3 replies to this topic

[Murphy]

Is it appropriate to call Adam Smith the father of economics?

[Joanne]

Murphy, on Sep 10 2005, 08:14 PM, said:

Is it appropriate to call Adam Smith the father of economics?

Cantillon is seen as the first true economic thinker who made a dispassioned
and systematic approach. He could see through the dominant mercantilist
thought of his time and make a contribution to method, theory and policy as we
know it today.

Cantillon's work, the Essai sur la Nature de la Commerce en General, was
ironically misquoted by Smith. Yet, Smith traditionally is claimed to be the
father of modern economics. Both the Physiocrats and most definitely the
Classical School owe a great debt to Cantillon and his work.

One major difference between Cantillon and Smith was that Smith saw population as a mitigating factor against wage growth. Smith saw more and more people attempting to share a finite pool of resources. To avoid widespread misery, Smith proposed a subsistence wage. Cantillon believed that as economic growth occurred, wages would rise. The wage a worker was paid would be enough to keep him in his current job.

[Murphy]

Joanne, on Jan 25 2007, 05:17 PM, said:

Cantillon is seen as the first true economic thinker who made a dispassioned
and systematic approach. He could see through the dominant mercantilist
thought of his time and make a contribution to method, theory and policy as we
know it today.

Cantillon's work, the Essai sur la Nature de la Commerce en General, was
ironically misquoted by Smith. Yet, Smith traditionally is claimed to be the
father of modern economics. Both the Physiocrats and most definitely the
Classical School owe a great debt to Cantillon and his work.

One major difference between Cantillon and Smith was that Smith saw population as a mitigating factor against wage growth. Smith saw more and more people attempting to share a finite pool of resources. To avoid widespread misery, Smith proposed a subsistence wage. Cantillon believed that as economic growth occurred, wages would rise. The wage a worker was paid would be enough to keep him in his current job.

Right. Nobody can deny that Smith is the father of British classical economics, but many Rothbardians would deny him the title of father of economics altogether.