Schumpeter's Misevaluation of Adam Smith's Original Contributions in the Wealth of Nations - What Schumpeter Overlooked in Chapter 10 of Part I
16 Pages Posted: 6 Aug 2015
Date Written: August 6, 2015
Schumpeter misevaluated Adam Smith’s contributions in the Wealth of Nations in his monumental History of Economic Analysis (1954) by overlooking the originality of Smith’s unique contributions to decision theory, his definition of uncertainty, and his application of the uncertainty versus risk distinction in Smith’s analysis of occupational choice in chapter 10 of Part I of the Wealth of Nations.
Keywords: uncertainty, risk, decision theory, interval valued probabilities, Smith, Cantillon
JEL Classification: B10, B12, B14, B20
Suggested Citation: Suggested Citation