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Adam Smith on Market and State

Author

Listed:
  • David A. Reisman

Abstract

Adam Smith was not a single-minded advocate of a laissez-faire market in which the minimal State had no more than a protective function. Rather, he was a pragmatic social thinker who in each case selected the tool that was the best suited to his meta-objective of rapid economic growth. Contrasting Smith with Murray Rothbard, the paper shows that Smith was a cautious interventionist even as he was a guarded libertarian. The discussion - besides an introduction - is divided into five sections dealing, respectively, with market efficiency, government failure, the protective State, the productive State and public finance.

Suggested Citation

  • David A. Reisman, 1998. "Adam Smith on Market and State," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(2), pages 357-357, June.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199806)154:2_357:asomas_2.0.tx_2-2
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    Citations

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    Cited by:

    1. Elias L. Khalil, 2002. "Is Adam Smith Liberal?," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 158(4), pages 664-664, December.
    2. Christoph March & Ina Schieferdecker, 2021. "Technological Sovereignty as Ability, Not Autarky," CESifo Working Paper Series 9139, CESifo.
    3. 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.
    4. Drylie, Scott, 2021. "Adam Smith on schooling: A classical liberal rereading," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 748-770.
    5. Wagner-Tsukamoto Sigmund, 2013. "The Adam Smith Problem Revisited: A Methodological Resolution," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 19(1), pages 63-99, September.
    6. Mark Koyama, 2023. "Epidemic disease and the state: Is there a tradeoff between public health and liberty?," Public Choice, Springer, vol. 195(1), pages 145-167, April.
    7. Milan Zafirovski, 2000. "Latent Theoretical Convergence upon a Pluralist Conception of Economic Action: Adam Smith and Max Weber," Constitutional Political Economy, Springer, vol. 11(2), pages 119-145, June.

    More about this item

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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