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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.)

Since acquiring money is not, and is not intended to be, directly in the social interest, the economic principles suitable for capitalism must, in the long run, resolve the possible institutional conflicts between acquiring money for the business enterprise and producing real output for the benefit of society-at-large. Mainstream economic theory since Adam Smith has suppressed this structural quarrel by presuming the capitalist monetary economy operates as if it were a barter economy. Ironically, money as an institution of capitalism is presumed neutral with respect to both employment and output, but President Lincoln never believed this, and in the Mercantilist tradition of Hamilton-Adams-Clay- Carey ("The American System"), his Greenbacks institutionally effectuated the National Capitalism of the(se) United States. At issue had been whether to concentrate capital (North) or disperse it westward (South), whether to create a national bank to finance internal growth (North) or whether to oppose the system of finance-capital and paper credit (South). Throughout the Civil War, the North's non-neutral view of money versus the South's (orthodox commodityexchange) neutral view of money proved critical to this embattled national decision of societal production (North) versus State's rights. Ultimately, the North's instituting the monetary-economic insights of the National Capitalist via Abraham Lincoln proved decisive [ABSTRACT FROM AUTHOR]

Purpose There has been controversy about whether Adam Smith is an economic egalitarian because he expresses at least four distinct views on equality, in two of which, he approves of inequality, and in the other two, he claims otherwise. The purpose of this paper is to isolate and consider these four views carefully to understand Smith’s complete position on equality.Design/methodology/approach The paper examines Smith’s apparently contradictory views on equality as his evolving response to Hume and Rousseau’s critiques of inequality.Findings Hume and Rousseau criticize any income inequality that is disproportionate to industry between the rich and poor. Smith’s response to their critiques evolves over time. In his initial response in early writings, he defends inequality in a civilized society by comparing it with a poor primitive society. However, in his later response in The Wealth of Nations, he eventually accepts Hume and Rousseau’s critiques of inequality. According to Smith, an equal and opulent society will evolve. A primitive society is equal but poor. In contrast, an existing civilized society is opulent but unequal. In each society, equality and opulence are incompatible. However, Smith believes that a future civilized society will fully achieve both equality and opulence.Originality/value The paper analyses both historically and theoretically the comprehensive structure of Smith’s egalitarian views. [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]

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 Iberian Journal of the History of Economic Thought 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.)

This paper reconstructs Carl Menger's theory of economic development centered around the growth of knowledge. Menger made knowledge central to the economic process, long before this was done more widely in economics. His work draws attention to two different types of knowledge, shared cognitive and institutional frameworks which help create coherent and integrated markets on the one hand, and, on the other hand, private--increasingly specialized and differentiated--knowledge used in the production of heterogenous (capital) goods. We situate Menger's work on economic development in the evolutionary endogenous growth tradition going back to Bernard Mandeville and Adam Smith, and later developed by Alfred Marshall, Allyn Young, Ludwig Lachmann, and others. We use these insights to suggest that one of the crucial questions of economic organization is (1) the complementarity between the two types of knowledge we identify here, and (2) the extent to which knowledge is a part of shared social infrastructures rather than being organized privately within firms and other organizations. [ABSTRACT FROM AUTHOR]

In a commercial society, said Adam Smith, "every man becomes in some measure a merchant," If Smith is right, what does that mean for the character of the society? This paper addresses the character forming effects of the market--and, specifically its impact on the "virtues," There is a long tradition of viewing commerce as subversive of the virtues. In this view, the market is held to have legitimated the pursuit of narrow self-interest at the expense of social and civic obligations and moral restraints. But, as Albert Hirschman has shown, many Enlightenment moralists saw commercial society as a moralizing force. Which view is right? This paper examines how many of the character traits that we commonly call virtues are rewarded--and so presumably reinforced and diffused--by the market. In this way, the market (as it were by a hidden hand) strengthens its own foundations and reproduces a moral culture that is functional to its own needs. [ABSTRACT FROM AUTHOR]

Copyright of Industrial Relations / Relations Industrielles is the property of Universite Laval, Department of Industrial Relations 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.)

