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Smith After Sen

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  • Vivian Walsh
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    Abstract

    This paper makes the claim that it is possible to distinguish two phases in the revival of classical theory during the twentieth century. The first phase was severely minimalist, and looked back to David Ricardo for inspiration, reinterpreting his work in terms of present day concepts and formal methods. The second phase, on the other hand, seeks an enriched present day classicism, and is appropriately inspired by the work of Adam Smith. It is argued that already, before the beginning of the new millenium, deeply significant work has been done which, once examined from the present point of view, can be seen to herald the arrival of elements of second stage classical theory. Thus certain contributions of Amartya Sen can be seen to cast new light on the work of Adam Smith, and to link up with the ideas of other theorists like Luigi Pasinetti whose work has had features characteristic of second phase classical theory.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/095382500106795
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

    Volume (Year): 12 (2000)
    Issue (Month): 1 ()
    Pages: 5-25

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    Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:5-25

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    References

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    1. Walsh, Vivian, 1994. "Rationality as Self-Interest versus Rationality as Present Aims," American Economic Review, American Economic Association, vol. 84(2), pages 401-05, May.
    2. Sen, Amartya, 1981. "Ingredients of Famine Analysis: Availability and Entitlements," The Quarterly Journal of Economics, MIT Press, vol. 96(3), pages 433-64, August.
    3. Sen, Amartya K, 1977. "Starvation and Exchange Entitlements: A General Approach and Its Application to the Great Bengal Famine," Cambridge Journal of Economics, Oxford University Press, vol. 1(1), pages 33-59, March.
    4. Sen, Amartya K, 1978. "On the Labour Theory of Value: Some Methodological Issues," Cambridge Journal of Economics, Oxford University Press, vol. 2(2), pages 175-90, June.
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    Cited by:
    1. Steven Pressman & Gale Summerfield, 2000. "The Economic Contributions of Amartya Sen," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 89-113.
    2. Des Gasper, 2002. "Is Sen's Capability Approach an Adequate Basis for Considering Human Development?," Review of Political Economy, Taylor & Francis Journals, vol. 14(4), pages 435-461.
    3. Raphaël Lhomme, 2013. "Faits et valeurs dans l'approche par les capabilités en économie : la place de la culture dans la méthodologie. Le cas des inégalités de genre dans l'accès à l'éducation de base," Post-Print dumas-00906152, HAL.
    4. Irene van Staveren, 2012. "An Evolutionary Efficiency Alternative to the Notion of Pareto Efficiency," Economic Thought, World Economics Association, vol. 1(1), pages 7, July.
    5. Askari, Hossein & Iqbal, Zamir & Krichene, Noureddine & Mirakhor, Abbas, 2013. "Understanding Islam: Development, Economics and Finance," MPRA Paper 56016, University Library of Munich, Germany.

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