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The Social Theories of Classical Political Economy and Modern Economic Policy

Author

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  • Carl Menger

Abstract

This is the first-ever English translation of an 1891 essay by Carl Menger published in the most important newspaper of the Habsburg Empire, the Neue Freie Presse. Menger writes the piece as a defense of classical political economy in general and of Adam Smith in particular, focusing on misinterpretations of Smith’s work by the Younger Historical School in Germany. The essay reveals that Menger saw himself as working in a liberal tradition going back to Smith and classical political economy, rather than as a marginalist revolutionary who broke with classical political economy. It is a rare instance where Menger, holding the chair of economic theory at the University of Vienna, publicly expresses recommendations on economic policy. The essay represents Smith and the other classical political economists as socially motivated scholars concerned with just reforms to benefit ordinary people. Menger argues that the classical political economists were inclined toward liberal reforms but were by no means rigid exponents of laissez-faire. The essay is preceded here by an introduction authored by the translators Erwin Dekker and Stefan Kolev.

Suggested Citation

  • Carl Menger, 2016. "The Social Theories of Classical Political Economy and Modern Economic Policy," Econ Journal Watch, Econ Journal Watch, vol. 13(3), pages 467–489-4, September.
  • Handle: RePEc:ejw:journl:v:13:y:2016:i:3:p:467-489
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    Citations

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    Cited by:

    1. Richard Ebeling, 2023. "Carl menger on economic policy: “Exact laws,” institutional prerequisites, and economic liberalism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(2), pages 331-355, June.
    2. Erik W. Matson, 2022. "What is liberal about Adam Smith's “liberal plan”?," Southern Economic Journal, John Wiley & Sons, vol. 89(2), pages 593-610, October.
    3. Ian Coelho de Souza Almeida, 2019. "Non nova, noviter?: Heinrich Dietzel and the last breath of classical political economy in Germany," Textos para Discussão Cedeplar-UFMG 602, Cedeplar, Universidade Federal de Minas Gerais.
    4. Martin, Christopher, 2021. "Adam Smith and the poor: A textual analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 837-849.

    More about this item

    Keywords

    liberalism; Methodenstreit; Austrian school; Otto von Bismarck; Friedrich List; David Ricardo; Thomas Malthus; Jean-Baptiste Say; history of economic thought;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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