Smith at 300: The Natural Recompense of Labor

David Andrews

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Abstract: Smith at 300: Contribution by David Andrews. "This passage would also seem to undermine suggestions, such as that of Jacob Viner in his famous “Adam Smith and Laissez Faire,” that Smith, influenced by Stoics and Physiocrats, held a “doctrine of a harmonious order in nature” (Viner 1927, 199), to which it is in everyone’s moral and material interest to conform. It was on this basis, so the argument goes, that Smith believed free markets to lead to optimal outcomes. If Smith was committed to conformity with nature, however, his claim that the produce of labor is its natural recompense would seem to imply that labor should receive the whole of the product of labor, a position Smith did not clearly advocate."

Date: 2023-05-04
New Economics Papers: this item is included in nep-his and nep-hpe
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Journal Article: SMITH AT 300: THE NATURAL RECOMPENSE OF LABOR (2023)
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DOI: 10.31219/osf.io/tmdp3

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