As was first stressed by the classical economists Adam Smith and David Ricardo, international trade plays a crucial role in the growth process. The paper aims to analyze the influence of foreign trade on economic performance in the wood processing industry (WPI) of Czechia and Slovakia. The multivariate regression method (MLR), assumption tests for MLR models, and Granger causality test were applied to identify association between foreign trade economic performance, and indicators were formed to measure the effects of foreign trade at the industry level. The Granger test revealed the unidirectional causality in the Slovak WPI and bidirectional causality in the Czech WPI. The results revealed that the net export growth has a positive effect on the economic performance of the industry, but only if the growth in imports is lower than in exports. The balanced trade balance indicated no influence of foreign trade on economic performance. The paper contributes to existing knowledge with indicators for evaluation of foreign trade effects on the performance of the industry. The paper also brings new empirical knowledge in trade balance effects on the economic performance of industries. [ABSTRACT FROM AUTHOR]

From the earliest days of social science, in the writings of David Hume and Adam Smith, it has been difficult to make secular sense of the notion of sacredness in terms that believers in that notion can recognize aswhat they mean by it--social scientists instead tend almost universally to treat it as the consequence of an illusion of some kind. This paper explores the sources of that difficulty, arguing that it is built into the assumptions that make social science a science at all. It also argues that treating a category so central to the moral thinking of millions of people as resulting from an illusion breeds attitudes of condescension that are morally problematic. Using themes to be found especially in Kant, the paper proposes a way for social scientists to treat the category of sacredness with respect for moral purposes even while maintaining the presuppositions, for the purposes of their scientific work, that lead them to try to explain it away. [ABSTRACT FROM AUTHOR]

Why do some local governments deliver public services directly while others rely on providers from the private sector? Previous literature on local contracting out and on the privatization of state-owned enterprises have offered two competing interpretations on why center-right governments rely more on private providers. Some maintain that center-right politicians contract out more because, like Adam Smith, they believe in market competition. Others claim that center-right politicians use privatization in a Machiavellian fashion; it is used as a strategy to retain power, by 'purchasing' the electoral support of certain constituencies. Using a unique dataset, which includes the political attitudes of over 8,000 Swedish local politicians from 290 municipalities for a period of 10 years, this paper tests these ideological predictions together with additional political economy factors which have been overlooked in previous studies, such as the number of veto players. Results first indicate support for the Machiavellian interpretation, as contracting out increases with electoral competition. Second, irrespective of ideological concerns, municipalities with more veto players in the coalition government contract out fewer services. [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]

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]

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]

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]

Japan's economic success since World War II has been striking. Modern Japan was the first major industrial economy to emerge from outside the Western tradition. Economically devastated in 1945, by 1990 Japan had the world's second largest economy and a GDP per head 20 percent greater than that of the United States. In this paper it is argued that one reason for Japan's success is that the costs of achieving cooperation and specialization are lower in Japan than in the West. Cooperation and specialization have been acknowledged to have a beneficial impact upon productivity ever since Adam Smith wrote about cooperative specialization in the context of the division of labor. Modern economic theory, however, suggest that in a world of self-interested individuals the costs of achieving cooperation and specialization are substantial. In this paper it is argued that the cultural value system that Japan has inherited from its preindustrial past, and particularly the Tokugawa period, helps facilitate cooperation between individuals and encourages them to undertake productivity-enhancing investments in specialization. This lowers the costs of achieving cooperative specialization. In turn, the lower costs of achieving cooperative specialization have helped Japanese enterprises adopt practices such as self-managing work teams and long-term supplier relations that are consistent with obtaining a productivity-based competitive advantage in the world economy. [ABSTRACT FROM AUTHOR]

The window tax provides a dramatic and transparent historical example of the potential distorting effects of taxation. Imposed in England in 1696, the tax-a kind of predecessor of the modern property tax-was levied on dwellings with the tax liability based on the number of windows. The tax led to efforts to reduce tax bills through such measures as the boarding up of windows and the construction of houses with very few windows. In spite of the pernicious health and aesthetic effects and despite widespread protests, the tax persisted for over a century and a half: it was finally repealed in 1851. Our purpose in this paper is threefold. First, we provide a brief history of the tax with a discussion of its rationale, its role in the British fiscal system, and its economic and political ramifications. Second, we have assembled a dataset from microfilms of local tax records during this period that indicate the numbers of windows in individual dwellings. Drawing on these data, we are able to test some basic hypotheses concerning the effect of the tax on the number of windows and to calculate an admittedly rough measure of the excess burden associated with the window tax. Third, we have in mind a pedagogical objective. The concept of excess burden (or 'deadweight loss') is for economists part of the meat and potatoes of tax analysis. But to the laity the notion is actually rather arcane; public-finance economists often have some difficulty, for example, in explaining to taxpayers the welfare costs of tax-induced distortions in resource allocation. The window tax is a textbook example of how a tax can have serious adverse side effects on social welfare. In addition to its objectionable consequences for tax equity, the window tax resulted in obvious and costly misallocations of resources. [ABSTRACT FROM AUTHOR]

