Adam Smith - Revision history

ArchiveBot: Repoint 10 dead mises.org links to the archived original (automated; see Austrian Economics Wiki:Link repointing)

2026-08-16T04:21:21Z

Repoint 10 dead mises.org links to the archived original (automated; see Austrian Economics Wiki:Link repointing)

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Repoint 1 dead mises.org link to the archived original (automated; see Austrian Economics Wiki:Link repointing)

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	* [http://mises.org/journals/scholar/thornton12.pdf The Mystery of Adam Smith’s Invisible Hand Resolved] (pdf) by Mark Thornton		* [http://mises.org/journals/scholar/thornton12.pdf The Mystery of Adam Smith’s Invisible Hand Resolved] (pdf) by Mark Thornton
	* [http://mises.org/journals/jls/13_1/13_1_1.pdf Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson		* [http://mises.org/journals/jls/13_1/13_1_1.pdf Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson
	* [~~http~~://mises.org/daily/5084/The-Influence-of-Dugald-Stewart The Influence of Dugald Stewart] by Murray N. Rothbard (from [http://mises.org/resources/3985/Economic-Thought-Before-Adam-Smith-An-Austrian-Perspective-on-the-History-of-Economic-Thought-Volume-I An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith])		* [https://mises.freecapitalists.org/daily/5084/The-Influence-of-Dugald-Stewart The Influence of Dugald Stewart] by Murray N. Rothbard (from [http://mises.org/resources/3985/Economic-Thought-Before-Adam-Smith-An-Austrian-Perspective-on-the-History-of-Economic-Thought-Volume-I An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith])
	* [http://www.adamsmith.org/ Adam Smith Institute]		* [http://www.adamsmith.org/ Adam Smith Institute]

	{{DEFAULTSORT:Smith, Adam}}		{{DEFAULTSORT:Smith, Adam}}
	[[Category:Economists]]		[[Category:Economists]]

Pestergaines: /* Productive vs. unproductive labor */ +link

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Productive vs. unproductive labor: +link

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	===Productive vs. unproductive labor===		===Productive vs. unproductive labor===
	One of the [[Wikipedia:Physiocracy\|physiocrats']] more dubious contributions to economic thought was their view that only agriculture was productive, that only agriculture contributed a surplus, a ''produit net'', to the economy. Smith, heavily influenced by the physiocrats, retained the unfortunate concept of 'productive' labour, but expanded it from agriculture to material goods in general. For Smith, then, labour on material objects was 'productive'; but labour on, say, consumer services, on immaterial production, was 'unproductive'. In Book II of the Wealth of Nations, Smith opines that labour on material objects is productive, while other labour is not because it does not 'fix or realize itself in any particular subject which endures after that labour is past and for which an equal quantity of labour could afterward be purchased'.		One of the [[Wikipedia:Physiocracy\|physiocrats']] more dubious contributions to economic thought was their view that only [[agriculture]] was productive, that only agriculture contributed a surplus, a ''produit net'', to the economy. Smith, heavily influenced by the physiocrats, retained the unfortunate concept of 'productive' labour, but expanded it from agriculture to material goods in general. For Smith, then, labour on material objects was 'productive'; but labour on, say, consumer services, on immaterial production, was 'unproductive'. In Book II of the Wealth of Nations, Smith opines that labour on material objects is productive, while other labour is not because it does not 'fix or realize itself in any particular subject which endures after that labour is past and for which an equal quantity of labour could afterward be purchased'.

