Abstract
In this paper it is contended that the ‘Digression Concerning The Corn Trade And Corn Laws’ appended to Adam Smith’s chapter ‘Of Bounties’ in The Wealth of Nations is an instructive illustration of the author’s approach to economic analysis. It is shown how Smith analysed the market in its complexity and that such analysis provided a material insight into the market’s operations over time. The passage of time is an integral part of the analysis and hence the ‘Digression’ also develops considerations of the significant role played by risk and expectations in both the domestic and international corn markets. It is further argued that the approach to economic analysis exhibited in the ‘Digression’ is entirely consistent with the scientific method Smith developed early in his career and held to its end.
Sign-in/Register to access full text options 
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.
