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Rehabilitation Of Classics

In: Macrofoundations of Political Economy and Development

Author

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  • David Goalstone

Abstract

Adam Smith pointedly ignored Sir James Steuart in the Wealth of Nations. Both men came from Scotland but Smith was pro-English while Steuart was a nationalist. Steuart supported the rebellion in 1745 and paid for it with an 18-year exile. Because of Smith’s influence, Classical economists disregarded Steuart. Smith thought he was protecting the world from ‘Steuart’s errors’. In fact, he was denying the world the chance to learn survival-conditions analysis. At the beginning of his Principles, Steuart defined the science of political economy in the following words:

Suggested Citation

  • David Goalstone, 2007. "Rehabilitation Of Classics," Palgrave Macmillan Books, in: Macrofoundations of Political Economy and Development, chapter 20, pages 187-194, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-60431-5_20
    DOI: 10.1057/9780230604315_20
    as

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