Publications

Working Paper No. 893 | July 2017

The Neoclassicals’ Conundrum

If Adam Smith Is the Father of Economics, It Is a Bastard Child
Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith’s notion of value, his understanding of the economic individual and their interactions in society, his methodology, and the field of study he afforded to political economy. Instead, early neoclassical economists parted ways with the theories of Adam Smith in an effort to construct economic laws that would validate the existing capitalist order as universal, natural, and harmonious.
 

Related Publications


Publication Highlight

Working Paper No. 908
Twenty Years after the Fall of the Berlin Wall
Rethinking the Role of Money and Markets in the Global Economy
Author(s): W. Lee Hoskins, Walker F. Todd
June 2018

Quick Search

Search in: