Economics Dictionary of Arguments

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Author Item Summary Meta data
Mause I 39
Classical Economy/Adam Smith: Adam Smith (1723-1790) founded the classical school of economics or (old) political economy with his major work "An Inquiry into the Nature and Causes of the Wealth of Nations" (Smith 1776). The focus was on pricing and income distribution, longer-term economic development and the general
I 40
economic policy orientation. Economy and politics are considered to be closely, inextricably linked. Smith based his economic studies on mercantilistic and physiocratic findings on the one hand, and on direct precursors such as David Hume (1711-1776) or Bernard de Mandeville (1670-1733) on the other. From the former he adopted the pragmatic, utilitarian philosophy, according to which human behavior is not to be judged absolutely, but rather according to the extent to which it promotes human happiness, as well as the quantity theory of money, according to which changes in the money supply have no real, but only price effects in the longer term. The latter and its "Fable of the Bees" (Mandeville 1723) is the origin of the famous "Invisible Hand" argument in favour of free competition.

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution.
The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

EconSmith I
Adam Smith
The Theory of Moral Sentiments London 2010

EconSmithV I
Vernon L. Smith
Rationality in Economics: Constructivist and Ecological Forms Cambridge 2009

Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

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