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Adam Smith: Evolutionary Social Theorist ante litteram

Author

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  • Heinz D. Kurz

    (University of Graz, RESOWI Centre EF)

Abstract

The paper examines evolutionary elements in Adam Smith’s social theory, connecting them to an earlier contribution to natural history by George-Louis Leclerc, Comte de Buffon. It then compares Smith’s analysis with those of Karl Marx and Joseph Schumpeter, who were fascinated by Darwinian evolutionary biology. This comparison demonstrates that while developing evolutionary approaches to the social sciences suitable for their respective subject matter, Marx and Schumpeter drew heavily on Smith’s insights. All three authors aimed to unveil the forces shaping the “process of civilization”, or society’s “law of motion,” along with its associated hazards. They pondered whether this process inherently led to rising living standards, along with “equality, liberty, and justice”, and whether it could derail, ending in a tailspin.

Suggested Citation

  • Heinz D. Kurz, 2024. "Adam Smith: Evolutionary Social Theorist ante litteram," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 41(1), pages 123-152, December.
    • Handle: RePEc:spr:homoec:v:41:y:2024:i:1:d:10.1007_s41412-024-00149-2
    DOI: 10.1007/s41412-024-00149-2
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    More about this item

    Keywords

    Circular and cumulative causation; Evolutionary economics; Marx; Karl; Process of civilization; Schumpeter; Joseph; Smith; Adam; Unintended consequences of human action;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects

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