Abstract

http://ssrn.com/abstract=1785509
 
 

References (27)



 
 

Citations (2)



 


 



Adam Smith’s Approach to Public Policy: Astounding Deviation or Artful Moderation?


Michael James Clark


affiliation not provided to SSRN

December 1, 2010


Abstract:     
Recent academic work has attempted to change the interpretation of Adam Smith from the founder of free market economics to a proponent of something much more akin to the modern welfare state. In a well known article Jacob Viner even claims that Smith’s departures from liberty were so great that an index of them would have astounded Smith. I suggest that Smith’s polite rhetorical strategy – represented by his explicit praise of the moderate rule Solon – has been under-appreciated. This paper aims to examine the Wealth of Nations with Smith’s polite approach in mind. I show that Smith’s interventionism was more limited than some suggest, and that some of the interventions contravened the liberty principle only mildly. I also show that virtually all of the interventions entertained or endorsed by Smith were part of the status quo in Scotland at the time. The approach also provides potential explanations for some of Smith’s well known inconsistencies, such as his endorsement of restriction in banking and lending at interest.

Number of Pages in PDF File: 86

Keywords: Smith, Public Policy, Liberty, Government Intervention, Rhetoric

JEL Classification: B12, H11, B41

working papers series





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Date posted: March 21, 2011  

Suggested Citation

Clark, Michael James, Adam Smith’s Approach to Public Policy: Astounding Deviation or Artful Moderation? (December 1, 2010). Available at SSRN: http://ssrn.com/abstract=1785509 or http://dx.doi.org/10.2139/ssrn.1785509

Contact Information

Michael James Clark (Contact Author)
affiliation not provided to SSRN ( email )
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References:  27
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