The world is facing with challenges that were hard to imagine a few decades ago. The last century was one in which the world experienced the enthusiasm of progress as a result of the implementation of methods proposed by neoclassical growth theory. The effects of climate change cause us to...

Peter Howitt is best known for his contributions to growth theory, but his work in short- run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Clower and Leijonhufvud, and for a...

Fundamentally, law is to society as gravity is to the solar system, it is the invisible force that holds it together and keeps it operating smoothly and productively. Law enhances social cooperation, facilitates trade, and extends the market. In these ways, law functions like Adams Smith’s...

The main contribution of this paper lies in applying Adam Smith’s moral theory to explain how some actions become jointly recognized as socially appropriate while others do not, and how these jointly recognized rules affect actual behavior. To illustrate the strength of Smith’s theory, we...

Most of the current critical views on American antitrust law focus on a supposed misinterpretation by modern, welfare-driven antitrust enforcers of the true meaning of the competition principle. The paper contributes to the debate by reconstructing the principle’s historical origin. While it...

How do we measure economic growth? In the 18th century, well before the birth of Gross Domestic Product commonly used today, looking at the sign of the balance of trade was a way to take the pulse of a nation’s economy. Adam Smith rejects this measure and instead suggests that we should look...

In Smith there is something of a contrariety, or double doctrine, on justice: Much of his writing leaves us with the impression that we should use justice and its cognates to mean commutative justice, and only that. But much also authorizes the conclusion that we should embrace and talk of three...

This paper presents a model of secular stagnation, income and wealth distribution, and employment in the Classical Political Economy tradition, that can be contrasted with the accounts by Piketty (2014) and Gordon (2015). In these explanations, an exogenous reduction in the growth rate g...

For Adam Smith a crime is not the result of a rational calculation of loss and gain, but the consequence of envy and a vain desire to parade wealth to attract the approbation of others, combined with a natural systematic bias in overestimating the probability of success. Similarly, Smith does...

Without any doubt, management is a very necessary subject in any type of organization where the pre-planned aim is impossible to achieve if there is no appropriate management. In Management different tasks are performed with the effort of many employees. There are many different types of...

I provide a formal explanation of the relationship between the virtues of prudence, justice, and benevolence described by Adam Smith in the Theory of moral sentiments and connect these with the themes Smith subsequently discusses in the Wealth of nations. I contend that the other-regarding...

This paper presents a classical-Keynesian one sector model of labor-constrained growth that explains secular stagnation as the result of structural change. Structural change is defined as an exogenous increase in the employment share of stagnant activities, which exhibit no or low labor...

Purpose This paper aims to analyse the Sharī'ah premises of classical waqf doctrines followed by critically analysing the framework of waqf jurisprudence (fiqh al-awqāf) from a Maqāṣid al-Sharī'ah (the higher objectives of Islamic law) perspective. The objective of examining the...

The common narrative about Jean-Baptiste Say's treatment of money holdings is that he denied the possibility of hoarding. I show that this interpretation of Say's thinking is erroneous. Drawing upon the various editions of Traité and Cours and other lesser-known texts, I provide substantial...

In The Theory of Moral Sentiments Smith uses the noun superior in multiple ways. A comparative superior is one who is superior in a specific quality or characteristic; the rules of (commutative) justice apply equally to the comparative superior and the comparative inferior. But Smith identifies...

This article surveys computational approaches to classical-Marxian economics. These approaches include a range of techniques - such as numerical simulations, agent-based models, and Monte Carlo methods - and cover many areas within the classical-Marxian tradition. We focus on three major themes...

Many commentators claim Adam Smith failed to realize that no objective standard of value exists. Instead, he adhered to the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude state” in which the labor theory of value made some...

This paper embeds a technical progress function in a classical growth model and studies the effects of permanent changes in parameters and temporary shocks such as pandemics. Technical change is driven by dynamic economies of scale and responds to distributional forces: the wage share regulates...

Chapter 1. Introduction -- Chapter 2. Rediscovering Classical Economics in the Laboratory -- Chapter 3. Price Formation: Overview of the Theory -- Chapter 4. Price Formation: Partial Equilibrium -- Chapter 5. Price Formation: General Equilibrium -- Chapter 6. Financial Instability: Re-tradable...

This book examines at a static level how Adam Smith's The Wealth of Nations (1776) was introduced into China at the turn of the twentieth century. In a dynamic socio-economic context, Yan Fu (1854-1921) had The Wealth of Nations in mind as a prescription for China's "Wealth and Power". This book...

"The Political Economy Reader advocates a particular approach to the study of political economy - the "market-institutional" perspective - which emphasizes the ways in which markets are embedded in political and social institutions. This perspective offers a compelling alternative to the...

"Law is to society as gravity is to the solar system, it is the invisible force that holds it together and keeps it operating smoothly and productively. Law enhances social cooperation, facilitates trade, and extends the market. In these ways, law functions like Adams Smith's invisible hand,...

Introduction -- Chapter 1: Schumpeter’s Assessment of Adam Smith and The Wealth of Nations: Why He Got It Wrong -- Chapter 2: Adam Smith's Rhetorical Strategy in The Wealth of Nations, against the Commercial System of Great Britain -- Chapter 3: The Nature and Causes of Corporate Negligence,...

Introduction: Exploring Adam Smith's theological contexts, sources, and significance / Jordan J. Ballor and Cornelis van der Kooi -- Bourgeois culture : understanding Adam Smith's moral horizon / Govert J. Buijs -- A survey of Adam Smith's theological sources / Jordan J. Ballor -- Calvin and...