Turgot, Smith and Steuart on Stadial Histories

Jose Menudo ()

No 17.14, Working Papers from Universidad Pablo de Olavide, Department of Economics

Abstract: The theory of the stages of society appeared in the mid-18th century. Following a successful reception over the course of the second half of the century, the four-stage theory was finally adopted by Classical Economics, holding that the exchange economy is the final outcome of a long period of economic development. This paper carries out a comparative analysis of the stadial histories of Turgot, Smith and Steuart. We found theories which were similar, but which were identical in the pre-eminence of the productive forces and economic organisation. Firstly, a number of dynamic principles are noted?i.e., a natural tendency to improve their conditions, a series of shocks that change the historical stage and the innovative capacity of some individuals. Secondly, the necessary conditions for the movement from the agricultural stage to commercial society do not coincide. Turgot requires an accumulation of capital, Smith uses the market and Steuart points to the artificial institutions created by merchants. This is the central point in order to understand the differences between their economic theories.

Keywords: Turgot; History of Economic Thought; Development Enlightenment; and Economic Methodology. (search for similar items in EconPapers)
JEL-codes: B10 B11 B31 B41 O20 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2017-12
New Economics Papers: this item is included in nep-his and nep-hpe
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Working Paper: Turgot, Smith and Steuart on Stadial Histories (2018)
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