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The Nature and Causes of Corporate Negligence, Sham Lectures, and Ecclesiastical Indolence: Adam Smith on Joint-Stock Companies, Teachers, and Preachers

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  • Andreas Ortmann

Abstract

I shall argue that Smith saw all three institutions adversely affected by similar incentive structures that were likely to produce poorly functioning organizations. Smith identified self-interest as the driving force of the incentive misalignments that he diagnosed, and he considered what, if anything, could prevent these institutions from being afflicted by them.
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  • Andreas Ortmann, 1999. "The Nature and Causes of Corporate Negligence, Sham Lectures, and Ecclesiastical Indolence: Adam Smith on Joint-Stock Companies, Teachers, and Preachers," History of Political Economy, Duke University Press, vol. 31(2), pages 297-315, Summer.
    • Handle: RePEc:hop:hopeec:v:31:y:1999:i:2:p:297-315
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    Cited by:

    1. Otteson, James R., 2023. "Adam Smith On Public Provision Of Education," SocArXiv xrzmk, Center for Open Science.
    2. Andreas Ortmann & Katarína Svítková, 2007. "Certification as a Viable Quality Assurance Mechanism in Transition Economies: Evidence, Theory, and Open Questions," Prague Economic Papers, Prague University of Economics and Business, vol. 2007(2), pages 99-114.
    3. Ortmann, Andreas & Squire, Richard, 2000. "A game-theoretic explanation of the administrative lattice in institutions of higher learning," Journal of Economic Behavior & Organization, Elsevier, vol. 43(3), pages 377-391, November.
    4. Andreas Ortmann & David Baranowski & Benoit Walraevens, 2015. "Schumpeter’s Assessment of Adam Smith and The Wealth of Nations: Why He Got It Wrong," Discussion Papers 2015-28, School of Economics, The University of New South Wales.
    5. Scott Drylie, 2020. "Professional Scholarship from 1893 to 2020 on Adam Smith’s Views on School Funding: A Heterodox Examination," Econ Journal Watch, Econ Journal Watch, vol. 17(2), pages 350–391-3, September.
    6. Peter Hans Matthews & Andreas Ortmann, 2002. "An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 379-392.
    7. Andreas Ortmann, 2001. "Capital Romance: Why Wall Street Fell in Love With Higher Education," Education Economics, Taylor & Francis Journals, vol. 9(3), pages 293-311.

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    Keywords

    Adam Smith; joint-stock companies;

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