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Smith After Sen

  • Vivian Walsh
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    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.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/095382500106795
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    Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

    Volume (Year): 12 (2000)
    Issue (Month): 1 ()
    Pages: 5-25

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    Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:5-25
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    1. 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.
    2. Sen, Amartya K, 1978. "On the Labour Theory of Value: Some Methodological Issues," Cambridge Journal of Economics, Oxford University Press, vol. 2(2), pages 175-90, June.
    3. Sen, Amartya, 1997. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198292975.
    4. Sen, Amartya, 1981. "Ingredients of Famine Analysis: Availability and Entitlements," The Quarterly Journal of Economics, MIT Press, vol. 96(3), pages 433-64, August.
    5. Walsh, Vivian, 1994. "Rationality as Self-Interest versus Rationality as Present Aims," American Economic Review, American Economic Association, vol. 84(2), pages 401-05, May.
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