Adam Smith on Economic Justice in the Labor Market

Edd S. Noell

Journal of the History of Economic Thought, 1995, vol. 17, issue 2, 228-246

Abstract: One of the most significant statements in Joseph Schumpeter's discussion of Adam Smith in the History of Economic Analysis highlights the impact of scholastic thought upon Smith's economic analysis. Speaking of The Wealth of Nations, Schumpeter claimed that “the skeleton of Smith's analysis hails from the scholastics and natural-law philosophers” (Schumpeter 1954, p. 182). Though not the first to make this connection, Schumpeter's affirmation, alongside his treatment (ibid., part II, ch. 2) of the literature produced by these two groups, has been a stimulus to further exploration with respect to both the Protestant scholastics Hugo Grotius and Samuel Pufendorf and the medieval theologians (De Roover 1957; Bowley 1973). More recent studies which have followed in this vein have focused on the significance of the scholastic and natural law traditions for Smith's treatment of economic justice (Hont and Ignatieff 1983; Young and Gordon 1992).

Date: 1995
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