Adam Smith, Prophet of Law & Economics
38 Pages Posted: 25 Feb 2016 Last revised: 13 Apr 2017
Date Written: January 2017
Adam Smith is not normally identified as an important figure in law and economics. However, his Lectures on Jurisprudence contain a surprising number of insights that would be repeated by law and economics scholars of the late twentieth century. This essay argues for Smith’s place in law and economics, identifying some of his most important arguments and emphasizing their contribution to legal theory. It also suggests reasons why Smith’s ideas did not lead immediately to the widespread adoption of efficiency-based explanations for legal rules.
Keywords: Adam Smith, jurisprudence, law & economics
JEL Classification: B11, B31, K1
Suggested Citation: Suggested Citation