Adam Smith and Modern Economics.

The Princeton Guide to Adam Smith, edited by Ryan Hanley and at Princeton University Press, Forthcoming

NHH Dept. of Economics Discussion Paper No. 13/2014

22 Pages Posted: 7 May 2014

See all articles by Agnar Sandmo

Agnar Sandmo

Norwegian School of Economics (NHH); Norwegian School of Economics (NHH) - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute)

Date Written: April 28, 2014

Abstract

In his Wealth of Nations (1776) Adam Smith created an agenda for the study of the economy that is reflected in the structure of modern economics. This paper describes Smith’s contributions to four central areas of economic theory: The theory of price formation, the relationship between market outcomes and the public interest, the role of the state in the economy, and the sources of economic growth. In each case, an attempt is made to relate Smith’s contribution to the state of contemporary economics, showing both the similarities and contrasts between the respective approaches.

Keywords: Adam Smith, markets, government, economic growth

JEL Classification: B12, B31

Suggested Citation

Sandmo, Agnar, Adam Smith and Modern Economics. (April 28, 2014). The Princeton Guide to Adam Smith, edited by Ryan Hanley and at Princeton University Press, Forthcoming; NHH Dept. of Economics Discussion Paper No. 13/2014. Available at SSRN: https://ssrn.com/abstract=2432936 or http://dx.doi.org/10.2139/ssrn.2432936

Agnar Sandmo (Contact Author)

Norwegian School of Economics (NHH) ( email )

Helleveien 30
Bergen, NO-5045
Norway
+47 55 95 92 76 (Phone)

Norwegian School of Economics (NHH) - Department of Economics

Helleveien 30
N-5035 Bergen
Norway

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

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