Purpose Is there a secret recipe for economic growth? Design/methodology/approach No, there is no recipe, but we can extrapolate some pieces of advice from Adam Smith. Findings An economy can leave behind its "dull" stagnant state and grow when its markets expand, when the productivity of its...

Der 300. Geburtstag von Adam Smith bot 2023 die Gelegenheit, sich ausführlich mit Leben, Werk und Nachwirkung des Gründers der modernen Ökonomik zu beschäftigen. Die acht Beiträge dieses Bandes bieten nicht nur einen ausführlichen Überblick über den aktuellen Stand der ökonomischen und...

Adam Smith's inquiry into the emergence and stability of the self-organization of the division of labor in commodity exchange is considered using statistical equilibrium methods from statistical physics. We develop a statistical equilibrium model of the distribution of independent direct...

Der 300. Geburtstag von Adam Smith bot 2023 die Gelegenheit, sich ausführlich mit Leben, Werk und Nachwirkung des Gründers der modernen Ökonomik zu beschäftigen. Die acht Beiträge dieses Bandes bieten nicht nur einen ausführlichen Überblick über den aktuellen Stand der ökonomischen und...

This paper examines the conceptual semantics of two keywords belonging to the English vocabulary of economics discourse, money and value (intended as exchangeable value of goods), as originally theorized by Adam Smith in Chapter IV of the Wealth of Nations. It is argued that a semantic...

Perhaps the most important and fundamental lesson of Adam Smith’s theory of jurisprudence for contemporary lawyers is that successful communities share a commitment to the rule of law and to the primacy of justice. As represented by the metaphor of the impartial spectator, the rule of law...

The great German mathematician David Hilbert famously identified 23 unsolved problems in mathematics in 1900. Following Hilbert’s example, this paper contributes to the literature on Adam Smith by identifying several unsolved problems involving the life and work of the great...

Adam Smith vigorously uses methodological individualism, but his individuals are radically social and entangled with each other. All social phenomena and institutions, for Smith, are not the product of any human wisdom, nor are they motivated by public spirit, but they are the unintended and...

The History of Economics Society was founded at a time when the History of Economic Thought was being expelled from the Economics post-graduate curriculum in many universities, and was one of the key institutions around which the sub-discipline successfully re-organised itself and continued to...

Many economies are on the trajectory of alternative growth drivers other than conventional capital and labor. Access to credit facilities is a pertinent indicator of economic growth. In line with the United Nations Sustainable Development Goals (UNSDGs-8) agenda, the national goal for...

Adam Smith sees religion both as having a useful and a dangerous role. People create gods to explain what they do not understand and appease their desire of justice when human justice is perceived to fail. These are socially useful functions of religion. But when religion is used as a political...

Adam Smith envisions an economic order which is primarily just, and that happens to be efficient. His proposal mainly attends to the fact that the rules that govern relations between people are fair, that they respect the freedom and equality of people, and a secondary effect of their...

This paper introduces "data elements" into a neoclassical general equilibrium model and the new structural general equilibrium model to study the choice of economic growth paths for developing countries. It derives and compares a general expression for the economic growth rate in equilibrium...

The labour theory of value (LTV) is the cornerstone of the classical and Marxian political economy. In this respect macroscopic phenomena, which include many distinct production processes evolving over long gestation periods, conceal the transformation of labour values into their monetary...

In a global world, no country, market, or economy is isolated. Interconnectivity is becoming a fundamental feature of the economic systems, including macroeconomic trends, traditional financial markets, and digital markets. Cryptocurrencies, as a new digital asset, are becoming an integral part...