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]

Market efficiency is essential in a world of scarce resources, but it is a secondary concern if human survival depends on a market that can provide reliable agricultural supply. For example, the projected increase in the frequency, magnitude and severity of extreme weather events (as increasing CO2emissions make the world warmer) has profound implications for the reliability of the multilateral agricultural market. Market reliability is assumed to be embedded in supply and demand price transmission, although this assumption may not hold in a changing climate. This paper examines these concerns and makes recommendations to the World Trade Organization (WTO) and to leaders of national governments about rethinking the balance between interdependence on a multilateral agricultural market and national independence (not self-sufficiency) based on development of multiple food delivery systems to protect against periodic agricultural price shocks. Once established, via the WTO Doha round, a non-distorted multilateral agriculture market will become the primary global food security system, but national governments may also wish to examine a range of secondary food security systems. [ABSTRACT FROM AUTHOR]

This paper examines Adam Smith's explanation of the stability of a competitive market. An initial hypothesis in the paper holds that the mechanism described in The Wealth of Nations has nothing to do with production costs, longterm, or sympathetic relationships. My proposal draws on the literature that evokes the decisive influence, acknowledged by Adam Smith, of institutions over the behavior of individuals. The argument is that Adam Smith's natural rates are a collective pattern that provides the basis for consistent expectations. Smith proposes this pillar to support the construction of a spontaneous order: Coordination through the market is a stable mechanism because it allows for an adjustment of plans grounded in consistent expectations. [ABSTRACT FROM AUTHOR]

The gravity equation is a current workhorse of empirical trade theory. It is generally acknowledged that this theory, which relates the extent of trade between countries to their respective sizes, distances, and relative trade barriers, was first developed by Jan Tinbergen in 1962. Acceptance of the gravity model as part of the discipline's core was limited by its scant theoretical foundation for the first 40 years of its existence. This paper finds that a theory of trade gravity was first developed by Adam Smith in The Wealth of Nations. Moreover, it is shown that Smith's statement of a proportional relation between economic size and distance came about as an application of his general theory of differential capital productivity in different economic sectors, and his elaboration of a theory of the gains from trade originated by David Hume. It is further shown that Smith had an explanation of the size of border affects in trade volumes, and a gravity theory of trade restrictions. [ABSTRACT FROM AUTHOR]

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]

Copyright of Praxis Filosófica is the property of Universidad del Valle 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.)

RESEARCH OBJECTIVE: The aim of this paper is to investigate applicability of Adam Smith's Labour Theory of Value (LTV) and present both: the development of Adam Smith's LTV as well as the early Anglo-American respond to the thesis that labour is real measure of the exchangeable value of all commodities. THE RESEARCH PROBLEM AND METHODS: Paper analyses premises that led Adam Smith to formulate his thesis that the labour it the only common measure of all value; as well as the reasons for critiques and appraisals of Smith's thesis. Using analytical methods, as Frederic Beiser defined it, paper will "identify the problem behind a passage, the question the author is attempting to answer, (...) reconstruct the arguments the author gives for its solution, i.e., formulate them into premises and conclusion [and] (...) appraise these arguments, determining their formal validity and the quality of the evidence for them." THE PROCESS OF ARGUMENTATION: After taking preliminary considerations on development of Smith's theory the paper examines the earliest critique by the Anglo-American thinker Thomas Pownall. Finally, to investigate shortcomings of Pownall's criticism, the paper explores various British and American attempts to implement LTV in utopian experiments and validate accuracy of Smith's assumptions in practice. RESEARCH RESULTS: The result of the study is to clarify the Smith's LTV concept and present it in new light, without the Marxist distortion given to it by both: Karl Marx itself and Marxists supporters. CONCLUSSIONS, INNOVATIONS AND RECOMMENDATIONS: This proves that no matter how disputable and undefined the LTV concept might be, and besides all imperfections of LTV theory emphasised by Pownall, under specific circumstances it might be implemented into practice. The paper focusses on pre-Ricardian economy and utopian social experiment and therefore it provides new context of analysis does not intend to present the Marxist variations on LTV. [ABSTRACT FROM AUTHOR]

