This is a review article on Burgstaller's book "Property and Prices" (1995). It is argued that the book misrepresents the common ground and the differences between the classical and the Walrasian approaches to value and distribution, and furthermore that many of the author's claims, e.g. that...

This paper deals with Keynes’ theoretical stance toward classical economics from the viewpoint of effective demand. In the first section, a recap of the pivotal role attributed to overall demand in the dynamics of the business cycle by many economists prior to the “General Theory” is...

This paper aims to describe the relationship between State and Market presented by classical economists. In general, there is accord on the importance of market to the right performance of economy. However, the invisible hand metaphor or the notion of laissez-faire gets less attention to the...

The Austrian notion of stages of production and the related principle of the greater productivity of roundabout methods plus the neo-Austrian notions of vertical integration and vertical division of labour are utilized in this paper in an attempt to reconstruct Smith's convoluted arguments on...

Adam Smith’s The Theory of Moral Sentiments (1759) provided a general analysis of virtue ethics (prudence, temperance, courage, justice, benevolence, where Smith combined the virtues of temperance and courage into the virtue of self command) that was applied to all areas of a human society...

The paper examines the influence of classical economics on an important episode in the American 19th-century jurisprudence on business regulation, the Slaughterhouse Cases of 1873. Law historians know well that the dissents penned in that occasion by Supreme Court Justices Field and Bradley lay...

Classical Political Economy is characterized by the systemic study of economic forces. Primarily concerned with the dynamics of economic growth, the classical economists sought to explain how and why wealth is created and destroyed. Their study found the role of institutions central in answering...

Adam Smith completely rejected Utilitarianism in any form in his lifetime in his two major books, the Theory of Moral Sentiments (1759) and The Wealth of Nations (1776). This paper will examine the basis for Smith’s rejection of Utilitarianism in the Wealth of Nations (1776) only. The Virtue...

Experimental economists frequently invoke Adam Smith's notion of sympathy, and experimental treatments typically examine sympathy in situations where two groups are involved. We explore additional implications of sympathy suggested by the work of later classical economists. We link the notion of...