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Adam Smith’S System Of Natural Liberty: Competition, Contestability, And Market Process

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  • BRADLEY, MICHAEL E.

Abstract

In this article, I argue that Adam Smith’s system of perfect liberty contains some of the seeds of perfect competition, but that the modern perfectly competitive model differs from Smith’s perfect liberty in some important respects—in particular, the role of active competition among firms and the role of the entrepreneur. The article examines the analytical linkages between Smith’s system of liberty and three strands of modern economic theory—neoclassical perfect competition, contestable market theory and the Austrian analysis of market process.

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  • Bradley, Michael E., 2010. "Adam Smith’S System Of Natural Liberty: Competition, Contestability, And Market Process," Journal of the History of Economic Thought, Cambridge University Press, vol. 32(2), pages 237-262, June.
    • Handle: RePEc:cup:jhisec:v:32:y:2010:i:02:p:237-262_00
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    Cited by:

    1. Carlos Rodríguez Braun, 2021. "Adam Smith’s liberalism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(4), pages 465-478, December.
    2. Claudius Graebner & Stephan Puehringer, 2021. "Competition universalism: Its historical origins and timely alternatives," ICAE Working Papers 125, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    3. DelliSanti, Dylan, 2021. "The dynamism of liberalism: An esoteric interpretation of Adam Smith," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 717-726.
    4. Erik W. Matson, 2022. "What is liberal about Adam Smith's “liberal plan”?," Southern Economic Journal, John Wiley & Sons, vol. 89(2), pages 593-610, October.

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