On the Modelling Method in Adam Smith’s Economic Thought

Łukasz Hardt

Gospodarka Narodowa. The Polish Journal of Economics, 2023, issue 1, 3-18

Abstract: Much has been written about Adam Smith’s economics, but one unanswered question is whether his method of inquiry is a modelling approach. It is therefore interesting to investigate to what extent Smith can be described as an economic modeller. Such an investigation is presented in this paper. By studying elements of modelling methods developed by those who influenced Smith, as well as his own ways of doing economics, together with his general insights on how science, including economics, should be practiced, we show that his method of inquiry is hugely based on modelling empirical phenomena.

Keywords: classical economics; Adam Smith; history of models and modelling in economics; laws of economics (search for similar items in EconPapers)
JEL-codes: B11 B12 B31 B41 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:sgh:gosnar:y:2023:i:1:p:3-18

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