	The bias in favour of material objects amounted to a bias in favour of investment in [[capital]] goods, since a stock of capital goods by definition has to be embodied in material objects. Consumer goods, on the other hand, either consist of immaterial services, or they get used up, consumed in the process of consumption. Smith's imprimatur on material production, therefore, was an indirect way of advocating investment in an accumulation of capital goods as against the very goal of producing capital goods: increased consumption. When discussing exports and imports, Smith realized full well that there was no point to amassing intermediate objects except that they eventually be consumed, that the only goal of production is consumption. However, Adam Smith's Presbyterian conscience led him to value the expenditure of labour ''per se'', for its own sake, and led him to balk at free market time-preferences between [[consumption]] and [[saving]]. Clearly, Smith wanted far more investment towards future production and less present consumption than the market was willing to choose. One of the contradictions of this position is that accumulating more capital goods at the expense of present consumption will eventually result in a higher standard of living unless Smith prepared to counsel a perpetual and accelerated shift toward more and more never-to-be-consumed means of production.		The bias in favour of material objects amounted to a bias in favour of investment in [[capital]] goods, since a stock of capital goods by definition has to be embodied in material objects. Consumer goods, on the other hand, either consist of immaterial services, or they get used up, consumed in the process of consumption. Smith's imprimatur on material production, therefore, was an indirect way of advocating investment in an accumulation of capital goods as against the very goal of producing capital goods: increased consumption. When discussing exports and imports, Smith realized full well that there was no point to amassing intermediate objects except that they eventually be consumed, that the only goal of production is consumption. However, Adam Smith's Presbyterian conscience led him to value the expenditure of labour ''per se'', for its own sake, and led him to balk at free market time-preferences between [[consumption]] and [[saving]]. Clearly, Smith wanted far more investment towards future production and less present consumption than the market was willing to choose. One of the contradictions of this position is that accumulating more capital goods at the expense of present consumption will eventually result in a higher standard of living unless Smith prepared to counsel a perpetual and accelerated shift toward more and more never-to-be-consumed means of production.

Pestergaines: /* Links */ +res

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Links: +res

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	* [http://mises.org/journals/scholar/thornton12.pdf The Mystery of Adam Smith’s Invisible Hand Resolved] (pdf) by Mark Thornton		* [http://mises.org/journals/scholar/thornton12.pdf The Mystery of Adam Smith’s Invisible Hand Resolved] (pdf) by Mark Thornton
	* [http://mises.org/journals/jls/13_1/13_1_1.pdf Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson		* [http://mises.org/journals/jls/13_1/13_1_1.pdf Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson
			* [http://mises.org/daily/5084/The-Influence-of-Dugald-Stewart The Influence of Dugald Stewart] by Murray N. Rothbard (from [http://mises.org/resources/3985/Economic-Thought-Before-Adam-Smith-An-Austrian-Perspective-on-the-History-of-Economic-Thought-Volume-I An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith])
	* [http://www.adamsmith.org/ Adam Smith Institute]		* [http://www.adamsmith.org/ Adam Smith Institute]

	{{DEFAULTSORT:Smith, Adam}}		{{DEFAULTSORT:Smith, Adam}}
	[[Category:Economists]]		[[Category:Economists]]

Pesterbot: /* Links */External Links to Links, replaced: ==External links== → ==Links==

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Links: External Links to Links, replaced: ==External links== → ==Links==

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	{{Reflist}}		{{Reflist}}

	==~~External links~~==		==Links==
	* [[Wikipedia:Adam Smith\|Adam Smith]] on Wikipedia		* [[Wikipedia:Adam Smith\|Adam Smith]] on Wikipedia
	* [http://mises.org/journals/jls/20_2/20_2_1.pdf Is the Wealth of Nations' third duty of the Sovereign compatible with Laissez Faier?] (pdf) by Valentin Petkantchin, 2006		* [http://mises.org/journals/jls/20_2/20_2_1.pdf Is the Wealth of Nations' third duty of the Sovereign compatible with Laissez Faier?] (pdf) by Valentin Petkantchin, 2006

Forgottenman: new cat

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	~~{{Stub}}~~		'''Adam Smith''' (1723–1790), a Scottish economist, is popularly considered the founder of modern economic science.<ref name="Rothbard_Smith">Murray N. Rothbard. [http://mises.org/resources/2691 "The Celebrated Adam Smith"], originally published as chapter 16 in An Austrian Perspective on the History of Economic Thought, Vol. I, Edward Elgar Press, 1995; Mises Institute, 2006. Referenced 209-06-07.</ref>

