Hungarian instances of the above-mentioned phenomenon, it also intends to place them in an international context. The ideas enumerated and partly elaborated here are taken from both works of philosophy and literature, and are intended to highlight the political concerns triggered by the sinister image of the unconstrained self-interestedness of individuals. As we shall see, a certain part of the literary and scientific public, both in Hungary and elsewhere held that political communities could not be maintained on purely Smithian grounds, and hence the utility function of classical political economists should be updated with a new variable, called “sense of community” by them [ABSTRACT FROM AUTHOR]

2023 marks the tercentenary of the birth of Adam Smith. A towering figure of the Scottish Enlightenment, his writings helped to establish the discipline we now refer to as Political Economy. Indeed, many of his ideas remain the foundation of economic theories still in use today. It is this ongoing relevance, and the lessons we can take from Smith's methods, that binds the papers in this Special Issue together. The Special Issue draws upon excellent contributions from renowned scholars covering a wide array of Smith's contributions to economics and political economy. [ABSTRACT FROM AUTHOR]

Adam Smith promoted free banking—private, competitive, convertible banknotes. He also supported restrictions on banks. We study Smith's views and the era in which they developed, suggesting his 'regulations' were a backstop against banks' risks to depositors but primarily monetary stability. In modern parlance, Smith supported macroprudential regulations to underpin monetary stability, as did Friedman and Schwartz the US FDIC. We discuss why Smith's vision for banking went unrealised. Bank regulation became microprudential and ran aground in 2008/2009. The prominence of macroprudential regulation now provides a chance to reorientate regulation to support monetary stability. Early signs are not promising. [ABSTRACT FROM AUTHOR]

A key insight from Adam Smith is that economists should base their conclusions about a monetary institution or policy on a careful study of the history of that institution or policy, a study that includes the experiences of other countries. To illustrate Smith's reliance on financial history we cover five current monetary problems that have close analogies with problems that Smith discussed: (1) inflation, (2) banking panics, (3) public debt, (4) usury laws, (5) central bank digital currencies. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to present the methods of teaching about the global financial crisis (GFC) from a social economic perspective. Using primary texts from the history of economic thought, the moral underpinnings for collective social action are examined in times of economic depression. The deregulation of financial markets raises two questions: to what extent is deregulation the result of a misunderstanding about human nature and the behavioral lessons of social economics; and to what extend does deregulation ignore the moral lessons of Adam Smith's invisible hand? Design/methodology/approach: By reading sources including Mandeville, Smith, Keynes, Hayek and others, students form conclusions about the strengths and weaknesses of government interventions, both to fix, and to prevent, major recessions and depressions. Findings: Two fallacies relating to financial market deregulation are that "greed is good" and that rational actors in the market will self-regulate leading to widespread prosperity. These moral beliefs supported financial liberalization, and ultimately contributed to financial institutions taking on enormous risks and losses that are ultimately socialized. Originality/value: This paper innovatively uses readings from the history of economic thought to spark pedagogical discussions and debates about human nature and policymaking relevant to the GFC. [ABSTRACT FROM AUTHOR]

Copyright of Polish Journal of Economics / Gospodarka Narodowa is the property of SGH Warsaw School of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Filosofía (00348236) is the property of Universidad de Chile, Facultad de Filosofia y Humanidades and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Araucaria is the property of Araucaria-Revista Iberoamericana de Filosofia, Politica y Humanidades and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper identifies extensive connections between Adam Smith's and William James's accounts of the psychological basis of intellectual, material and moral progress. These connections are brought into focus through discussion of their shared circumspection towards claims to objective truth, which highlights Smith's distance from mainstream interpretations of his contributions to economics. The paper additionally argues that insight into the sustained emphases that Smith and James place upon the role of psychological satisfaction as a motivating factor in societal and personal progress can aid current efforts to draw upon their work and to reconcile the disciplines that they are widely credited with founding. [ABSTRACT FROM AUTHOR]

Copyright of Anales del Seminario de Historia de la Filosofía is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Foro de Educación is the property of Foro de Educacion and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Cultura Económica is the property of Pontificia Universidad Catolica Argentina and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Cultura Económica is the property of Pontificia Universidad Catolica Argentina and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper explores the under-researched phenomenon of local giving initiatives. It does this against a national context where we find levels of giving slow to change over time, variation in levels of giving between places, and the development of a policy agenda which has given insufficient attention to the role places may play. We develop the concept of local cause affinity to understand local giving practices. Through this we reflect on the need to base our understanding of giving on institutional, social and cultural factors alongside economic factors which are considered more in policy-making. It is in this realm that we debate local giving in light of Adam Smith's two apparently contradictory works (The Theory of Moral Sentiments and The Wealth of Nations). As such we ask whether giving is a rational act or an act of love. [ABSTRACT FROM AUTHOR]

