Smith and Newton: some methodological issues concerning general economic equilibrium theory

Montes, Leonidas

doi:10.1093/cje/27.5.723

Cited by 30 publications

(9 citation statements)

References 41 publications

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“…Similar statements are put forward in D.D. Raphael and A.S. Skinner (1980, p. 12), and L. Montes (2003, p. 725). N.S.…”

Section: Smith’s and Newton’s Methods: Essential Pointssupporting

confidence: 73%

Adam Smith on Method: Newtonianism, History, Institutions, and the “Invisible Hand”

Fiori¹

2012

J Hist Econ Thought

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Smith was influenced by Newton’s method. Nonetheless, he introduced elements that led him far from the Newtonian perspective. The present essay analyzes how historical dimensions, contingencies, institutions, and conflicting human inclinations modify a Newtonian horizon. Finally, the paper focuses on how, in Smith’s view, institutions determine “unintended outcomes,” which are sometimes opposed to those of the market. In this sense, the “invisible hand” is not only the result of the behavior of myopic individuals trying to improve their conditions; it is also the outcome of the work of institutions that operate as structures autonomous with respect to individuals.

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“…Similar statements are put forward in D.D. Raphael and A.S. Skinner (1980, p. 12), and L. Montes (2003, p. 725). N.S.…”

Section: Smith’s and Newton’s Methods: Essential Pointssupporting

confidence: 73%

Adam Smith on Method: Newtonianism, History, Institutions, and the “Invisible Hand”

Fiori¹

2012

J Hist Econ Thought

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“…The proposition that Newtonian or mechanical philosophy was Smith’s model for good science has been well challenged (Redman 1997, pp. 207–258; Montes 2003, reproduced in Montes 2004, pp. 130–164).…”

Section: Discussionmentioning

confidence: 99%

The Machine in Adam Smith’s Economic and Wider Thought

Aspromourgos¹

2012

J Hist Econ Thought

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This paper exhaustively examines all Adam Smith’s references to “machines,” including machine metaphors or analogies, with a view to a comprehensive interpretation of the significance of the machine in his thought as a whole. By bringing together all Smith’s references to machines (and variants of that term), as well as his references to related phenomena, mechanics and engines (and variants), the totality of the various different kinds of uses of these terms assists in clarifying the meaning of each of them. However, this exercise is undertaken particularly with a view to the significance of machines in Smith’s political economy.

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“…Ross (1995, p. 99) discusses the dating. 10 Montes (2003Montes ( , 2008 discusses the influence of Newton on Smith's methodology.…”

Section: Smith's Religious Backgroundmentioning

confidence: 99%

God and the Market: Adam Smith’s Invisible Hand

Oslington

2011

J Bus Ethics

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The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith's writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton's theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith's general providential account of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis.

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Smith and Newton: some methodological issues concerning general economic equilibrium theory

Cited by 30 publications

References 41 publications

Adam Smith on Method: Newtonianism, History, Institutions, and the “Invisible Hand”

Adam Smith on Method: Newtonianism, History, Institutions, and the “Invisible Hand”

The Machine in Adam Smith’s Economic and Wider Thought

God and the Market: Adam Smith’s Invisible Hand

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