	'''Adam Smith''' (~~1723-90~~), a Scottish economist, is popularly considered the founder of modern economic science.<ref name="Rothbard_Smith">Murray N. Rothbard. [http://mises.org/resources/2691 "The Celebrated Adam Smith"], originally published as chapter 16 in An Austrian Perspective on the History of Economic Thought, Vol. I, Edward Elgar Press, 1995; Mises Institute, 2006. Referenced 209-06-07.</ref>

	==Critique of Adam Smith==		==Critique of Adam Smith==
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	* [http://mises.org/journals/jls/13_1/13_1_1.pdf Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson		* [http://mises.org/journals/jls/13_1/13_1_1.pdf Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson
	* [http://www.adamsmith.org/ Adam Smith Institute]		* [http://www.adamsmith.org/ Adam Smith Institute]
	~~[[Category:Biographies]]~~
	{{DEFAULTSORT:Smith, Adam}}		{{DEFAULTSORT:Smith, Adam}}
			[[Category:Economists]]

Pestergaines: Make quote about labor theory of value more specific.

2010-11-17T00:22:33Z

Make quote about labor theory of value more specific.

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	==Critique of Adam Smith==		==Critique of Adam Smith==
	Some economists have called into question Smith's contributions. According to [[Murray Rothbard\|Rothbard]], "Smith not only contributed nothing of value to economic thought; his economics was a grave deterioration from his predecessors" and much knowledge of previous economists was "blotted out".<ref name="Rothbard_Smith" /> ~~A particularly glaring mistake of Smith's~~ was the ~~use~~ of [[~~the labor~~ theory of value]], which later influenced [[Marx]]. <ref> History of Economic thought page ~~393~~</ref> Against the standards of his day, Smith acknowledge very few of the authors he quoted from.<ref name="Rashid_citations">Salim Rashid. [http://mises.org/journals/jls/11_1/11_1_5.pdf "The Intellectual Standards of Adam Smith's Day"] (pdf), Journal of Libertarian Studies, Fall 1994. Referenced 2010-06-10.</ref>		Some economists have called into question Smith's contributions. According to [[Murray Rothbard\|Rothbard]], "Smith not only contributed nothing of value to economic thought; his economics was a grave deterioration from his predecessors" and much knowledge of previous economists was "blotted out".<ref name="Rothbard_Smith" /> He was "almost solely responsible for the injection into economics of the [[labour theory of value]]," which later influenced [[Marx]]. <ref name="Rothbard_History">Murray N. Rothbard. [http://mises.org/books/histofthought1.pdf "History of Economic thought"] (pdf), page 453. Referenced 2010-11-17.</ref> Against the standards of his day, Smith acknowledge very few of the authors he quoted from.<ref name="Rashid_citations">Salim Rashid. [http://mises.org/journals/jls/11_1/11_1_5.pdf "The Intellectual Standards of Adam Smith's Day"] (pdf), Journal of Libertarian Studies, Fall 1994. Referenced 2010-06-10.</ref>

	===Division of labor===		===Division of labor===

128.135.235.248: /* Critique of Adam Smith */

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Critique of Adam Smith

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	==Critique of Adam Smith==		==Critique of Adam Smith==
	Some economists have called into question Smith's contributions. According to [[Murray Rothbard\|Rothbard]], "Smith not only contributed nothing of value to economic thought; his economics was a grave deterioration from his predecessors" and much knowledge of previous economists was "blotted out".<ref name="Rothbard_Smith" /> Against the standards of his day, Smith acknowledge very few of the authors he quoted from.<ref name="Rashid_citations">Salim Rashid. [http://mises.org/journals/jls/11_1/11_1_5.pdf "The Intellectual Standards of Adam Smith's Day"] (pdf), Journal of Libertarian Studies, Fall 1994. Referenced 2010-06-10.</ref>		Some economists have called into question Smith's contributions. According to [[Murray Rothbard\|Rothbard]], "Smith not only contributed nothing of value to economic thought; his economics was a grave deterioration from his predecessors" and much knowledge of previous economists was "blotted out".<ref name="Rothbard_Smith" /> A particularly glaring mistake of Smith's was the use of [[the labor theory of value]], which later influenced [[Marx]]. <ref> History of Economic thought page 393</ref> Against the standards of his day, Smith acknowledge very few of the authors he quoted from.<ref name="Rashid_citations">Salim Rashid. [http://mises.org/journals/jls/11_1/11_1_5.pdf "The Intellectual Standards of Adam Smith's Day"] (pdf), Journal of Libertarian Studies, Fall 1994. Referenced 2010-06-10.</ref>

