Adam Smith's Legacy His Place in the Development of Modern Economics

9780415061643

0415061644

Adam Smith, the father of modern economics, died two hundred years ago. Yet his presence and the impact of his work are still felt in many areas of contemporary economics. In this book, some of the world's leading economists pay tribute to Smith's continuing importance. Adam Smith's Legacybrings together ten Nobel Laureates in Economics, the greatest number since the prize was instituted in 1969. It contains the proceedings of the conference held in Edinburgh in July 1990 to mark the bicentenary of the death of Adam Smith. The contributors examine the "wealth of nations" approach from today's perspective and consider the modern applications of Smith's analysis. They explore themes as diverse as Smith's use of data, his attitude towards human capital, and his views on economic policy. Heirs to Smith and leaders of the discipline, the contributors also reflect upon the current state of economics, assessing the extent to which it measures up to the benchmark established by itsfounder. Never before have the greatest living minds in the field of economics made such a thorough examination of the ideas and influence of Adam Smith. Challenging yet accessible, this volume requires no specialized technical knowledge, and will appeal to professors and students of economics, and to the informed reader who wishes to learn more about the founding father of economic science. Contributors include: Paul Samuelson, Lawrence Klein, Franco Modigliani, James Buchanan, Maurice Allais, Theodore Schultz, Richard Stone, James Tobin, Wassily Leontief, and Jan Tinbergen. Published in Association with the Institute of Economic Affairs