Market Stability in Adam Smith: Competitive Process and Institutions

Adam Smith and Competitive Equilibrium

A view has emerged which sees Adam Smith’s main contribution to economics in terms of his equilibrium theory. This paper argues that equilibrium economics was neither Smith’s main contribution nor his chief concern. It is true that Smith made a few observations which may be construed as equilibrium economics in some loose sense. For example, his observation that the market price of a commodity ...

Religion and Spirituality: Adam Smith versus J-J Rousseau

Adam Smith and J-J Rousseau share some common ground when it comes to religion, namely that they were born into  and educated in cultural contexts deeply shaped by Reformed Christianity. However, close consideration of their writings on religion reveal marked difference. This paper explores those differences and finds that Rousseau and Smith are radically at odds on this score. Smith has almost...

Adam Smith and Greed

Adam Smith , Behavioral

Adam Smith , Behavioral Economist