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The Myth of Adam Smith
This book presents a controversial account of the work of Adam Smith, challenging prevailing orthodox thought on Smith’s contribution to economics. It argues that Smith’s fame as an economic analyst and economic historian is undeserved.
More Information
Critical Acclaim
Contents
More Information
This book presents a controversial account of the work of Adam Smith, challenging prevailing orthodox thought on Smith’s contribution to economics. It argues that Smith’s fame as an economic analyst and economic historian is undeserved.
The book opens by introducing the reader to the author’s own views, and then examines Adam Smith’s analytical merits. In this exploration Salim Rashid considers two of Smith’s most celebrated ideas – the division of labour and the market mechanism. He presents an historical review of the division of labour, focusing on what was original to Smith, and indicates why this was of limited value. He then discusses the concept of the invisible hand within the context of an understanding of how markets work. The author then questions whether Smith used historical facts with an open mind and desire to learn, or whether he used them to illustrate preconceived theories. Smith’s applied economics are also studied in relation to his work on public finance and scarcities of food. Finally, the author emphasises the role of political and historiographical factors in leading to Adam Smith's rise to fame as the founder of scientific economics.
The Myth of Adam Smith will be of interest to historians of economic thought, philosophers of science, and scholars and students interested in political economy, economic theory and economic methodology.
The book opens by introducing the reader to the author’s own views, and then examines Adam Smith’s analytical merits. In this exploration Salim Rashid considers two of Smith’s most celebrated ideas – the division of labour and the market mechanism. He presents an historical review of the division of labour, focusing on what was original to Smith, and indicates why this was of limited value. He then discusses the concept of the invisible hand within the context of an understanding of how markets work. The author then questions whether Smith used historical facts with an open mind and desire to learn, or whether he used them to illustrate preconceived theories. Smith’s applied economics are also studied in relation to his work on public finance and scarcities of food. Finally, the author emphasises the role of political and historiographical factors in leading to Adam Smith's rise to fame as the founder of scientific economics.
The Myth of Adam Smith will be of interest to historians of economic thought, philosophers of science, and scholars and students interested in political economy, economic theory and economic methodology.
Critical Acclaim
‘This book must surely be read by all Smith scholars. Rashid has cast a sharp, noteful eye over a wide range of Smith’s intellectual activities and attributes. He has marshalled a great amount of critical commentary by Smith’s contemporaries and near contemporaries. He has done so with learning and intellectual discipline. He has achieved controversy without ever contraversialising. Henceforth, in any discussion of Smith, the Smith scholar’s round of activity must include “looking up Rashid”.’
– William Coleman, History of Economics Review
‘For every economist who has ever idolized Adam Smith or wished they could be more like him, Salim Rashid’s The Myth of Adam Smith is the valuable antidote. Rashid is unusual among economists in that he really does not care much for Smith. In this well-researched book, Rashid presents a strong case against what he regards as Smith’s overblown reputation. . . . Rashid’s book is both entertaining and informative.’
– Spencer J. Pack, Southern Economic Journal
– William Coleman, History of Economics Review
‘For every economist who has ever idolized Adam Smith or wished they could be more like him, Salim Rashid’s The Myth of Adam Smith is the valuable antidote. Rashid is unusual among economists in that he really does not care much for Smith. In this well-researched book, Rashid presents a strong case against what he regards as Smith’s overblown reputation. . . . Rashid’s book is both entertaining and informative.’
– Spencer J. Pack, Southern Economic Journal
Contents
Contents: Introduction 1. Adam Smith and the Cycle of Ignorance 2. Adam Smith and the Division of Labour: A Historical View 3. Adam Smith and the Market Mechanism 4. The Wealth of Nations and Historical ‘Facts’ 5. Public Finance 6. The Policy of Laissez-faire during Scarcities 7. Adam Smith’s Rise to Superior Fame 8. Adam Smith’s Interpretation of the History of Economics and its Influence in the Eighteenth and Nineteenth Centuries 8. The Intellectual Standards of Adam Smith’s Day 9. Concluding Reflections 10. The Intellectual Standards of Adam Smith’s Day Index
