Adam Smith and Modern Economics.
The Princeton Guide to Adam Smith, edited by Ryan Hanley and at Princeton University Press, Forthcoming
22 Pages Posted: 7 May 2014
Date Written: April 28, 2014
In his Wealth of Nations (1776) Adam Smith created an agenda for the study of the economy that is reflected in the structure of modern economics. This paper describes Smith’s contributions to four central areas of economic theory: The theory of price formation, the relationship between market outcomes and the public interest, the role of the state in the economy, and the sources of economic growth. In each case, an attempt is made to relate Smith’s contribution to the state of contemporary economics, showing both the similarities and contrasts between the respective approaches.
Keywords: Adam Smith, markets, government, economic growth
JEL Classification: B12, B31
Suggested Citation: Suggested Citation