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The Smithian inheritance

In: Economists and the State

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Abstract

Adam Smith is widely regarded as the ‘founder of modern economics’. The author shows, however, that Smith’s procedurally based, consequence-detached political economy, an approach shared by America’s Founders, finds no expression in the economist’s utilitarian, procedurally-detached theory of the state. This ‘wrong turn’ has meant that, if economists are ill-equipped to address an expanding federal enterprise in which utilitarian considerations trump the Smithian/Madisonian idea that means and ends must be morally and constitutionally constrained, they are also ineffectual bystanders as growing institutional skepticism, demands for ‘social justice’ and metastasizing rights claims threaten our self-governing republic.

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  • ., 2014. "The Smithian inheritance," Chapters, in: Economists and the State, chapter 1, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:15078_1
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    Cited by:

    1. Daniel Griffith & Yongwan Chun, 2015. "Spatial Autocorrelation in Spatial Interactions Models: Geographic Scale and Resolution Implications for Network Resilience and Vulnerability," Networks and Spatial Economics, Springer, vol. 15(2), pages 337-365, June.

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