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Adam Smith and Noneconomic Objectives

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  • Bruce Elmslie

Abstract

This note looks at Smith's critiques of bounties (read “subsidies”) on exports. Smith's analysis of bounties foreshadowed the basic trade policy framework of distortions and noneconomic objectives. While Smith did not develop the theory of distortions, he captured the logic of the theory of noneconomic objectives and actually ranked policy alternatives based upon their relative social costs. Corden (1957) first ranked tariffs versus production subsidies within a noneconomic objectives framework, and Johnson (1960) first used the term in its modern sense, but the formulation of the general framework lies with Smith.

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  • Bruce Elmslie, 2004. "Adam Smith and Noneconomic Objectives," Review of International Economics, Wiley Blackwell, vol. 12(4), pages 689-692, September.
    • Handle: RePEc:bla:reviec:v:12:y:2004:i:4:p:689-692
    DOI: 10.1111/j.1467-9396.2004.00475.x
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    References listed on IDEAS

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    1. Jagdish Bhagwati & Arvind Panagariya & T. N. Srinivasan, 1998. "Lectures on International Trade, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522470, December.
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    Cited by:

    1. Bruce Elmslie, 2004. "Adam Smith's Analysis of Bounties as an Early Example of the Concept of Noneconomic Objectives," American Journal of Economics and Sociology, Wiley Blackwell, vol. 63(4), pages 899-910, October.
    2. Andrea Maneschi, 2004. "Noneconomic Objectives in the History of Economic Thought," American Journal of Economics and Sociology, Wiley Blackwell, vol. 63(4), pages 911-920, October.
    3. Martin Stephen & Valbonesi Paola, 2008. "Equilibrium State Aid in Integrating Markets," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 8(1), pages 1-39, August.

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