The Successes and Failures of Professor Smith

  title={The Successes and Failures of Professor Smith},
  author={George Joseph Stigler},
  journal={Journal of Political Economy},
  pages={1199 - 1213}
  • G. Stigler
  • Published 1 December 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… 
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