European Journal of the History of Economic Thought, volume 1, issue 3, pages 551-576
The macrostructure of Adam Smith's theoretical system: a reconstruction
Albert Jeck
Publication type: Journal Article
Publication date: 1994-09-01
scimago Q2
SJR: 0.342
CiteScore: 1.5
Impact factor: 0.6
ISSN: 09672567, 14695936
General Arts and Humanities
Economics, Econometrics and Finance (miscellaneous)
History and Philosophy of Science
Abstract
The paper is an attempt to solve - in the style of circumstantial evidence - a few riddles which concern Smith's puzzling ranking of sectors in the fifth chapter of Book II of the Wealth of Nations. In that short (15 pages) chapter ‘Of the different Employments of Capitals’ Smith presents the final element of his theoretical system. The interpretations offered by the modern secondary literature are, as far as I can see, nor correct. What is Smith's own interpretation? What is his theory behind that ranking? Do his statements really lack consistency? A solution to these riddles can help to clarify Smith's system as a whole and to reconstruct its macroeconomic structure in particular, which is based on a very special but often overlooked conception of sectoral verticality.
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