The Successes and Failures of Professor Smith

@article{Stigler1976TheSA,
  title={The Successes and Failures of Professor Smith},
  author={George Joseph Stigler},
  journal={Journal of Political Economy},
  year={1976},
  volume={84},
  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… 
The successes and failures of Professor Coase
When ‘The Problem of Social Cost’ (Coase, 1960) was first published more than half a century ago, it was an instant classic. For the group of Chicago economists who stood as its midwife, the birth of
Freeing Smith from the “Free Market”: On the Misperception of Adam Smith on the Economic Role of Government
That Adam Smith stands for the themes of laissez-faire, noninterventionism, and minimal government is a dominant theme in economics and elsewhere—including among those critical of the laissez-faire
The Division of Labor is Limited to the Extent of the Market: A Test of the Hypothesis
Adam Smith's statement that the division of labor is limited by the extent of the market is widely cited. Yet there have been few advances in the analytical treatment of the proposition (Stigler,
Adam Smith and the Chicago School
Adam Smith's discussion of the system of natural liberty, its effects on the functioning of the market system, and the resultant implications for the economic role of the state has formed the basis
Moral Sentiments and the Minimum Wage
Adam Smith is widely regarded as the father of political economics, and as one who provided the philosophical underpinnings of much of neoclassical economics. Since the mid-1970s there has been
Adam Smith & His Sources: The Evil of Independence
This paper explores the foundations of Adam Smith's view that the philosopher is the same as the street porter. Despite their innate similarity, Smith recognized that the role of the philosopher,
Was George Stigler Adam Smith's Best Friend? Studying the History of Economic Thought
  • C. Freedman
  • Economics, History
    Journal of the History of Economic Thought
  • 2007
At times economists seem to treat research into the history of their profession as a guilty pleasure, equating it with “the love that dares not speak its name,” to steal an expression from Oscar
Scotland's Resurgent Economist: A Survey of the New Literature on Adam Smith
In one of the distinguished after-dinner speeches at The Wealth of Nations Bicentennial Conference at Glasgow University in 1976, George Stigler brought tidings that Adam Smith was alive and well in
George Stigler: Marshall’s Loyal but Faithless Follower
George Stigler judged Alfred Marshall to be almost incomparably superior to his immediate predecessors and contemporaries. However, despite being a loyal defender of Marshall’s intellectual heritage,
WHO IS THE NARRATOR OF THE FABLE OF INDIVIDUALITY IN ECONOMICS: MANDEVILLE OR SMITH?
In this study, we try to examine the historical roots of individuality (self-interest) in the works of Adam Smith and Bernard Mandeville. Most of the eighteenth century philosophers were trying to
...
...

References

SHOWING 1-10 OF 19 REFERENCES
The Division of Labor is Limited by the Extent of the Market
  • G. Stigler
  • Economics
    Journal of Political Economy
  • 1951
ECONOMISTS have long labored with the rate of operation of firm and industry, but they have generally treated as a (technological?) datum the problem of what the firm does-what governs its range of
The Historical Approach to Rent and Price Theory
Looked at from a distance it sometimes appears that opponents in a dispute have been discussing different questions. It is the purpose of this paper to show that this is just what has happened in the
Principles of Political Economy
Published in two volumes or as a set this provides a definitive scholarly variorum edition of Malthus's Principles of Political Economy. It contains the full text of the first 1820 edition, including
INCREASING RETURNS AND ECONOMIC PROGRESS
AbstractMy subject may appear alarmingly formidable, but I did not intend it to be so. The words economic progress, taken by themselves, would suggest the pursuit of some philosophy of history, of
Law Enforcement, Malfeasance, and Compensation of Enforcers
THE new economic approach to political behavior seeks to develop a positive theory of legislation, in contrast to the normative approach of welfare economics. The new approach asks why certain
The Principles of Political Economy
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Documents about the work Principles of political economy (1848) / John Stuart Mill (1806-1873) . . . . . . . . . . .
I: The Theory of Moral Sentiments
A scholarly edition of a work by Adam Smith. The edition presents an authoritative text, together with an introduction, commentary notes, and scholarly apparatus.
Observations On The Subjects Treated Of In Dr Smiths Inquiry
...
...