February 14 , 2011

Adam Smith

Essays on Adam Smith’s Original Contributions to Economic Thought and the Parallels with the Economic Thought of John Maynard Keynes


Adam Smith’s original, path breaking work on decision making, uncertainty and public policies to minimize the impact of uncertainty in the economy has been overlooked for well over two hundred years. One need only peruse the badly analyzed work of Smith in this area as presented by Henry D MacLeod in his The Elements of Political Economy on pp.212-220 or Henry Sidgwick’s The Principles of Political Economy on pp.359-361, as well as the misevaluations of Smith’s contributions made by Jacob Viner in 1927, Joseph Schumpeter in 1954, Murray Rothbard in 1995, or Salim Rashid in 1998 to realize that Smith’s important contributions were never recognized. The claim that Smith made no original contributions to economic theory or economics is simply false.

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