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Peukert, Helge --- "Adam Smith (1723–90)" [2005] ELECD 178; in Backhaus, G. Jürgen (ed), "The Elgar Companion to Law and Economics, Second Edition" (Edward Elgar Publishing, 2005)

Book Title: The Elgar Companion to Law and Economics, Second Edition

Editor(s): Backhaus, G. Jürgen

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781845420321

Section: Chapter 54

Section Title: Adam Smith (1723–90)

Author(s): Peukert, Helge

Number of pages: 11

Extract:

54 Adam Smith (1723­90)
Helge Peukert


The man, his, life and background
Some critics such as Schumpeter (1954, pp. 185­94) notwithstanding, Adam
Smith's major achievement is the early exposition of a new type of social,
cultural, economic, legal and political system after the slow but steady ero-
sion of feudalist and agricultural societies and former theoretical concepts
such as mercantilism and physiocracy. The Wealth of Nations (Smith, 1976)
is not primarily a partisan pamphlet. Its subject matter is the understanding of
the socioeconomic transformation at his time in the context of a history of
civilization (the intensive debate about Smith's work is well documented and
accessible in Clark et al., 1966; Skinner and Wilson, 1975; Wilson and
Skinner, 1976; Glahe, 1978; Skinner, 1979; Wood, 1984­94; Jones and Skin-
ner, 1992).
Although most of his writings were burnt by his literary executor, the
complete edition of his works sheds light on his encompassing intent to
develop a theory of a new type of society. This comprises his handling of
rhetoric and belles-lettres (Smith, 1983, including his essay `Considerations
concerning the first formation of languages'), essays on philosophical sub-
jects (Smith, 1977, including a highly original theory of science, taking
astronomy as an example ­ see the excellent interpretation by Thomson,
1965), lectures on jurisprudence (Smith, 1982 ­ the original did not survive,
but notes by his students did: see the introduction by Meek et al.), his first
published book in 1759 about the theory of moral sentiments ( ...