Gulphs in Mankind's Career of Prosperity: A Critique of Adam Smith on Interest Rate Restrictions
AbstractThis a selection from Jeremy Benthamâ€™s Defence of Usury (1787), a classic critique of Adam Smithâ€™s endorsement of legal maximum rate of interest. Benthamâ€™s main point against the restriction is that â€œprojectorsâ€ generate positive externalities. The extract offers economic argumentation involving social embeddedness, asymmetric interpretation, imagination, error and correction, discovery, local knowledge, learning by doing, experimentation and selection, human folly and delusion, critical discussion as a means of testing commercial interpretations and selecting judgments, distinction and demonstration of genius and courage, as opposed to profits, being a motivator of commercial success, the distinction between voluntary and coercive action, and the moral and cultural merits of liberty.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Econ Journal Watch in its journal Econ Journal Watch.
Volume (Year): 5 (2008)
Issue (Month): 1 (January)
usury; interest; projectors; prodigals; Adam Smith; Jeremy Bentham;
Find related papers by JEL classification:
- K2 - Law and Economics - - Regulation and Business Law
- B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
- B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
- D2 - Microeconomics - - Production and Organizations
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jason Briggeman) The email address of this maintainer does not seem to be valid anymore. Please ask Jason Briggeman to update the entry or send us the correct address.
If references are entirely missing, you can add them using this form.