RESEARCH OBJECTIVE: The aim of this paper is to examine the economic advice that Adam Smith provides for individuals and relate that to the judgements that he makes about national economies. It argues that Smith's interest in unintended consequences leads him to consider both levels of economic activity in a particular way. While these aspects of his thought have been discussed in the literature, they have not been analysed together. THE RESEARCH PROBLEM AND METHODS: As a book the Wealth of Nations had two interrelated purposes: it was a scientific attempt to understand political economy, and it was also a critical intervention into British policy based upon the evidence of that inquiry. This paper looks at the connection between these two aspects of the book. In particular it examines how Smith moves from an explanation of the evolution and operation of commercial society that depends on unintended consequences (such as the famous 'invisible hand') to a set of suggestions for macro level policy to be undertaken by the government and micro level advice for individuals. The paper proceeds by close textual analysis of key passages from Smith's work. THE PROCESS OF ARGUMENTATION: the paper traces how Smith's scientific approach generalises from historical evidence to identify and study the core principles of the division of labour and trade. From here he identifies a set of necessary conditions for the successful operation of a commercial society: The rule of law, political stability, and certain public works and regulations. But Smith also offers some observations on successful economic strategies that should be adopted by individuals. RESEARCH RESULTS: The paper shows that Smith communicates his advice to individuals through character sketches of the book's 'hero' the prudent man, and the book's 'villains' the prodigal and the projector. The contrast between these examples serves a didactic purpose for Smith. CONCLUSION, INNOVATION AND RECOMMENDATION: The paper concludes by taking a look at Smith's advice to individuals for pursuing economic success through character sketches. It contributes to the literature by stressing Smith's interest in the connection between macro-level national economic phenomena and micro-level individual economic strategy, and by showing how his book offers advice to both nations and individuals. This is an underexplored dimension of Smith's account that is examined in detail in a way not present in the scholarly literature. [ABSTRACT FROM AUTHOR]

Copyright of Economic Insights - Trends & Challenges is the property of Petroleum - Gas University of Ploiesti 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 – This paper aims to present the salient features of Smith's argument of the falling rate of profit. This theory has usually been interpreted as a result of the intensification of competition in the markets of goods and services of the factors of production. This aspect of Adam Smith had been initially posed by Ricardo and subsequently was widely adopted by the major economists of the past as well as from the majority of the modern historians of economic thought. Design/methodology/approach – This paper reviews the major interpretation of the argument from Ricardo and Marx as well as from major historians of economic thought, and then attempts to reconstruct Smith's argument, which is scattered throughout the Wealth of Nations. The authors present some indirect empirical evidence based on the evolution of interest rates on annuities lending support to Smith's insights of the falling rate of profit. Findings – In the author's view, Smith's analysis of the falling tendency in the rate of profit is by far more complex than usually presented and that the intensification of competition is the result of the falling rate of profit rather than its cause which is the capitalization of the production process. Originality/value – This paper presents a review of existing literature and an interpretation of Adam Smith's original model of the falling rate of profit. [ABSTRACT FROM AUTHOR]

The paper aims to contribute to the building of a more realistic understanding of the new born field of behavioral economics, based on a (fragmented) historical perspective of the psychological influences that can be traced in representative works from important economists. Exploring the theory of moral sentiments of Adam Smith, the animal spirits of J.M.Keynes and other representative concepts from Thorstein Veblen, Tibor Scitovsky and Herbert Simon, we emphasize the existence of a solid background for current research on similar topics and a sense of coherence that makes a significant link between different periods of economic thought and the actual trends. [ABSTRACT FROM AUTHOR]

The economic system of laissez-faire, free market capitalism has never been fully realized anywhere but it has been defended by many theorists. This paper divides the defenses into two types, the scientific (or empirical) and the normative (or value-laden) varieties. The former may be traced to those like Adam Smith (although Smith had stressed some normative elements which, however, economist tend to disregard), while the latter may be traced to the likes of John Locke (though Locke was also an empiricist and scientist). In this paper these two types of defense are sketched and it is argued that the normative must be considered as the more significant, given the moral nature of human conduct and institutions. [ABSTRACT FROM AUTHOR]

