Schumpeter misevaluated Adam Smith's contributions in the Wealth of Nations in his monumental History of Economic Analysis (1954) by overlooking the originality of Smith's unique contributions to decision theory, his definition of uncertainty, and his application of the uncertainty versus risk...

Economists for over two and one half centuries have completely and totally confused and mixed up the Virtue ethics approach of Adam Smith with the Utilitarian ethics approach of Jeremy Bentham. The major snafu concerns the directly conflicting definitions of self interest of Smith and...

Viner's understanding of Smith's The Theory of Moral Sentiments is very poor. He overlooked the close connections that existed between The Theory of Moral Sentiments and The Wealth of Nations in his 1927 article on Smith in the Journal of Political Economy. The reason why Viner committed these...

Gavin Kennedy has carefully shown that the “Invisible Hand” myth, that greedy and selfish private optimizing behavior leads to a social macro optimum that benefits all, had nothing to do with Adam Smith's use of the invisible hand metaphor in The Wealth of Nations. Kennedy also showed that...