Adam Smith's Analysis of Bounties as an Early Example of the Concept of Noneconomic Objectives

Bruce Elmslie

American Journal of Economics and Sociology, 2004, vol. 63, issue 4, 899-910

Abstract: Abstract. Smith uses his analysis of bounties to form one aspect of his overall critique of the mercantile system. He stresses the fact that the system of bounties has not promoted the development of the English economy. However, Smith also stresses that, as destructive as the system of export bounties is to public welfare, these bounties are not significant enough to greatly retard the growth of the English economy, which has more to do with secure property rights and securing investors their return on their investments.

Date: 2004
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