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The Neoclassicals' Conundrum: If Adam Smith Is the Father of Economics, It Is a Bastard Child

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  • Oscar Valdes Viera

Abstract

Neoclassical economists of the current era frequently pay lip service to Adam Smith's theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith's notion of value, his understanding of the economic individual and their interactions in society, his methodology, and the field of study he afforded to political economy. Instead, early neoclassical economists parted ways with the theories of Adam Smith in an effort to construct economic laws that would validate the existing capitalist order as universal, natural, and harmonious.

Suggested Citation

  • Oscar Valdes Viera, 2017. "The Neoclassicals' Conundrum: If Adam Smith Is the Father of Economics, It Is a Bastard Child," Economics Working Paper Archive wp_893, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_893
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    References listed on IDEAS

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    1. Evelyn L. Forget, 2001. "Jean-Baptiste Say and Spontaneous Order," History of Political Economy, Duke University Press, vol. 33(2), pages 193-218, Summer.
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    More about this item

    Keywords

    Economic Thought; Classical School; Neoclassical Economics; Adam Smith; Economists;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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