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The Elgar Companion to Law and Economics

The Elgar Companion to Law and Economics

Elgar original reference

Edited by Jürgen G. Backhaus

This authoritative and comprehensive reference work introduces the reader to the major concepts and leading contributors in the field of law and economics. The Companion features accessible, informative and provocative entries on all the significant areas and breaks new ground by bringing together widely dispersed but theoretically congruent ideas for the first time.

Chapter 42: Adam Smith (1723-90)

Helge Peukert

Subjects: economics and finance, law and economics, public choice theory, law - academic, law and economics, politics and public policy, public choice


Helge Peukert The man, his, life and background Some critics such as Schumpeter (1954, pp. 185-94) notwithstanding, the major achievement of Smith is the early exposition of a new type of social, cultural, economic, legal and political system after the slow but steady erosion of feudalist and agricultural societies and former theoretical concepts such as mercantilism and physiocracy. The Wealth of Nations (Smith, 1976) is not primarily a partisan pamphlet. Its subject matter is the understanding of the socioeconomic transformation at his time in the context of a history of civilization (the intensive debate about Smith’s oeuvre is well documented and accessible in Wood, 1984-94; Wilson and Skinner, 1976; Skinner and Wilson, 1975; Skinner, 1979; Clark et al., 1966; Jones and Skinner, 1992; Glahe, 1978). Although most of his writings were burnt by his literary executor, the complete edition of his works sheds light on his encompassing intent to develop a theory of a new type of society. This comprises his handling of rhetoric and belles lettres (Smith, 1983, including his essay ‘Considerations concerning the first formation of languages’), essays on philosophical subjects (Smith, 1977, including a highly original theory of science, taking astronomy as an example - see the excellent interpretation by Thomson, 1965), lectures on jurisprudence (Smith, 1982 - the original did not survive, but notes by his students did: see the introduction by Meek et aZ.), his first published book in 1759 about the theory of moral sentiments (Smith, 1984) and his masterpiece about the wealth of...

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