This paper defends Adam Smith against his critics on his 'additive' theory of value as well as his theory of 'falling rate of profits'. It argues that Adam Smith did not forget the raw materials, and so forth, in his resolution of the price into wages, profits, and rent, and that the constraint...

This article as a sequel to Song (1995), 'Adam Smith as an early pioneer of institutional individualism', aims to depict what Smith's conception of social relations of production looks like, and draws a tentative conclusion that when grasped in the whole context of Smith's system of social...

Because economic affairs involve individual action, they must be understood on the basis of a theory which is both subjective, depending on a conception of individual decision-making and especially private interest, and objective, demonstrating how the objective forces of a system of interaction...

Adam Smith justified the contemporary usury laws and was severely criticised by Bentham and most modern writers with the important exception of J.M. Keynes. We argue that pace Bentham, Smith did not intend to preclude loan financing of all 'risky' ventures and give a 'monopoly' to safe...

This paper first considers the character of Smith's account of division of labour as a theory of technical progress. In so far as Smith's account does entail a vision of liberal or competitive commercial society as exhibiting ongoing technical progress, this must have implications for income...

The paper discusses the analyses of technical progress, capital accumulation and income distribution elaborated by three major classical economists: Adam Smith, David Ricardo and Karl Marx. The interpretation given is partly inspired by Piero Sraffa's studies in his hitherto unpublished papers....

Both William Petty (1623 to 1687) and Adam Smith (1723 to 1790) were concerned with the question of how to increase productivity. In this connection, they both addressed the issues of technological invention and the organisation of the production process, but in very different ways. Petty...

Juan Hipolito Vieytes (1762-1815)was a hero of the May 1810 Revolution in Buenos Aires and one of the early economists in the River Plate area. Although Robert Sidney Smith dismissed Vieytes as a very minor figure in Spanish economic thought, this article attempts to show that Vieytes, an...

Some recent writing on Adam Smith's Theory of Moral Sentiments has emphasised the importance of vanity as one of the most important human motivations. This reading leads to a new version of Das Adam Smith Problem, but this is unwarranted. Such a reading tends to conceal the significance that...

The aim of the paper is to show that Smith has a theory of economic history grounded in a politico-economic modeling (as well as a sort of economic theoretical modeling). In terms of the politico-economic approach, in the Wealth of Nations (Book III.ii-iv) Smith tried to offer a systematic...