There is no room for the concept of need in the prevailing neoclassical school of economics. Not so, however, in classical political economy. Through close analysis in this paper, I wish to trace the concept's prominence in Adam Smith's thought and to fine-tune its definitional aspects. The thrust of Smith's argument is to delineate the mechanism via which the needs of the poorest in society are satisfied. Grounded in an understanding of need as limited and exhaustive rather than infinite, like desire or preference, his theory is one of affluence rather than scarcity. But his justification of commercial society (from which the neoclassical school only lifts the conclusion) rests on becoming actually satisfied that these needs are, indeed, satisfied- an erroneous belief (at least according to the terms of Smith's own definition) and an internal contradiction in the development of his argument, occasioned, I wish to suggest, by certain colonialist discourses. Finally, Smith's ontology of need, as reconstructed here, corresponds to similar enquiries recently undertaken in philosophy and in some heterodox schools of economics. [ABSTRACT FROM AUTHOR]

Financial crises have occurred periodically for hundreds of years, and Adam Smith had important insights into their causes. Although by no means all that we know about such crises has been derived from Smith, it is interesting and important to reflect on what he did know and how ignoring his warnings about the creation of excess liquidity has contributed to the current crisis. In addition to the complexity of contemporary finance and the role of central banks and other regulatory institutions, a major difference between Smith's day and ours is the emergence of "moral hazard" as an important policy issue and its corollary, "immoral results. "It is important to realize that the risks o f financial crisis, moral hazard, and immoral results cannot be avoided by financial and accounting gimmicks, and that there is no substitute for adequate capital in the creation of liquidity. [ABSTRACT FROM AUTHOR]

Since the beginning of 2020, lockdowns have been introduced in numerous countries across the world in response to the emergence of coronavirus SARS-CoV-2 that causes the COVID-19 disease. Although the topic of lockdowns has been considered from numerous perspectives, it has not yet been analyzed in the context of Adam Smith's economic philosophy and liberalism. This paper aims to list - at least to some extent, as the topic is very broad - the most prominent arguments that have arisen in the worldwide discussion on the effectiveness and side effects of lockdowns. In addition, the work provides some elements of Smith's economic philosophy and liberalism. Finally, the arguments that have arisen in the academic discussion since the introduction of lockdowns are analyzed, and the legitimacy of lockdowns is assessed in the context of Smith's principles. The methods used for the analysis are text exegesis and rational reconstruction. As far as the conclusions are concerned, an explicit assessment of the legitimacy of lockdowns in the discussed context is considered impossible, although for many elements of Smith's liberalism, lockdowns are not legitimate at all. [ABSTRACT FROM AUTHOR]

This paper reviews Aristotle’s problematic relationship with modern economic theory. It argues that in terms of value and income distribution theory, Aristotle should probably be seen as a precursor to neither classical nor neoclassical economic thought. Indeed, there are strong arguments to be made that Aristotle’s views are completely at odds with all modern economic theory, since, among other things, he was not necessarily concerned with flexible market prices, opposed the use of money to acquire more money, and did not think that the unintended consequences of human activity were generally beneficial. The paper argues however, that this interpretation goes too far. The Benthamite neoclassical theory of choice can be seen as a dumbing down of Aristotle’s theory, applicable to animals, not humans. Adam Smith and Karl Marx were deeply influenced by Aristotle’s work and both started their main economic works with Aristotle: Smith ultimately rejecting, and Marx ultimately developing Aristotle’s views of the use of money to acquire more money. Possibilities for the future development of a new Aristotelian Economics are explored. [ABSTRACT FROM AUTHOR]

Adam Smith argued in The Wealth of Nations and The Theory of Moral Sentiments that in order to create an effective and productive capitalist system, individuals must pursue interests of both the self and society. Despite this assertion, modern economic theory has become tightly focused on the pursuit of economic self-interests at the expense of other, higher order motives. This paper will argue that the tendency to employ such an egocentric strategy often generates externalities and inequalities that serve to detract from the greater welfare of society. However, by tempering these economic self-interests with non-economically motivated considerations, this paper will suggest that individuals may create tremendous benefits to society precisely as Smith outlined more than two centuries ago. In defense of this assertion, this paper will review an array of theoretical arguments and empirical findings that suggest that today's entrepreneurs are not only seeking to satisfy both selfish and ethical motivations, but in so doing they are also contributing substantially to the overall welfare of society through job creation, wealth redistribution, and a lack of discrimination. As such, it appears that spirit and impact of the capitalist system that Smith envisioned is being realized through entrepreneurship. [ABSTRACT FROM AUTHOR]

Copyright of Nova Economia is the property of Nova Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

According to Adam Smith, markets and trade are, in principle, good things-provided there is competition and a regulatory framework that prevents ruthless selfishness, greed and rapacity from leading to socially harmful outcomes. But competition and market regulations are always in danger of being undermined and circumnavigated, giving way to monopolies that are very comfortable and highly profitable to monopolists and may spell great trouble for many people. In Smith's view, political economy-as an important, and perhaps even the most important, part of a kind of master political science, encompassing the science of the legislator-has the task to fight superstition and false beliefs in matters of economic policy, to debunk opinions that present individual interests as promoting the general good and to propose changing regulatory frameworks for markets and institutions that help to ward off threats to the security of society as a whole and provide incentives such that selfseeking behaviour has also socially beneficial effects. The paper shows that the ideas of Adam Smith still may resonate and illuminate the problems of today and the theories that try to tackle them. [ABSTRACT FROM AUTHOR]

