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On the Modelling Method in Adam Smith’s Economic Thought

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  • Łukasz Hardt

Abstract

Much has been written about Adam Smith’s economics, but one unanswered question is whether his method of inquiry is a modelling approach. It is therefore interesting to investigate to what extent Smith can be described as an economic modeller. Such an investigation is presented in this paper. By studying elements of modelling methods developed by those who influenced Smith, as well as his own ways of doing economics, together with his general insights on how science, including economics, should be practiced, we show that his method of inquiry is hugely based on modelling empirical phenomena.

Suggested Citation

  • Łukasz Hardt, 2023. "On the Modelling Method in Adam Smith’s Economic Thought," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 3-18.
    • Handle: RePEc:sgh:gosnar:y:2023:i:1:p:3-18
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    classical economics; Adam Smith; history of models and modelling in economics; laws of economics;
    All these keywords.

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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