Adam Smith and Market Capitalism

Reisman, David

doi:10.1007/978-1-349-06083-2_8

Cited by 12 publications

(18 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…from theoretical and practical results, the research program of economics yields, through concepts such as (a) mutual gains ("public good," the "wealth of nations" as unintended interaction outcome); (b) incentive structures ("systemic governance" through economic institutions, which lay down morals in institutional structures that bind all economic agents); and (c) through capital utilization in market interactions (the transfer of morals into "ethical capital" that can be traded on markets). Points (a) and (b) were already clearly seen by Smith (see Viner 1927;Buchanan 1975;Reisman 1998;Homann 1997Homann , 1999 …”

Section: The Adam Smith Problem Revisitedmentioning

confidence: 68%

The Adam Smith Problem Revisited: A Methodological Resolution

Wagner‐Tsukamoto

2013

Journal Des Économistes Et Des Études Humaines

View full text Add to dashboard Cite

The Adam Smith problem refers to a claimed inconsistency between the Theory of Moral Sentiments and the Wealth of Nations, regarding the portrayal of human nature in these two books. Previous research predominantly resolved the claimed inconsistency by uncovering virtuous, less selfish character traits in the Wealth of Nations. This article voices caution. I acknowledge -on methodological grounds -fundamental differences regarding the portrayal of human nature in Smith's behavioral ethics, i.e. the Theory of Moral Sentiments, as compared with Smith's economic research. The key argument is that Smith's two books address different research problems and hence do not, need not and cannot adopt the same view of human nature -for methodological reasons, so my argument. Adam Smith scholarship overlooked that Smith himself in considerable degrees understood "economic man" as a heuristic abstraction. I connect to the philosophies of science of Imre Lakatos and Karl Popper.

show abstract

Section: The Adam Smith Problem Revisitedmentioning

confidence: 68%

The Adam Smith Problem Revisited: A Methodological Resolution

Wagner‐Tsukamoto

2013

Journal Des Économistes Et Des Études Humaines

View full text Add to dashboard Cite

show abstract

“…For instance, Smith's classical economic theory contains an implicit conception as well as substantive elements of social economics or economic sociology in the sense of substantively harboring the idea, though not formally using the term. Also, some contemporary economists analyze Smithian 'sociological economics' (Reisman, 1987), including institutional economics (Razeen, 2002), and describe Smith as a 'sociological economist' (Reisman, 1998), and not just a 'pure' economic theorist, and as such often 'written down' (Samuelson, 1977). In his view, the 'most important elements' of Smith's 'economic sociology' are the 'division of labor, the origin of private property, increasing control over nature, economic freedom, and legal security' as phenomena concerning the 'social framework of the economic course of events' (Schumpeter, 1949a).…”

Section: From Smith's Political Economy To Marshall's Economicsmentioning

confidence: 99%

“…Thus, Smith describes the typical tendency or action of the capitalist class in economy and society as no less than a concerted 'conspiracy against the public', including 'some contrivance to raise prices'. For instance, Smith's Wealth of Nations conjoins what Schumpeter calls 'market economics' with 'economic sociology' or 'sociological economics' (Reisman, 1998). Cynics may comment that Smith's diagnosis of the capitalist class's 'conspiracy against the public' is the only true case of 'conspiracy theory' in economy and society.…”

Section: From Smith's Political Economy To Marshall's Economicsmentioning

confidence: 99%

Sociological dimensions in classical/neoclassical economics: Conceptions of social economics and economic sociology

Zafirovski

2014

Social Science Information

View full text Add to dashboard Cite

This article posits that traditional economics contains relevant sociological dimensions and that these consist primarily of conceptions and elements of social economics or economic sociology. On this premise, it explores these sociological dimensions in the form of conceptions and elements of social economics and/or economic sociology in classical political economy and neoclassical economics. The article identifies explicit conceptions of social economics such as the proposal for social economy and the idea of economic sociology as well as its implicit versions, including its implications in 'purest' economic theory. Alternatively, the article finds no important sociological dimensions in the form of rational choice theory, i.e. the 'economics of society', in classical and neoclassical economic science. The article reconsiders economics and sociology in their shared elements or complementary relations as 'sister' social sciences. RésuméL'article pose que la science économique traditionnelle contient des dimensions sociologiques pertinentes et que celles-ci consistent avant tout de conceptions et d'éléments d'économie sociale ou de sociologie économique. A partir de là, il explore ces dimensions sociologiques en tant que conceptions et éléments d'économie sociale et/ou de sociologie économique dans l'économie politique classique et dans l'économie Downloaded from Zafirovski 77néoclassique. L'article identifie des conceptions explicites de l'économie sociale, telles que la proposition d'une économie sociale et l'idée d'une sociologie économique, aussi bien que ses variantes implicites, y compris ses implications dans la théorie économique 'pure'. Alternativement, l'article ne trouve aucune dimension sociologique importante sous la forme de théorie du choix rationnel, i.e., 'les sciences économiques de la société', dans la science économique classique et néoclassique. L'article reconsidère la science économique et la sociologie à partir de leurs éléments communs ou de leurs relations complémentaires en tant que sciences sociales 'soeurs'.Mots-clés économie classique, économie néoclassique, économie politique classique, économie des sociétés, sociologie économique, théorie du choix rationnel

show abstract

“…On this basis, the paper aligns institutional economics with impersonalist ethics, connecting to the works of Buchanan, North, Ostrom, or Williamson, to name but a few. This tradition is clearly evident already in Smith's Wealth of Nations (Buchanan 1976;Reisman 1998Reisman , 2015Viner 1927;Wagner-Tsukamoto 2013b). The argument is that an understanding of institutional economics as impersonalist ethics conceptually grounds personalist humanistic management and improves the practical success of personalist humanistic management-when a market economy context is given.…”

Section: Introductionmentioning

confidence: 99%

For Humanistic Management and Against Economics

Wagner‐Tsukamoto

2018

Business and Society Review

View full text Add to dashboard Cite

The paper critiques the relationship between personalist ethics and institutional economics, and accepts that institutional economics can be difficult to reconcile with humanistic management that builds on personalist ethics. Even so the paper connects impersonalist ethics with institutional economics. On this ground, the paper demonstrates how theory and practice of personalist humanist management can lean on impersonalist ethics, i.e., institutional economics. Three pathways are laid out for such leanings. It is argued that to understand these alignments is important to improve the success of humanistic management, when a market economy context is given. The paper further contends that personalist humanistic management may imply abandoning the market economy when it positions itself in opposition to institutional economic reasoning that underpins the market economy.

show abstract

Adam Smith and Market Capitalism

Cited by 12 publications

References 0 publications

The Adam Smith Problem Revisited: A Methodological Resolution

The Adam Smith Problem Revisited: A Methodological Resolution

Sociological dimensions in classical/neoclassical economics: Conceptions of social economics and economic sociology

For Humanistic Management and Against Economics

Contact Info

Product

Resources

About