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Smith After Sen

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  • Vivian Walsh

Abstract

This paper makes the claim that it is possible to distinguish two phases in the revival of classical theory during the twentieth century. The first phase was severely minimalist, and looked back to David Ricardo for inspiration, reinterpreting his work in terms of present day concepts and formal methods. The second phase, on the other hand, seeks an enriched present day classicism, and is appropriately inspired by the work of Adam Smith. It is argued that already, before the beginning of the new millenium, deeply significant work has been done which, once examined from the present point of view, can be seen to herald the arrival of elements of second stage classical theory. Thus certain contributions of Amartya Sen can be seen to cast new light on the work of Adam Smith, and to link up with the ideas of other theorists like Luigi Pasinetti whose work has had features characteristic of second phase classical theory.

Suggested Citation

  • Vivian Walsh, 2000. "Smith After Sen," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 5-25.
    • Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:5-25
    DOI: 10.1080/095382500106795
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    References listed on IDEAS

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    1. Sen, Amartya, 1997. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198292975.
    2. Sen, Amartya K, 1977. "Starvation and Exchange Entitlements: A General Approach and Its Application to the Great Bengal Famine," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 1(1), pages 33-59, March.
    3. Pasinetti,Luigi, 1993. "Structural Economic Dynamics," Cambridge Books, Cambridge University Press, number 9780521432825.
    4. Sen, Amartya K, 1978. "On the Labour Theory of Value: Some Methodological Issues," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 2(2), pages 175-190, June.
    5. Walsh, Vivian, 1994. "Rationality as Self-Interest versus Rationality as Present Aims," American Economic Review, American Economic Association, vol. 84(2), pages 401-405, May.
    6. Heinz D. Kurz & Neri Salvadori (ed.), 1998. "The Elgar Companion to Classical Economics," Books, Edward Elgar Publishing, volume 0, number 851.
    7. Kurz,Heinz D. & Salvadori,Neri, 1995. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521443258.
    8. Amartya Sen, 1981. "Ingredients of Famine Analysis: Availability and Entitlements," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 96(3), pages 433-464.
    9. Sen, Amartya, 1973. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198281931.
    10. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    11. Walsh, Vivian, 1996. "Rationality, Allocation, and Reproduction," OUP Catalogue, Oxford University Press, number 9780198287728.
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    Cited by:

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    2. Bao, Yan Xi & Liao, Ting Xuan, 2021. "Capability Approach: Reconciling the Absolute Core and the Multidimensional Relative Poverty Measures," MPRA Paper 111333, University Library of Munich, Germany.
    3. McCloskey Deirdre N, 2011. "Hobbes, Rawls, Nussbaum, Buchanan, and All Seven of the Virtues," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 17(1), pages 1-30, April.
    4. Steven Pressman & Gale Summerfield, 2000. "The Economic Contributions of Amartya Sen," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 89-113.
    5. Askari, Hossein & Iqbal, Zamir & Krichene, Noureddine & Mirakhor, Abbas, 2013. "Understanding Islam: Development, Economics and Finance," MPRA Paper 56016, University Library of Munich, Germany.
    6. Yoann Verger, 2018. "First steps for a Sraffian ecological economics. An answer to Martins' “The Classical Circular Economy, Sraffian Ecological Economics and the Capabilities Approach”," Working Papers hal-01700228, HAL.
    7. repec:wea:econth:v:1:y:2012:i:1:p:7 is not listed on IDEAS
    8. Edward N. Wolff & Ajit Zacharias, 2003. "The Levy Institute Measure of Economic Well-Being," Economics Working Paper Archive wp_372, Levy Economics Institute.
    9. Tony Aspromourgos, 2004. "Sraffian research programmes and unorthodox economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(2), pages 179-206.
    10. Askari, Hossein & Iqbal, Zamir & Krichene, Noureddine & Mirakhor, Abbas, 2014. "Understanding Development in an Islamic Framework," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 22, pages 1-36.
    11. Nuno Ornelas Martins, 2013. "Classical Surplus Theory and Heterodox Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1205-1231, November.
    12. Nuno Ornelas Martins & Américo Mendes, 2012. "Social Exclusion of Immigrants from a Capability Perspective: The Case of Portugal," Chapters, in: Roberta Capello & Tomaz Ponce Dentinho (ed.), Globalization Trends and Regional Development, chapter 10, Edward Elgar Publishing.
    13. Kenji Mori & Shintaro Tamate, 2014. "Pasinetti after Sen: Towards a Capability Approach to Structural Dynamics of Consumption," Metroeconomica, Wiley Blackwell, vol. 65(4), pages 690-716, November.
    14. Robert Lepenies, 2014. "Economists as political philosophers : a critique of normative trade theory," RSCAS Working Papers 2014/11, European University Institute.
    15. Martins, Nuno Ornelas, 2016. "Ecosystems, strong sustainability and the classical circular economy," Ecological Economics, Elsevier, vol. 129(C), pages 32-39.
    16. Oscar De-Juan & Fabio Monsalve, 2006. "Morally ruled behaviour: The neglected contribution of Scholasticism," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 99-112.
    17. Elias L. Khalil, 2010. "Adam Smith’S Concept Of Self‐Command As A Solution To Dynamic Inconsistency And The Commitment Problem," Economic Inquiry, Western Economic Association International, vol. 48(1), pages 177-191, January.
    18. repec:hal:journl:dumas-00906152 is not listed on IDEAS
    19. Erasmo, Valentina, 2021. "Female economists and philosophers’ role in Amartya Sen’s thought: his colleagues and his scholars," MPRA Paper 105769, University Library of Munich, Germany.
    20. Amartya Sen, 2005. "Walsh on Sen after Putnam," Review of Political Economy, Taylor & Francis Journals, vol. 17(1), pages 107-113.
    21. Roberta Capello & Tomaz Ponce Dentinho (ed.), 2012. "Globalization Trends and Regional Development," Books, Edward Elgar Publishing, number 14815.

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