Discussion Paper Series in Economics, Department of Economics, Norwegian School of Economics (NHH)
Adam Smith and modern economics.
Abstract: In his Wealth of Nations (1776) Adam Smith created an
agenda for the study of the economy that is reflected in the structure of
modern economics. This paper describes Smith’s contributions to four
central areas of economic theory: The theory of price formation, the
relationship between market outcomes and the public interest, the role of
the state in the economy, and the sources of economic growth. In each case,
an attempt is made to relate Smith’s contribution to the state of
contemporary economics, showing both the similarities and contrasts between
the respective approaches.
Keywords: Adam Smith; markets; government; economic growth.; (follow links to similar papers)
JEL-Codes: B12; B31; (follow links to similar papers)
17 pages, April 28, 2014
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