In the post-World War II period the spearhead of opposition to minimum wage (MW) legislation has been economists associated with the Chicago School, such as Friedman, Stigler, and Becker. They have captured the high ground in the debate partly by claiming their anti-MW position is grounded in the free market/invisible hand theory espoused by the founder of economics, Adam Smith. This paper shows the Chicago position rests on a skewed, one-sided, and partisan reading of Smith's Wealth of Nations. A more inclusive, balanced, and neutral review reveals that while Smith definitely favored free trade and opposed protection as general principles, his non-competitive model of labor markets, dynamic theory of production, and humanistic social welfare criteria suggest that on both positive and normative grounds he might well have favored a minimum wage set at the poverty level. (Smith never took a position on a MW mandate). Besides balancing and correcting the historical record, the paper broadens MW analysis by reintroducing several behavioral and institutional dimensions emphasized by Smith but typically neglected in the current mainline debate which narrowly focuses on competitive versus monopsony models. A Smithian analysis also has several implications for findings from empirical MW studies. [ABSTRACT FROM AUTHOR]

This paper investigates the rather neglected relevance of persuasion in Smith's corpus and its foundational character. Smith's permanent and comprehensive concern with persuasion pervades his entire legacy. But, fully aware of the risks of this strong 'human desire' or 'instinct' to 'lead and direct other people', Smith develops what can be labelled as sympathetic persuasion. The moral, political and economic implications of Smith's persuasion provide a common, consistent and foundational concept for his ideal of a civilized and free society. Finally, this interpretation of the importance of Smith's persuasion allows us to overcome the famous Das Adam Smith Problem. [ABSTRACT FROM AUTHOR]

Copyright of Nova Economia is the property of Nova Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose -- The purpose of this paper is to review approaches to Authentic Leadership and Mindfulness and to Global Competencies from the Buddhist perspective of Leadership Rajadhamma. It considers the parallel approach of Adam Smith's Moral Leadership. Design/methodology/approach -- The emphasis of this paper is a critique of the limitations of current teaching and practices in developing ethics and moral conduct in MBA programs and Global Leadership programs. Findings -- There is insufficient attention given to the Buddhist thought and practice of Leadership. Rajadhamma emphasizing the "Right Mind" and "Right Conduct." Because of his moral philosophy Adam Smith is offered as of an exemplar of Bodhisattva whom business executives would respect and emulate. Research limitations/implications -- This study is metatheoretical. The implications of this approach are to design Global Leadership Competencies with a greater emphasis on morality and ethical conduct. The practical wisdom of the Bodhisattva can provide a positive foundation for this design. Originality/value -- From the metatheoretical perspective the Theory of Moral Sentiments of Adam Smith has very interesting parallels with Buddhist practice in the twenty-first century with guidance for Global Leaders. [ABSTRACT FROM AUTHOR]

Aim: The aim of the paper is to create a coherent image of contemporary capitalism as influenced by the changes evoked by the pandemic crisis. The reality, or the circumstances that need to be taken into consideration, do not constitute a logical whole where its constitutive parts would complement one another, but rather seem to contradict one another, or to belong to different theoretical orders. Methodological approach: The paper presents theoretical basis of the economic and social system which was formulated by the thinkers of the European Enlightenment. Some general conclusions resulting from the empirical analysis of economy in the era of pandemic crisis are presented. Results: The author finds dynamism be a feature of capitalism at every stage of its development. That feature refers to the turn of the 20th and 21st c. when the economy on several occasions encountered the barrier of effective demand. Practical significance: The latest stage of globalisation and the role of transnationality is analysed. The rupture of the relationship networks between dependent companies and central corporations during the 2020 pandemic negatively affects the functioning of the national economies in Europe. The author scrutinises those examples of economy sectors which have been negatively influenced by the pandemic. Originality: The economics literature undertakes the critique –from the liberal theories’ standpoint –of the well-established idea of social market economy in the ORDO version. Change (destruction) of economic structures requires a new discussion on their theoretical basis.

This paper argues that often when Adam Smith used the word 'natural', it was not in contradistinction to supernatural, social or artificial; but to 'violent.' Furthermore, Smith models, in part, his distinction between natural and violent on Aristotle's use. Smith explains the distinction in his study of the history of physics and astronomy. In those fields there is, at least going back to Aristotle, an idealized view of 'natural' motion or movement versus interfered or violent motion or movement, which has changed over time, particularly from ancient to classical physics and astronomy. Smith used this sense of 'natural' particularly when dealing with movement in The Wealth of Nations: especially the movement of goods, capital and labour. In Smith's system, the natural non-violent movement of humans, or actions generated by humans, will lead to so-called natural prices, natural rates of profit and natural wage rates around which market prices, profit and wage rates will 'gravitate'. [ABSTRACT FROM AUTHOR]