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An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian

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  • Peter Hans Matthews
  • Andreas Ortmann

Abstract

Murray Rothbard's posthumous Economic Thought Before Adam Smith is notable for its vilification of 'the quiet Scottish professor.' While there is little disagreement that Smith was, at best, an ambivalent champion of free markets, Rothbard's indictment of him as a proto-Marxist is less than persuasive. We argue that Rothbard's book suffers from logical flaws, selective and incomplete textual evidence, a misunderstanding of Das Adam Smith Problem and the relevant literature, and an unawareness of modern incentive-based theories of the firm and state anticipated in Book V of The Wealth of Nations.

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  • Peter Hans Matthews & Andreas Ortmann, 2002. "An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 379-392.
    • Handle: RePEc:taf:revpoe:v:14:y:2002:i:3:p:379-392
    DOI: 10.1080/09538250220147895
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    References listed on IDEAS

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    1. Ortmann, Andreas & Walraevens, Benoît & Baranowski, David, 2019. "Schumpeter’S Assessment Of Adam Smith And The Wealth Of Nations: Why He Got It Wrong," Journal of the History of Economic Thought, Cambridge University Press, vol. 41(4), pages 531-551, December.

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