Why do people give away knowledge in tutoring other people's children or when mentoring junior employees? Neoclassical economists explain informal learning as rational behavior that arises out of enlightened self-interest. They can also justify it as acts that satisfy the agent's preferences for the utility of others. By contrast, this paper shows that Smith's moral sentiments model anticipates a biological approach that explains additional and deeper motives for such exchanges. Instincts and emotions serve consequentialist ends because the ultimate causes of behavior are grounded in adaptations useful for survival and procreation. But man is largely innocent of this knowledge. The proximate causes of behavior—that is, the adaptive mechanisms actually at work in human society—are psychologically obscure—not left to the conscious mind. Social and moral capital develop through instincts and affection, and mentoring and collaboration are examples of social exchanges that arise from them. [ABSTRACT FROM AUTHOR]

The article presents the book "The Literature of Political Economy: Collected Essays," 2nd ed., by Samuel Hollander. The book is a collection of twenty previously published papers of economics and some book reviews. The book presents papers on teaching of economic thoughts and memoirs of economists William Jaffé, Adam Smith and Thomas Robert Malthus.

The article focuses on the book "A World Fit for People," by Adam Smith. This is a collection of 55 essays presents by academics, practicing experts on economic development an government officials at the second Round Table Conference on Global Change held at Bucharest Romania in 1992. The book has four parts: Political Reconstruction, Economic Development, Ecological Values and Countries in Transition. Part 1 create a base for broader policy questions faced by world community and stress the importance of political and governmental institution building in order to make it possible for societies to function in the interest of their people. Part 2 is on Economic Development. There are papers on economic policy and its underlying models and on international aid in support of development. The role of government in investment, in infrastructure, creation and management of public enterprises, providing and enforcing rules and regulations on private enterprises and other interventions in the economy 15 found to have helped the developing countries temporarily in the 1950s and 1960s.

This paper addresses the problem of the formation of order in socioeconomic systems in transition. One approach, stemming from interpretations of the writings of Bernard Mandeville and Adam Smith, culminates in modern general equilibrium theory in economics. However, no coherent and adequate formal model of the generation of social order and economic equilibrium has yet been produced on the basis of its atomistic and individualistic assumptions. Furthermore, general equilibrium theory does not deal with economic systems in an adequate sense. It can represent neither true markets, nor money, nor key types of knowledge and uncertainty, nor real time. Finally, it does not support a policy of laissez-faire. In sum, the general equilibrium project now lies in ruins. It is argued here that rather than the interactions of atomistic and self-seeking individuals, real capitalist economies depend on complex relations of loyalty and trust, pervading civil society and its interpersonal relationships. The overcentralized economic systems of the former Eastern Bloc prevented the survival and development of these relations. Clearly, this has important consequences for economic policy in those countries now attempting to build modern capitalist market economies. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Ciencias Economicas is the property of Universidad Nacional del Litoral 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.)

The article provides predictions on the state of the U.S. economy in a 50-year time frame. The concept of a self-fulfilling prophecy and its application to behavior and economics are established. Sociologist Robert C. Merton is acknowledged for his predictions on hedge funds. It mentions projections made by economist Adam Smith, including the abandonment of metal coinage in favor of paper money.

Copyright of Crítica is the property of Instituto de Investigaciones Filosoficas 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.)

In this paper I offer a speculative answer to the question why Adam Smith, who burned nearly all of his papers, arranged for posthumous publication for a number of his essays. I rely on a number of hints in those essays and put them in the context of eighteenth century natural philosophy. I argue that those hints trace back to John Toland and Spinozism. [ABSTRACT FROM AUTHOR]

The dilemma of the anthropos confuses him as to the advantage of the market to his existence. The market anthropos is seen as homo economicus, a self-interested, utility-maximizing individual. This popular belief is critically analyzed as to its nuances insofar as the homo politicus of John Rawls is concerned. The life of the market anthropos seeks consensus towards societal cooperation and justice. Popularly held to be dissenting, this paper seeks to explore their possible convergence in the light of the nuances predicated by Adam Smith and Rawls. Ultimately, it is argued that the anthropos in either startum of politics or market is not differentiated but is one and the same, contextually apart but anthropologically integrated. The cooperative homo politicus can also be a cooperative homo econonomicus just as both can be selfishly motivated and utilitarianist. [ABSTRACT FROM AUTHOR]

