Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics

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Adam Smith vis-a-vis Neoclassical Economics:A Retrospective Glance


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1 Ananda Mohan College, Raja Ram Mohan Sarani, College Street, Kolkata 700009, West Bengal, India
     

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Many stalwarts have characterized Adam Smith as the “pioneer” of neoclassical economics as he prefigured the formal-analytical structure of theorizing in it. What follows examines their claim that he is a pioneer of its analytical structure. It upholds the view that the claim is unjustifiable because of the importance of some notions in Smith’s analysis that are decreed nonsensical by the said economists, as also of some broader theoretical issues.

The scientific philosophy of logical positivism, its impact on the methodology of neoclassical economics, and the difference between the latter and Smith’s thought are accordingly discussed below.


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  • Adam Smith vis-a-vis Neoclassical Economics:A Retrospective Glance

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Authors

Nandini Daniari
Ananda Mohan College, Raja Ram Mohan Sarani, College Street, Kolkata 700009, West Bengal, India

Abstract


Many stalwarts have characterized Adam Smith as the “pioneer” of neoclassical economics as he prefigured the formal-analytical structure of theorizing in it. What follows examines their claim that he is a pioneer of its analytical structure. It upholds the view that the claim is unjustifiable because of the importance of some notions in Smith’s analysis that are decreed nonsensical by the said economists, as also of some broader theoretical issues.

The scientific philosophy of logical positivism, its impact on the methodology of neoclassical economics, and the difference between the latter and Smith’s thought are accordingly discussed below.


References





DOI: https://doi.org/10.21648/arthavij%2F2018%2Fv60%2Fi3%2F176170