Adam Smith's Legacy: His Place in the Development of Modern Economics

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Although Adam Smith died over two hundred years ago, his influence is still felt in many areas of contemporary economics. In this volume some of the world's leading economists pay tribute to Smith's continuing importance. The contributors write under three different headings. The first section considers The Wealth of Nations from today's perpective. Even though Smith lacked the sophisticated mathematical techniques of modern economists his theoretical and quantitative work is shown to be both acute and rigorous. The second section looks at modern applications of Smith's analysis. Again, the terms Smith uses when addressing issues in macro and labour economics might not be familiar, but the essentials of his analysis will be. Finally, the book considers the state of modern economics. Heirs to Smith as leaders of the discipline, the contributors assess the extent to which economics measures up to the bench-mark established by its founder. Both a tribute to the enduring value of Smith's work and an overview of the current state of the discipline, this volume will be of interest to the whole economics community.
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Product Details

  • ISBN-13: 9780415061643
  • Publisher: Taylor & Francis
  • Publication date: 5/28/1992
  • Pages: 224
  • Product dimensions: 5.74 (w) x 8.80 (h) x 0.87 (d)

Table of Contents

Address at Canongate Kirkyard 1. The Overdue Recovery of Adam Smith's Reputation as an Economic Theorist Paul Samuelson 2. Smith's Use of Data L.R. Klein 3. On the Wealth of Nations Franco Modigliani 4. The Supply of Labour and the Extent of the Market

James M. Buchanan 5. The General Theory of Surpluses as a Formulation of the Underlying Theoretical Thought of Adam Smith, his Predecessors and his Contemporaries Maurice Allais 6. Adam Smith and Human Capital Theodore Schultz 7. Public Economic Policy: Adam Smith

on What State and other Public Institutions Should and Should Not Do Richard Stone 8. The Invisible Hand in Modern Macro Economics James Tobin 9. The Present State of Economic Science Wassily Leontief 10. Economics: Recent Performance and Future Tasks Jan


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