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Progress by consent: Adam Smith as development economist

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  • William Easterly

    (NYU
    NBER)

Abstract

Adam Smith is not sufficiently recognized as a founder of development economics. Smith challenged the longstanding assumption that inferior development outcomes reflected inferior groups, and that superior groups should coerce inferior groups to make development happen. Smith made clear that the positive-sum benefits of markets required respecting the right to consent of all individuals, from whatever group. These ideas led Smith to be a fierce critic of European conquest, enslavement, and colonialism of non-Europeans. The loss of Smith’s insights led to a split in later intellectual history of pro-market and anti-colonial ideas. The importance of the right to consent is still insufficiently appreciated in economic development debates today.

Suggested Citation

  • William Easterly, 2021. "Progress by consent: Adam Smith as development economist," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(2), pages 179-201, June.
    • Handle: RePEc:kap:revaec:v:34:y:2021:i:2:d:10.1007_s11138-019-00478-5
    DOI: 10.1007/s11138-019-00478-5
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    References listed on IDEAS

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    1. Aart Kraay & David McKenzie, 2014. "Do Poverty Traps Exist? Assessing the Evidence," Journal of Economic Perspectives, American Economic Association, vol. 28(3), pages 127-148, Summer.
    2. Christopher Coyne & Abigail Hall, 2014. "The empire strikes back: Adam Smith, John Stuart Mill, and the Robust Political Economy of empire," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 359-385, December.
    3. William Easterly, 2006. "Reliving the 1950s: the big push, poverty traps, and takeoffs in economic development," Journal of Economic Growth, Springer, vol. 11(4), pages 289-318, December.
    4. Levy, David M. & Peart, Sandra J., 2004. "Sympathy And Approbation In Hume And Smith: A Solution To The Other Rational Species Problem," Economics and Philosophy, Cambridge University Press, vol. 20(2), pages 331-349, October.
    5. Andrei Shleifer, 2009. "The Age of Milton Friedman," Journal of Economic Literature, American Economic Association, vol. 47(1), pages 123-135, March.
    6. Kraay, Aart & McKenzie, David, 2014. "Do poverty traps exist ?," Policy Research Working Paper Series 6835, The World Bank.
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    Cited by:

    1. Pál Czeglédi, 2022. "Why does the confidence in companies, but not the confidence in the government, affect the demand for regulation differently across countries?," Public Choice, Springer, vol. 193(3), pages 211-231, December.

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