	===Division of labor===		===Division of labor===

DickClarkMises: re-cat

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	* [http://mises.org/journals/jls/13_1/13_1_1.pdf Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson		* [http://mises.org/journals/jls/13_1/13_1_1.pdf Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson
	* [http://www.adamsmith.org/ Adam Smith Institute]		* [http://www.adamsmith.org/ Adam Smith Institute]
	[[Category:~~Historical~~]]		[[Category:Biographies]]
	{{DEFAULTSORT:Smith, Adam}}		{{DEFAULTSORT:Smith, Adam}}

DickClarkMises: default sort

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	* [http://www.adamsmith.org/ Adam Smith Institute]		* [http://www.adamsmith.org/ Adam Smith Institute]
	[[Category:Historical]]		[[Category:Historical]]
			{{DEFAULTSORT:Smith, Adam}}

← Older revision		Revision as of 04:21, 16 August 2026
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	'''Adam Smith''' (1723–1790), a Scottish economist, is popularly considered the founder of modern economic science.<ref name="Rothbard_Smith">Murray N. Rothbard. [~~http~~://mises.org/~~resources~~/2691 "The Celebrated Adam Smith"], originally published as chapter 16 in An Austrian Perspective on the History of Economic Thought, Vol. I, Edward Elgar Press, 1995; Mises Institute, 2006. Referenced 209-06-07.</ref>		'''Adam Smith''' (1723–1790), a Scottish economist, is popularly considered the founder of modern economic science.<ref name="Rothbard_Smith">Murray N. Rothbard. [https://mises.freecapitalists.org/document/2691 "The Celebrated Adam Smith"], originally published as chapter 16 in An Austrian Perspective on the History of Economic Thought, Vol. I, Edward Elgar Press, 1995; Mises Institute, 2006. Referenced 209-06-07.</ref>

	==Critique of Adam Smith==		==Critique of Adam Smith==
	Some economists have called into question Smith's contributions. According to [[Murray Rothbard\|Rothbard]], "Smith not only contributed nothing of value to economic thought; his economics was a grave deterioration from his predecessors" and much knowledge of previous economists was "blotted out".<ref name="Rothbard_Smith" /> He was "almost solely responsible for the injection into economics of the [[labour theory of value]]," which later influenced [[Marx]]. <ref name="Rothbard_History">Murray N. Rothbard. [~~http~~://~~mises~~.org/books/~~histofthought1.pdf~~ "History of Economic thought"] (pdf), page 453. Referenced 2010-11-17.</ref> Against the standards of his day, Smith acknowledge very few of the authors he quoted from.<ref name="Rashid_citations">Salim Rashid. [~~http~~://~~mises~~.org/journals/jls/~~11_1~~/~~11_1_5.pdf~~ "The Intellectual Standards of Adam Smith's Day"] (pdf), Journal of Libertarian Studies, Fall 1994. Referenced 2010-06-10.</ref>		Some economists have called into question Smith's contributions. According to [[Murray Rothbard\|Rothbard]], "Smith not only contributed nothing of value to economic thought; his economics was a grave deterioration from his predecessors" and much knowledge of previous economists was "blotted out".<ref name="Rothbard_Smith" /> He was "almost solely responsible for the injection into economics of the [[labour theory of value]]," which later influenced [[Marx]]. <ref name="Rothbard_History">Murray N. Rothbard. [https://freecapitalists.org/books/economic-thought-before-adam-smith-an-austrian-perspective-on-the-history-of-economic-thought-volume-i/ "History of Economic thought"] (pdf), page 453. Referenced 2010-11-17.</ref> Against the standards of his day, Smith acknowledge very few of the authors he quoted from.<ref name="Rashid_citations">Salim Rashid. [https://freecapitalists.org/journals/jls/11-1-5/ "The Intellectual Standards of Adam Smith's Day"] (pdf), Journal of Libertarian Studies, Fall 1994. Referenced 2010-06-10.</ref>

