The concept of need in Adam Smith

Toru Yamamori

Cambridge Journal of Economics, 2017, vol. 41, issue 2, 327-347

Abstract: There is no room for the concept of need in the prevailing neoclassical school of economics. Not so, however, in classical political economy. Through close analysis in this paper, I wish to trace the concept’s prominence in Adam Smith’s thought and to fine-tune its definitional aspects. The thrust of Smith’s argument is to delineate the mechanism via which the needs of the poorest in society are satisfied. Grounded in an understanding of need as limited and exhaustive rather than infinite, like desire or preference, his theory is one of affluence rather than scarcity. But his justification of commercial society (from which the neoclassical school only lifts the conclusion) rests on becoming actually satisfied that these needs are, indeed, satisfied—an erroneous belief (at least according to the terms of Smith’s own definition) and an internal contradiction in the development of his argument, occasioned, I wish to suggest, by certain colonialist discourses. Finally, Smith’s ontology of need, as reconstructed here, corresponds to similar enquiries recently undertaken in philosophy and in some heterodox schools of economics.

Keywords: Need; Adam Smith; Ontology; Colonialism (search for similar items in EconPapers)
JEL-codes: B12 B4 B5 (search for similar items in EconPapers)
Date: 2017
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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