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An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian

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  • Peter Hans Matthews
  • Andreas Ortmann

Abstract

Murray Rothbard's posthumous Economic Thought Before Adam Smith is notable for its vilification of 'the quiet Scottish professor.' While there is little disagreement that Smith was, at best, an ambivalent champion of free markets, Rothbard's indictment of him as a proto-Marxist is less than persuasive. We argue that Rothbard's book suffers from logical flaws, selective and incomplete textual evidence, a misunderstanding of Das Adam Smith Problem and the relevant literature, and an unawareness of modern incentive-based theories of the firm and state anticipated in Book V of The Wealth of Nations.

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  • 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.
    • Handle: RePEc:taf:revpoe:v:14:y:2002:i:3:p:379-392
    DOI: 10.1080/09538250220147895
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    References listed on IDEAS

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    1. Murray N. Rothbard, 1995. "Economic Thought Before Adam Smith," Books, Edward Elgar Publishing, number 377.
    2. Enzo Pesciarelli, 1989. "Smith, Bentham, and the Development of Contrasting Ideas on Entrepreneurship," History of Political Economy, Duke University Press, vol. 21(3), pages 521-536, Fall.
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    4. Thomas Michl, 1993. "Adam Smith and the New Economics of Effort," Palgrave Macmillan Books, in: Ron Blackwell & Jaspal Chatha & Edward J. Nell (ed.), Economics as Worldly Philosophy, chapter 12, pages 322-334, Palgrave Macmillan.
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    9. Stephen J. Meardon & Andreas Ortmann, 1996. "Self-Command In Adam Smith'S Theory Of Moral Sentiments," Rationality and Society, , vol. 8(1), pages 57-80, February.
    10. Klein, Benjamin & Leffler, Keith B, 1981. "The Role of Market Forces in Assuring Contractual Performance," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 615-641, August.
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    1. Ortmann, Andreas & Walraevens, Benoît & Baranowski, David, 2019. "Schumpeter’S Assessment Of Adam Smith And The Wealth Of Nations: Why He Got It Wrong," Journal of the History of Economic Thought, Cambridge University Press, vol. 41(4), pages 531-551, December.

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