The Successes and Failures of Professor Smith

@article{Stigler1976TheSA,
  title={The Successes and Failures of Professor Smith},
  author={G. Stigler},
  journal={Journal of Political Economy},
  year={1976},
  volume={84},
  pages={1199 - 1213}
}
  • G. Stigler
  • Published 1976
  • Economics
  • Journal of Political Economy
The criterion employed to judge successes and failures has been the acceptance or nonacceptance of Smith's theory by his immediate successors. This judgement has been supplemented with a more personal one of scientific fruitfulness. He had one overwhelming and proper success--the theorem on resource allocation under competition--and several minor successes. He also had one modest success that was improper (i.e., unfortunate)--the distinction between productive and unproductive labor. Smith's… Expand
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