Friday, July 28, 2017

Gavin Kennedy — More Evidence Of The Tide Turning?

Oscar Valdes Viera posts (1 July) a most interesting Working Paper ( NO. 893) HERE
[Levy Institute] Working Paper No. 893
 The Neoclassicals’ Conundrum: If Adam Smith is the Father of Economics, It Is a Bastard Child
Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith’s notion of value, his understanding of the economic individual and their interactions in society, his methodology, and the field of study he afforded to political economy. Instead, early neoclassical economists parted ways with the theories of Adam Smith in an effort to construct economic laws that would validate the existing capitalist order as universal, natural, and harmonious.
 Adam Smith specialist Gavin Kennedy comments:
This by far is the most focussed contribution to the missing debate over where and why did economic theory and science go astray from the 19th century though to the 21st century.
I recommend readers to take the trouble to follow the links and read the whole paper and make their own minds up about the degree of the validity of the Author's arguments.
Adam Smith's Lost Legacy
Gavin Kennedy | Professor Emeritus, Heriot Watt University

The tide is turning indeed, and Levy Institute is leading the way!

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