*Adam Smith Problems*

I revised my draft of “Die Adam Smith Probleme” during my train ride from Edinburgh to London, and I have just posted my revised work on SSRN (see here). Among other things, I added two new and related open problems to my growing list of unsolved Adam Smith mysteries. One has to do with Smith’s politics: is Smith really a hardcore libertarian or is he a closet progressive? (Into which quadrant in the diagram below, for example, does Smith best fit?) The other refers to Smith’s concern for the plight of the poor and his views on economic inequality: would Smith be in favor of or opposed to income redistribution?

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About F. E. Guerra-Pujol

When I’m not blogging, I am a business law professor at the University of Central Florida.
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13 Responses to *Adam Smith Problems*

  1. Enrique, I will read your paper once I get the chance. Things have been hectic at work.

    But I would suggest premilarily (prior to reading your paper) that Smith was probably a fine Classical Liberal, but would fail the Rothbardian test of being a “pure” Libertarian. Certainly a minarchist at most.

    Per Today’s Relevance of Adam Smith’s Wealth of Nations by Don Boudreaux; Published in the Independent Review (2020):

    “….Pointing to Smith’s endorsement of some government support for
    elementary schooling, of government provision of public goods such as roads and
    national defense, and of the exceptions to free trade discussed earlier, some scholars
    argue that he was no devotee of laissez-faire.
    I disagree with these scholars. Although Smith certainly was no anarchocapitalist,
    the role that he identified for the state is tiny and in all cases qualified. His presumption
    throughout is that free individuals are best governed not by legislative or bureaucratic
    dictates but instead by the common law of property, contract, and tort—as well as by
    market competition. If individuals are governed as such, each person’s pursuit of his or
    her individual interests will weave all these individuals together into what F. A. Hayek
    (1973) would later call a “Great Society,” in which each person serves the interests of
    countless other people…”

    Smith certainly believed in some government intervention, making him less than a perfect Libertarian. But his vision for public policy is certainly a vast improvement over merchantilsim.

  2. Reblogged this on prior probability and commented:

    Update: In anticipation of the upcoming annual meeting of the International Adam Smith Society later this month, I have made further revisions to my work-in-progress “Die Adam Smith Probleme”.

  3. Craig C's avatar Craig C says:

    I disagree with “Libertarian” defined on your graph as “100%” on both an “economic” and “personal issues” score. There’s a third human dimension in which Libertarianism scores near zero, but that orthogonal dimension is not shown on your graph.

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