IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

The Liberal World of a Classic and Social Welfare

Listed author(s):
  • Lyuben Kirev
Registered author(s):

    This article to dedicated to the 230th anniversary of the publishing of Adam Smith`s work “The Wealth of Nations” (9 March, 1776). The subject of our study is the liberal world of Smith and social welfare. We highlight his contribution as a founder of the “homo economiqus” model, which asserts that self-interest underlies economic activity. Special attention is given to the benefits in micro- and macroeconomic aspect from free foreign trade, the negative effects of monopolistic trade companies and the understanding of the cosmopolitan nature of capital, substantiated by Smith. We specify the place he earmarks for the state in economy. The subject of our study are also Smith`s early ideas of the external factors /externals/, the restructuring of natural monopolies and the state as a bad proprietor. Arguing against several authors, who ascribe in a far-fetched manner the idea of optimal distribution of resources to the neoclassic economists, we uphold the understanding that rudiments of this idea are available as early as Smith and there are grounds that he can be deservedly ranked among the forerunners of institutionalism. The new reading of Smith`s works is not only an assessment of his merits and his personality, but it is also an explanation of the present, and a look into the future.

    If 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.

    File URL:
    Download Restriction: Fee access

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

    Volume (Year): (2006)
    Issue (Month): 7 ()
    Pages: 89-108

    in new window

    Handle: RePEc:bas:econth:y:2006:i:7:p:89-108
    Contact details of provider: Postal:
    3, Aksakov Str., 1040, Sofia

    Phone: (+359 2) 810 40 18
    Fax: (+359 2) 988 21 08
    Web page:

    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    in new window

    1. Smith, Adam, 1759. "The Theory of Moral Sentiments," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1759.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:bas:econth:y:2006:i:7:p:89-108. See general 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: (Diana Dimitrova)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.