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Adam Smith and Entangled Political Economy

In: Entangled Political Economy

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  • Maria Pia Paganelli

Abstract

Entangled Political Economy, the idea that the economy and the polity are a nexus of interrelations often with unplanned outcomes, is close to the concept of economics that Adam Smith presents, a concept which was not shaped by strict discipline barriers. I show that Adam Smith analyzes the nature and causes of the wealth of nations by analyzing the interaction of the economy with politics, ethics, and the law. In particular, Smith presents each of these systems as a network of relations with all the other systems: the economy is entangled not just with the polity, but also with other systems of behavior such as the law and morality. Adam Smith may help expand the horizons of the entangled political economy analysis and the explanatory powers of economics.

Suggested Citation

  • Maria Pia Paganelli, 2014. "Adam Smith and Entangled Political Economy," Advances in Austrian Economics, in: Entangled Political Economy, volume 18, pages 37-54, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-213420140000018002
    DOI: 10.1108/S1529-213420140000018002
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    References listed on IDEAS

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    1. Torsten Persson & Guido Tabellini, 2004. "Constitutions and Economic Policy," Journal of Economic Perspectives, American Economic Association, vol. 18(1), pages 75-98, Winter.
    2. Jacob Viner, 1927. "Adam Smith and Laissez Faire," Journal of Political Economy, University of Chicago Press, vol. 35, pages 198-198.
    3. William D. Grampp, 2000. "What Did Smith Mean by the Invisible Hand?," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 441-465, June.
    4. McCloskey, Deirdre Nansen, 2006. "The Bourgeois Virtues," University of Chicago Press Economics Books, University of Chicago Press, number 9780226556635, September.
    5. Richard E. Wagner, 2007. "Fiscal Sociology and the Theory of Public Finance," Books, Edward Elgar Publishing, number 12713.
    6. Timothy Besley, 2007. "The New Political Economy," Economic Journal, Royal Economic Society, vol. 117(524), pages 570-587, November.
    7. Virgil Storr, 2008. "The market as a social space: On the meaningful extraeconomic conversations that can occur in markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(2), pages 135-150, September.
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    Cited by:

    1. Maria Pia Paganelli, 2017. "240 years of The Wealth of Nations [240 years of The Wealth of Nations]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 27(2), pages 7-19, May-Augus.
    2. Novak Mikayla, 2018. "Property Rights in an Entangled Political Economy," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 24(1), pages 1-10, June.

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    More about this item

    Keywords

    Adam Smith; Entangled Political Economy; B12; B41; B53; D70; H1; P4;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • H1 - Public Economics - - Structure and Scope of Government
    • P4 - Political Economy and Comparative Economic Systems - - Other Economic Systems

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