Adam Smith and modern economics

Agnar Sandmo ()
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Agnar Sandmo: Dept. of Economics, Norwegian School of Economics and Business Administration, Postal: NHH , Department of Economics, Helleveien 30, N-5045 Bergen, Norway

No 13/2014, Discussion Paper Series in Economics from Norwegian School of Economics, Department of 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. (search for similar items in EconPapers)
JEL-codes: B12 B31 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2014-04-28
New Economics Papers: this item is included in nep-his, nep-hme and nep-hpe
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