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Adam Smith, Experimental Innovator, through the Lenses of Conceptual Innovators

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  • Elias Julio Jorge
  • Castro Walter

Abstract

Many scholars, especially from other disciplines, have voiced concerns regarding an oversimplified interpretation of Adam Smith's ideas, asserting that it has been exploited to advance a particular free market ideology. This paper uses Galenson's economic framework for creativity to analyze Adam Smith's approach to innovation and some of his main contributions. Galenson distinguishes between two types of innovators in art: the conceptual and the experimental. We show that Smith exhibits all the characteristics of the experimental innovator. His experimental approach is evident in the development of The Theory of Moral Sentiments and many of the ideas developed in The Wealth of Nations. Smith has had a significant influence on important conceptual innovators in economics of the 20th century, such as Paul Samuelson, George Stigler, Robert Lucas and Gary Becker. Conceptual innovators often tend to simplify by using abstraction. Their effort to formalize and incorporate Smith ideas using a conceptual language may explain why there is a simplified understanding of Smith and his contributions.

Suggested Citation

  • Elias Julio Jorge & Castro Walter, 2023. "Adam Smith, Experimental Innovator, through the Lenses of Conceptual Innovators," Asociación Argentina de Economía Política: Working Papers 4649, Asociación Argentina de Economía Política.
    • Handle: RePEc:aep:anales:4649
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    References listed on IDEAS

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    1. Bruce A. Weinberg & David W. Galenson, 2019. "Correction to: Creative Careers: The Life Cycles of Nobel Laureates in Economics," De Economist, Springer, vol. 167(3), pages 241-241, September.
    2. David W. Galenson, 2009. "Conceptual Revolutions in Twentieth-Century Art," NBER Books, National Bureau of Economic Research, Inc, number gale08-1, October.
    3. David W. Galenson, 2009. "Introduction to "Conceptual Revolutions in Twentieth-Century Art"," NBER Chapters, in: Conceptual Revolutions in Twentieth-Century Art, pages 1-2, National Bureau of Economic Research, Inc.
    4. David W. Galenson, 2007. "Introduction to Old Masters and Young Geniuses: The Two Life Cycles of Artistic Creativity," Introductory Chapters, in: Old Masters and Young Geniuses: The Two Life Cycles of Artistic Creativity, Princeton University Press.
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    More about this item

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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