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Elements of a Science of Power: Hobbes, Smith and Ricardo

In: Power in Economic Thought

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  • Heinz D. Kurz

    (University of Graz)

Abstract

Power is a pervasive phenomenon in the economy and society, associated with inequality of income, wealth, race, gender, information, and so on. However, much of contemporary economics still cherishes the purely abstract case of perfect competition in which no agent has any economic power whatsoever. Things were totally different at the time of the classical economists from Adam Smith to David Ricardo. Smith approved of Thomas Hobbes’ dictum that wealth is power but did not share the political inferences the latter drew from it. He and David Ricardo instead proposed economic policies, laws, regulations and institutions designed to contain the amassing of power in the hands of a few that endangered “the security of the whole society” (Smith).

Suggested Citation

  • Heinz D. Kurz, 2018. "Elements of a Science of Power: Hobbes, Smith and Ricardo," Palgrave Studies in the History of Economic Thought, in: Manuela Mosca (ed.), Power in Economic Thought, chapter 5, pages 109-142, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-319-94039-7_5
    DOI: 10.1007/978-3-319-94039-7_5
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