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Department of Economics, Norwegian School of Economics (NHH) Discussion Paper Series in Economics, Department of Economics, Norwegian School of Economics (NHH)

No 13/2014:
Adam Smith and modern economics.

Agnar Sandmo ()

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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