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ADAM SMITH AND THE ORIGINS OF POLITICAL ECONOMY

Published online by Cambridge University Press:  07 January 2021

Maria Pia Paganelli
Maria Pia Paganelli*
Affiliation:
Economics, Trinity University, USA
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Abstract

The method of analysis Adam Smith uses is relatively similar to the method economics generally uses today, especially the subfield of experimental economics. The method of analysis that Smith uses is coherent and consistent throughout his whole work. He searches for constant variables and then sees what variables are changed by exogenous changes. In particular, Smith looks for the constancy in human nature, and analyzes how historical and material circumstances change the incentives that the constant human nature faces. This method, applied to human conduct in all its aspects, makes it easy for many economists today to see some continuity between Smith’s political economy and today’s economic science.

Keywords

Adam Smithexperimental methodhuman naturepolitical economy
Type
Research Article
Information
Social Philosophy and Policy , Volume 37 , Issue 1 , Summer 2020 , pp. 159 - 169
Copyright
© Social Philosophy & Policy Foundation 2020

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