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Adam Smith and modern economics

Sandmo, Agnar
Working paper
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URI
http://hdl.handle.net/11250/194583
Date
2014-04
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  • Discussion papers (SAM) [586]
Abstract
In his Wealth of Nations (1776) Adam Smith created an agenda for the study of the economy

that is reflected in the structure of modern economics. This paper describes Smith’s

contributions to four central areas of economic theory: The theory of price formation, the

relationship between market outcomes and the public interest, the role of the state in the

economy, and the sources of economic growth. In each case, an attempt is made to relate

Smith’s contribution to the state of contemporary economics, showing both the similarities

and contrasts between the respective approaches.
Publisher
Norwegian School of Economics. Department of Economics
Series
Discussion paper;13/2014

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