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Adam Smith, the "Adam Smithproblem" and his influence

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  • Annette Godart-van der Kroon

    (President Ludwig von Mises Institute Europe)

Abstract

On the occasion of Adam Smiths 300th birthday, commemorated in 2023, this contribution discusses some of his positions and their effects, particularly with regard to the present day, and addresses issues such as the so-called "Adam Smith problem". After an outline of Smith's central positions on liberalism, his relationship to some of his contemporary thinkers will be discussed. An assessment is made of the connection between real or apparent contradictions between Smiths major works, The Theory of Moral Sentiments and Wealth of Nations (the Adam Smith Problem), which is followed by some reflections on the famous "invisible hand". Finally, assessments of Smiths theory by Friedrich A. von Hayek and Ludwig von Mises are presented and an evaluation of his theory from todays perspective is made on the basis of the various reactions to his work.

Suggested Citation

  • Annette Godart-van der Kroon, 2024. "Adam Smith, the "Adam Smithproblem" and his influence," Schumpeter Discussion Papers sdp24001, Universitätsbibliothek Wuppertal, University Library.
    • Handle: RePEc:bwu:schdps:sdp24001
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    Keywords

    Liberalism; the state; mercantilism; invisible hand; the Adam Smith Problem;
    All these keywords.

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