Neoclassical economists of the current era frequently pay lip service to Adam Smith's theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith's notion of value, his understanding of the economic...

This article introduces the moral philosophy underlying Smith's contributions to economics and emphasises the close connection between Smith's two principal works, the Theory of moral sentiments and the Wealth of nations. -- Adam Smith ; economic development ; moral philosophy ; history of...