	===Division of labor===		===Division of labor===
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	==Links==		==Links==
	* [[Wikipedia:Adam Smith\|Adam Smith]] on Wikipedia		* [[Wikipedia:Adam Smith\|Adam Smith]] on Wikipedia
	* [~~http~~://~~mises~~.org/journals/jls/~~20_2~~/~~20_2_1.pdf~~ Is the Wealth of Nations' third duty of the Sovereign compatible with Laissez Faier?] (pdf) by Valentin Petkantchin, 2006		* [https://freecapitalists.org/journals/jls/20-2-1/ Is the Wealth of Nations' third duty of the Sovereign compatible with Laissez Faier?] (pdf) by Valentin Petkantchin, 2006
	* [~~http~~://~~mises~~.org/journals/jls/~~1_4~~/~~1_4_3.pdf~~ Adam Smith: A Reappraisal] (pdf) by Ellen Frankel Paul, 1977		* [https://freecapitalists.org/journals/jls/1-4-3/ Adam Smith: A Reappraisal] (pdf) by Ellen Frankel Paul, 1977
	* [http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php&person=44 Adam Smith], works at the Online Library of Liberty		* [http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php&person=44 Adam Smith], works at the Online Library of Liberty
	* [~~http~~://~~mises~~.org/journals/qjae/~~pdf~~/~~Q11_5.pdf~~ Murray Rothbard's Adam Smith] (pdf) by Spencer J. Pack, 1998		* [https://freecapitalists.org/journals/qjae/q11-5/ Murray Rothbard's Adam Smith] (pdf) by Spencer J. Pack, 1998
	* [~~http~~://~~mises~~.org/journals/jls/~~7_2~~/~~7_2_7.pdf~~ West's "Cantillon and Adam Smith": A Comment] (pdf) by Roger W. Garrison, 1985		* [https://freecapitalists.org/journals/jls/7-2-7/ West's "Cantillon and Adam Smith": A Comment] (pdf) by Roger W. Garrison, 1985
	* [~~http~~://~~mises~~.org/journals/scholar/thornton12~~.pdf~~ The Mystery of Adam Smith’s Invisible Hand Resolved] (pdf) by Mark Thornton		* [https://freecapitalists.org/journals/scholar/thornton12/ The Mystery of Adam Smith’s Invisible Hand Resolved] (pdf) by Mark Thornton
	* [~~http~~://~~mises~~.org/journals/jls/~~13_1~~/~~13_1_1.pdf~~ Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson		* [https://freecapitalists.org/journals/jls/13-1-1/ Adam Smith, Justice, and the System of Natural Liberty] (pdf) by Gary M. Anderson
	* [https://mises.freecapitalists.org/daily/5084/The-Influence-of-Dugald-Stewart The Influence of Dugald Stewart] by Murray N. Rothbard (from [~~http~~://~~mises~~.org/~~resources/3985~~/~~Economic~~-~~Thought~~-~~Before~~-~~Adam~~-~~Smith~~-An-~~Austrian~~-~~Perspective~~-on-the-~~History~~-of-~~Economic~~-~~Thought~~-~~Volume~~-I An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith])		* [https://mises.freecapitalists.org/daily/5084/The-Influence-of-Dugald-Stewart The Influence of Dugald Stewart] by Murray N. Rothbard (from [https://freecapitalists.org/books/economic-thought-before-adam-smith-an-austrian-perspective-on-the-history-of-economic-thought-volume-i/ An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith])
	* [http://www.adamsmith.org/ Adam Smith Institute]		* [http://www.adamsmith.org/ Adam Smith Institute]

	{{DEFAULTSORT:Smith, Adam}}		{{DEFAULTSORT:Smith, Adam}}
	[[Category:Economists]]		[[Category:Economists]]