Saturday , August 13 2022
Home / Tag Archives: Adam Smith

Tag Archives: Adam Smith

Economics without Gaps: on Ibn Khaldun and non-Western traditions in the history of ideas

Ibn Khaldun, Arab scholarA piece* from a few years ago, has again become somewhat popular and it has been making the rounds. It suggests that the Arab scholar Ibn Khaldun developed the ideas of classical political economics in the late XIV century, about half a millennia before Adam Smith, often seen as the father of classical economics, and of modern economics. Some would suggest that Khaldun was the real father of economics (or stepfather in the first essay on top). To a great extent, the...

Read More »

Poor Richard Goes to London: The Economic Ideas of Benjamin Franklin

[embedded content]Another episode of my podcast on The Worldly Philosophers Go to Washington: From Alexander Hamilton to Janet Yellen. The ideas of early classical political economists and their influence in America are analyzed in this episode. The role of Sir William Petty’s ideas in the development of Benjamin Franklin’s early policy proposals is discussed. It is noted how Franklin had a firm grasp of the main economic theories of his time, even before some of these ideas were fully...

Read More »

Das Adam Smith problem

[embedded content] A short lecture on Adam Smith's problem for a Principles class. This might be of more general interest, and perhaps something to watch during the quarantine. The book I used for the lectures on history of economic ideas was Heinz Kurz's Economic Thought: A Brief History, a book that I highly recommend. The discussion here is heavily influenced by Tony Aspromourgos' book The science of wealth: Adam Smith and the framing of political economy, another one you should read if...

Read More »

COVID-19: The Butcher, the Brewer, and the Baker

By James Kwak “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” —Adam Smith, The Wealth of Nations Image by Mandy Fontana from PixabayThis is the most famous line from the most famous justification of market capitalism. Smith’s point is that it is individual self-interest that drives the economy. In the next paragraph, he goes on to describe how gains from trade explain the division of labor in...

Read More »

COVID-19: The Butcher, the Brewer, and the Baker

By James Kwak “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” —Adam Smith, The Wealth of Nations Image by Mandy Fontana from PixabayThis is the most famous line from the most famous justification of market capitalism. Smith’s point is that it is individual self-interest that drives the economy. In the next paragraph, he goes on to describe how gains from trade explain the division of labor in...

Read More »

The Making of Homo Financius and Neoliberal Morality Oleg Komlik

In their paper Maman and Rosenhek made an insightful contribution in shedding light on how the state agencies, institutional actors and mechanisms concoct the neoliberal morality and conduct the moralization of the economic field within particular macro-institutional context. This important research direction should be amplified more in our field. One thing is certain: in (neoliberal) capitalism moral sentiments play a key role in the extraction of economic value. Maman, Daniel and Zeev...

Read More »

Chris Dillow — Adam Smith’s two economies

Adam Smith thought there were two economies – meritocratic for the poor and powerless and anti-meritocratic for the powerful. There is also a legal double-standard of justice reflecting this. Steal a hundred go to jail; steal a million, get promoted. Accountability is inversely proportional to status? Stumbling and MumblingAdam Smith's two economiesChris Dillow | Investors Chronicle

Read More »

Branko Milanovic — 1½ Adam Smiths

The recent book by Jesse Norman simply entitled “Adam Smith” is a pleasure to read. There are of course innumerable books on the founder of the political economy, so why another one? Norman’s book is directed toward that, at times elusive, general educated reader, and has, in my opinion, three objectives: (i) to situate Adam Smith in his time, both intellectually and politically, (ii) to argue that there is a remarkable consistency between the Adam Smith of the Theory of Moral Sentiments,...

Read More »