Abstract
A centenarian on a bicentenarian: Leon Walras's Elements on Adam Smith's Wealth of Nations. Walras's Elements mentions the Wealth of Nations only twice: to criticize Smith's alleged definition of economic science and to denounce as a sophism Smith's labour theory of value. Walras's failure to appreciate Smith is all the more surprising because Smith had, in fact, adumbrated a theory of general equilibrium similar to Walras's though far less rigorous and comprehensive; because Smith's analysis, like that of Walras, was inspired by Cartesian methodology; because both authors looked to Newtonian celestial mechanics as a model for their vision of social science; and because both had been imbued in their youth with the same natural law philosophy of Grotius and Pufendorf. Walras's blindness to all he had in common with Adam Smith is traceable, in part at least, to his oft-expressed anglophobia.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
