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👇 why I ask my students to read Adam Smith. Few know about the richness of his work and why he is considered the father of neoclassocal AND heterodox econ schools alike
E.g. Adam Smith had:
-utility AND labor theory of value
-chapters on govt & importance of public works
-the famous invisible hand metaphor is mentioned only once in the Wealth of Nations but apart from markets it was meant to govern his Theory of MORAL Sentiments.
-utility AND labor theory of value
-chapters on govt & importance of public works
-the famous invisible hand metaphor is mentioned only once in the Wealth of Nations but apart from markets it was meant to govern his Theory of MORAL Sentiments.
In fact Smith kept working on the Theory of Moral Sentiments all his life. Without ethics and morality, markets didn't work.
As Amartya Sen argued, for Smith Markets Never Stood Alone
ft.com/content/8f2829…
He explored his lost legacy here too:
nybooks.com/articles/2009/…
As Amartya Sen argued, for Smith Markets Never Stood Alone
ft.com/content/8f2829…
He explored his lost legacy here too:
nybooks.com/articles/2009/…
And yes, Adam Smith did provide one of the early articulations of what is now a core principle of #MMT/Chartalism: the tax-driven nature of money/money as a creature of the state
econoblog101.wordpress.com/2015/09/25/ada…
econoblog101.wordpress.com/2015/09/25/ada…
