Adam Smith, the "Adam Smithproblem" and his influence

Annette Godart-van der Kroon (annette.godart@vonmisesinstitute-europe.org)
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Annette Godart-van der Kroon: President Ludwig von Mises Institute Europe

No sdp24001, Schumpeter Discussion Papers from Universitätsbibliothek Wuppertal, University Library

Abstract: On the occasion of Adam Smiths 300th birthday, commemorated in 2023, this contribution discusses some of his positions and their effects, particularly with regard to the present day, and addresses issues such as the so-called "Adam Smith problem". After an outline of Smith's central positions on liberalism, his relationship to some of his contemporary thinkers will be discussed. An assessment is made of the connection between real or apparent contradictions between Smiths major works, The Theory of Moral Sentiments and Wealth of Nations (the Adam Smith Problem), which is followed by some reflections on the famous "invisible hand". Finally, assessments of Smiths theory by Friedrich A. von Hayek and Ludwig von Mises are presented and an evaluation of his theory from todays perspective is made on the basis of the various reactions to his work.

Keywords: Liberalism; the state; mercantilism; invisible hand; the Adam Smith Problem (search for similar items in EconPapers)
Pages: 19
Date: 2024-04
New Economics Papers: this item is included in nep-his and nep-hpe
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