The aim of this paper is twofold: first, to provide evidence supporting the thesis that Kautilya was the first political economist; second, to verify that a systematic study of political economy has begun long before the ideas and works of Adam Smith. It was in the works of Kautilya (around 375 B.C.). In order to validate the aims of our study, we look for evidence in his Arthashatra of rational behaviour, self-interest motivation, and market elements of a traditional commercial society. Providing a sound interpretation of Kautilya's main arguments, we demonstrate that his is no less a systematic study in political economy than Smith's The Wealth of Nations. Economics is a science that tries to offer policies and practices for creating and enriching a nation's wealth, and in that sense, the Arthashastra (literal translation being The Science of Wealth) represents the first systematic manual of political economy. The development of economics as a science must take cognition of the economic principles and ideas presented in The Arthashastra so as to reveal the true origins of economic thought and its evolution. It is only by understanding methodological problems in a historical perspective we can understand the modern methodological and conceptual issues. [ABSTRACT FROM AUTHOR]

The development of co-operatives has been (and is) influenced by ideas and conceptions first developed by mainstream economics, yet there is commonly claimed to be a disinterest (or misunderstanding) among economists relating to the advantages and challenges posed by co-operative organisations. Yet a broader perspective demonstrates that whatever distance between the economic profession and the co-operative movement may exist today, there has certainly been a close association throughout most of their shared history. This paper, therefore, seeks to illuminate the perspectives adopted, and insights into co-operatives developed, by leading economists since 1776. [ABSTRACT FROM AUTHOR]

This paper aims to clarify Adam Smith’s view of science that has been found in his capacity as a historian or philosopher of science. It is shown that Smith assesses scientific activities as seeking to uncover underlying or hidden causal mechanisms at the real level that link together patterns and regularities at the empirical level of the world. He deals largely with such dimensions of science in his essays on natural sciences—particularly in his ‘History of Astronomy’. Importantly, Smith applied a version of inference to the best explanation to evaluate possible competing hypotheses for the progress of scientific knowledge. This, and some related concepts help us to view Smith, who comes closer to a critical realist perspective as a modern version of scientific realism, in which a realist ontology is coupled to a form of epistemological dualism (a robust relativist epistemology). [ABSTRACT FROM PUBLISHER]

Operations management is a key function in the modern organisation and an important area of study in the business school. Like many subjects it remains separated from the business history community. The practice of operations management can gain meaningful and significant lessons from proper consideration of the historical antecedents of current practices. Unfortunately, more than any other business area, operations management has a habit of forgetting the lessons of the past and ‘reinventing the wheel’. The purpose of this paper is to emphasise the value of historical analysis in operations management, assess the level of historical coverage of the development of operations within that subject area (taking a review of OM textbooks as a proxy), and highlight the valuable opportunities for the business history community to engage with their operations colleagues to better guide the next generation of operations management education and practice. [ABSTRACT FROM PUBLISHER]

Highlights • Increase in biodiversity increases biological and environmental fitness. • The Janus Hypothesis explains how fitness is optimized by maximizing total system throughflow (TST) and storage (TSS). • Autonomy, biodiversity, and connectivity are three key ingredients in the process. Abstract Adam Smith's classic, The Wealth of Nations (Smith, 1776), laid down the foundations for free-market, and later growth, economics. Goals, resources, currencies, labor, and skills in human enterprise all have parallels in the economy of nature: ▪ Self-interested people have counterparts in survival-driven species; ▪ Opportunities and markets are reflected in resource and habitat niches; ▪ Division of labor is expressed in role niches and biodiversity; ▪ Persistence of economic growth is matched in that of biological growth; ▪ Growth in money-flow mirrors matter- and energy-flow in ecosystems; ▪ Capital accumulation as monetary profit in economics is expressed as the standing stocks of natural capital in ecology; and finally, ▪ Smith's invisible hand , generating "greatest goods for the greatest many", finds specificity in the utility theory and mathematics of ecology's network environ analysis. These parallels, and the fact that man is a part of nature also, suggest the same laws direct both ecology and economics. This paper summarizes the Janus Hypothesis (Patten, 2016) as a candidate theory determining natural (and human) economics. The hypothesis holds that three relational " ABC "s— a utonomy, b iodiversity, and c onnectivity—self-organize to maximize biological and environmental fitness in the transactional economy of nature. Applicability to human economics is axiomatic. [ABSTRACT FROM AUTHOR]

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This paper explores the presence of both relativistic and universalistic elements in Adam Smith's moral philosophy. It argues that Smith is more sympathetic to the concerns of anthropologists than most philosophers have been, but still tries to uphold the possibility of moral judgments that transcend cultural contexts. It also argues that the tensions between these aspects of his thought are not easy to resolve, but that Smith's sensitivity to the issues that give rise to them makes him a useful figure with whom to think through the relationship between anthropology and moral philosophy to this day. [ABSTRACT FROM AUTHOR]