The Neoclassicals' Conundrum: If Adam Smith Is the Father of Economics, It Is a Bastard Child

Oscar Valdes Viera

Economics Working Paper Archive from Levy Economics Institute

Abstract: Neoclassical economists of the current era frequently pay lip service to Adam Smith's theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith's notion of value, his understanding of the economic individual and their interactions in society, his methodology, and the field of study he afforded to political economy. Instead, early neoclassical economists parted ways with the theories of Adam Smith in an effort to construct economic laws that would validate the existing capitalist order as universal, natural, and harmonious.

Keywords: Economic Thought; Classical School; Neoclassical Economics; Adam Smith; Economists (search for similar items in EconPapers)
JEL-codes: A11 A13 B12 B13 B16 B20 B31 (search for similar items in EconPapers)
Date: 2017-07
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
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