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Adam Smith's Lost Legacy

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  • Jerry Evensky

Abstract

This piece outlines Adam Smith's moral philosophical vision. It traces the central role he ascribed to civic ethics as an antidote to the incentives for rent‐seeking and thus as a key element in the successful development of a constructive, cohesive liberal society. The case is made that standard neoclassical analysis, as represented by the work of Gary Becker, identifies no such antidote and thus cannot model the constructive liberal case. The best modern work on the issue is that of Amartya Sen and of James Buchanan. Sen's work and its relation to Smith's vision are examined.

Suggested Citation

  • Jerry Evensky, 2001. "Adam Smith's Lost Legacy," Southern Economic Journal, John Wiley & Sons, vol. 67(3), pages 497-517, January.
    • Handle: RePEc:wly:soecon:v:67:y:2001:i:3:p:497-517
    DOI: 10.1002/j.2325-8012.2001.tb00354.x
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    1. Jerry Evensky, 1993. "Retrospectives: Ethics and the Invisible Hand," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 197-205, Spring.
    2. Jerry Evensky, 1989. "The Evolution of Adam Smith's Views on Political Economy," History of Political Economy, Duke University Press, vol. 21(1), pages 123-145, Spring.
    3. Lindgren, J Ralph, 1969. "Adam Smith's Theory of Inquiry," Journal of Political Economy, University of Chicago Press, vol. 77(6), pages 897-915, Nov./Dec..
    4. Redman, Deborah A, 1993. "Adam Smith and Isaac Newton," Scottish Journal of Political Economy, Scottish Economic Society, vol. 40(2), pages 210-230, May.
    5. Jerry Evensky, 1992. "Ethics and the Classical Liberal Tradition in Economics," History of Political Economy, Duke University Press, vol. 24(1), pages 61-77, Spring.
    6. Jerry Evensky, 1998. "Adam Smith's Moral Philosophy: The Role of Religion and Its Relationship to Philosophy and Ethics in the Evolution of Society," History of Political Economy, Duke University Press, vol. 30(1), pages 17-42, Spring.
    7. Jerry Evensky, 1993. "Adam Smith on the Human Foundation of a Successful Liberal Society," History of Political Economy, Duke University Press, vol. 25(3), pages 395-412, Fall.
    8. Evensky, Jerry, 1992. "The Role of Community Values in Modern Classical Liberal Economic Thought," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(1), pages 21-38, February.
    9. Sen, Amartya, 1995. "Rationality and Social Choice," American Economic Review, American Economic Association, vol. 85(1), pages 1-24, March.
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