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Adam Smith between Political Economy and Economics

In: Economics as Worldly Philosophy

Author

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  • Robert Urquhart

Abstract

Robert Heilbroner, in his essay ‘Behind the Veil of Economics’1 takes up a fundamental issue — individual motivation and its relation to economic agency. In particular, he explores the psychological underpinnings of exchange behaviour, seeking to understand both how such behaviour contributes to economic order, and how it may be problematic from the standpoint of the ordinary precepts of self-identity and motivation. If one considers, in general terms, what its subject matter requires of economic theory, this hardly seems an unusual inquiry. In the actual practice of economists, however, it is. For the issue has, for the most part, either been ignored, or sidestepped through a priori assumptions. The value of Heilbroner’s work in this, as in other instances, lies both in his insistence on the existence of a problem for economics, and in his willingness to draw on other disciplines, when the existing resources of economics prove deficient.

Suggested Citation

  • Robert Urquhart, 1993. "Adam Smith between Political Economy and Economics," Palgrave Macmillan Books, in: Ron Blackwell & Jaspal Chatha & Edward J. Nell (ed.), Economics as Worldly Philosophy, chapter 8, pages 189-240, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22572-9_8
    DOI: 10.1007/978-1-349-22572-9_8
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    Cited by:

    1. Papagiannaki, Eleni & Philp, Bruce & Arntsen, Alexandra, 2020. "Social or Economic Class? False Dichotomies, Reductionism and Abstract Categories," CAFE Working Papers 2, Centre for Accountancy, Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University.

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