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Smith After Sen

Author

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  • Vivian Walsh

Abstract

This paper makes the claim that it is possible to distinguish two phases in the revival of classical theory during the twentieth century. The first phase was severely minimalist, and looked back to David Ricardo for inspiration, reinterpreting his work in terms of present day concepts and formal methods. The second phase, on the other hand, seeks an enriched present day classicism, and is appropriately inspired by the work of Adam Smith. It is argued that already, before the beginning of the new millenium, deeply significant work has been done which, once examined from the present point of view, can be seen to herald the arrival of elements of second stage classical theory. Thus certain contributions of Amartya Sen can be seen to cast new light on the work of Adam Smith, and to link up with the ideas of other theorists like Luigi Pasinetti whose work has had features characteristic of second phase classical theory.

Suggested Citation

  • Vivian Walsh, 2000. "Smith After Sen," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 5-25.
  • Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:5-25
    DOI: 10.1080/095382500106795
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    References listed on IDEAS

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    1. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, March.
    2. Amartya Sen, 1981. "Ingredients of Famine Analysis: Availability and Entitlements," The Quarterly Journal of Economics, Oxford University Press, vol. 96(3), pages 433-464.
    3. Sen, Amartya, 1997. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198292975.
    4. Sen, Amartya K, 1977. "Starvation and Exchange Entitlements: A General Approach and Its Application to the Great Bengal Famine," Cambridge Journal of Economics, Oxford University Press, vol. 1(1), pages 33-59, March.
    5. Sen, Amartya K, 1978. "On the Labour Theory of Value: Some Methodological Issues," Cambridge Journal of Economics, Oxford University Press, vol. 2(2), pages 175-190, June.
    6. Walsh, Vivian, 1994. "Rationality as Self-Interest versus Rationality as Present Aims," American Economic Review, American Economic Association, vol. 84(2), pages 401-405, May.
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    Citations

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    Cited by:

    1. Des Gasper, 2002. "Is Sen's Capability Approach an Adequate Basis for Considering Human Development?," Review of Political Economy, Taylor & Francis Journals, vol. 14(4), pages 435-461.
    2. McCloskey Deirdre N, 2011. "Hobbes, Rawls, Nussbaum, Buchanan, and All Seven of the Virtues," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 17(1), pages 1-30, April.
    3. Steven Pressman & Gale Summerfield, 2000. "The Economic Contributions of Amartya Sen," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 89-113.
    4. Askari, Hossein & Iqbal, Zamir & Krichene, Noureddine & Mirakhor, Abbas, 2013. "Understanding Islam: Development, Economics and Finance," MPRA Paper 56016, University Library of Munich, Germany.
    5. repec:wea:econth:v:1:y:2012:i:1:p:7 is not listed on IDEAS
    6. Nuno Ornelas Martins & Américo Mendes, 2012. "Social Exclusion of Immigrants from a Capability Perspective: The Case of Portugal," Chapters,in: Globalization Trends and Regional Development, chapter 10 Edward Elgar Publishing.
    7. Robert Lepenies, 2014. "Economists as political philosophers : a critique of normative trade theory," RSCAS Working Papers 2014/11, European University Institute.
    8. Martins, Nuno Ornelas, 2016. "Ecosystems, strong sustainability and the classical circular economy," Ecological Economics, Elsevier, vol. 129(C), pages 32-39.
    9. Elias L. Khalil, 2010. "Adam Smith'S Concept Of Self-Command As A Solution To Dynamic Inconsistency And The Commitment Problem," Economic Inquiry, Western Economic Association International, vol. 48(1), pages 177-191, January.
    10. repec:hal:journl:dumas-00906152 is not listed on IDEAS
    11. Roberta Capello & Tomaz Ponce Dentinho (ed.), 2012. "Globalization Trends and Regional Development," Books, Edward Elgar Publishing, number 14815.

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