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

See all articles by Michael Emmett Brady

Michael Emmett Brady

California State University, Dominguez Hills

Date Written: August 6, 2015

Abstract

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

Brady, Michael Emmett, Schumpeter's Misevaluation of Adam Smith's Original Contributions in the Wealth of Nations - What Schumpeter Overlooked in Chapter 10 of Part I (August 6, 2015). Available at SSRN: https://ssrn.com/abstract=2640456 or http://dx.doi.org/10.2139/ssrn.2640456

Michael Emmett Brady (Contact Author)

California State University, Dominguez Hills ( email )

1000 E. Victoria Street, Carson, CA
Carson, CA 90747
United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
59
Abstract Views
708
rank
390,654
PlumX Metrics