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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. (original abstract)
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. (original abstract)
Czasopismo
Rocznik
Tom
Strony
43--64
Opis fizyczny
Twórcy
autor
- University of Glasgow, United Kingdom
Bibliografia
- Berry, C.J. (1997). Social Theory of the Scottish Enlightenment. Edinburgh: Edinburgh University Press.
- Berry, C.J. (2013). The Idea of Commercial Society in the Scottish Enlightenment. Edinburgh: Edinburgh University Press.
- Bonnyman, B. (2014). The Third Duke of Buccleuch and Adam Smith: Estate Management and Improvement in Enlightenment Scotland. Edinburgh: Edinburgh University Press.
- Campbell, T.D. & Ross, I.S. (1981). The Utilitarianism of Adam Smith's Policy Advice. Journal of the History of Ideas, 42.1, 73-92.
- Fleischacker, S. (2003). On Adam Smith's Wealth of Nations: A Philosophical Companion. Princeton: Princeton University Press.
- Griswold, Ch. (1999). Adam Smith and the Virtues of Enlightenment. Cambridge: Cambridge University Press.
- Hanley, R.P. (2009). Adam Smith and the Character of Virtue. Cambridge: Cambridge University Press.
- Kennedy, G. (2008). Adam Smith: A Moral Philosopher and his Political Economy. London: Palgrave Macmillan.
- Otteson, J.R. (2002). Adam Smith's Marketplace of Life. Cambridge: Cambridge University Press.
- Phillipson, N. (2010). Adam Smith: An Enlightened Life. London: Allen Lane.
- Rutherford, D. (2012). In the Shadow of Adam Smith: Founders of Scottish Economics 1700-1900. London: Palgrave Macmillan.
- Sen, A. (2013). The Contemporary Relevance of Adam Smith. In: C.J. Berry, M.P. Paganelli, & C. Smith (eds.), The Oxford Handbook of Adam Smith. Oxford: Oxford University Press, 581-592.
- Smith, A. (1976a) [1776]. An Inquiry into the Nature and Causes of the Wealth of Nations, eds. R.H. Campbell, A.S. Skinner, & W.B. Todd. Oxford: Oxford University Press.
- Smith, A. (1976b) [1759]. The Theory of Moral Sentiments, eds. D.D. Raphael & A.L. Macfie. Oxford: Oxford University Press.
- Smith, A. (1978). Lectures on Jurisprudence, eds. R.L. Meek, D.D. Raphael, & P.G. Stein. Oxford: Oxford University Press.
- Smith, A. (1980) [1795]. Essays on Philosophical Subjects, ed. W.P.D. Wightman. Oxford: Oxford University Press.
- Smith, A. (1987). The Correspondence of Adam Smith, eds. E.C. Mossner & I.S. Ross. Oxford: Oxford University Press.
- Smith, C. (2006). Adam Smith's Political Philosophy: the invisible hand and spontaneous order. London: Routledge.
- Stigler, G.J. (1971). Smith's Travels on the Ship of State. History of Political Economy, vol. 3, no. 2, 265-277.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000171534971
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