In his Idea of Justice, Amartya Sen compares the two basic approaches to evaluate institutions, transcendental institutionalism and realization-focused comparisons. Referring to Smith's Impartial Spectator, he argues in favour of the latter and proposes the principle of Open Impartiality....

In his Idea of Justice, Amartya Sen compares the two basic approaches to evaluate institutions, transcendental institutionalism and realization-focused comparisons. Referring to Smith's Impartial Spectator, he argues in favor of the latter and proposes the principle of Open Impartiality....

The moral status of economic liberty is a critical point of contention within liberal theory. Classical liberals, including Tomasi, suggest that economic activity is fundamental for exercising personal autonomy and its protection to be to the overall benefit of all persons. By contrast,...

Alasdair MacIntyre argues that the Enlightenment ideology, which includes Adam Smith's moral theory, lacks any sense of telos and will, therefore, fail in the long run. This article accepts MacIntyre's challenge and examines Smith's moral philosophy arguing that Smith did not completely discard...

J. Muth's 1961 article on rational expectations was written without any knowledge on Muth's part about what a subjective theory of probability entails and is based on, or what an objective theory of probability entails and is based on. Muth's disbelief, that the individual, subjective...

An analysis of Confucius and Smith demonstrates that both are presenting arguments that are extremely close in their conclusions.The Analects present a powerful case against utilitarian ethics in a manner which is very similar to Smith's argument against utilitarianism.Smith and Confucius...

J M Keynes's approach to the use of mathematics is based on his interactions with Bertrand Russell, Alfred North Whitehead, William Ernest Johnson, C. D. Broad, G. E. Moore, and Alfred Marshall. His views were carefully expressed in the A Treatise on Probability and General Theory. Keynes...

Frederic Bastiat (1801-1850) was an economist and journalist. A member of the French Liberal School, he is best known for his free trade ideas and his philosophy of law. Mark Blaug ranks him as one of the 100 greatest economists before Keynes. Schumpeter called him a brilliant economic...