Book Description
Adam Smith's Legacy brings together a distinguished group of contributors, including ten Nobel Laureates in Economics, to discuss the continuing influence of Adam Smith's work. They examine the ``wealth of nations'' approach from today's perspective and consider the modern applications of Smith's analysis. They explore themes as diverse as Smith's use of data, his attitude towards human capital and his views on economic policy. Heirs to Smith and leaders of the discipline, the contributors also reflect upon the current state of economics, assessing the extent to which it measures up to the benchmark established by its founder.Contributors include: Paul Samuelson, Lawrence Klein, Franco Modigliani, James Buchanan, Maurice Allais, Theodore Schultz, Richard Stone, James Tobin, Wassily Leontief, Jan Tinbergen. Published in Association with the Institute of Economic Affairs
About the Author
Michael Fry was the Organizing Secretary of the Adam Smith Bicentenary Committee in 1990. He is an independent writer and broadcaster, and the author of numerous books, including Patronage and Principle: A Political History of Modern Scotland and The Dundas Despotism.
Adam Smith's Legacy: His Place in the Development of Modern Economics FROM THE PUBLISHER
Although Adam Smith died over two hundred years ago, his influence is still felt in many areas of contemporary economics. In this volume some of the world's leading economists pay tribute to Smith's continuing importance. The contributors write under three different headings. The first section considers The Wealth of Nations from today's perpective. Even though Smith lacked the sophisticated mathematical techniques of modern economists his theoretical and quantitative work is shown to be both acute and rigorous. The second section looks at modern applications of Smith's analysis. Again, the terms Smith uses when addressing issues in macro and labour economics might not be familiar, but the essentials of his analysis will be. Finally, the book considers the state of modern economics. Heirs to Smith as leaders of the discipline, the contributors assess the extent to which economics measures up to the bench-mark established by its founder. Both a tribute to the enduring value of Smith's work and an overview of the current state of the discipline, this volume will be of interest to the whole economics community.
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