Home » Forums » Daily Paul Liberty Forum

Adam Smith Austrian Economics

Submitted by jschaefer on Thu, 05/28/2009 - 13:44
in
0 votes

Just wondering if there are major differences between Adam Smith's Wealth of Nations and Austrian Economics? I'm a novice on this and attempting to find out why Austrian Economics is talked about all of the time and not Adam Smith's form of Economics? Anyway I don't know the differences. Are there major differences?

»

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

BIG differences

Submitted by jman196 on Thu, 05/28/2009 - 14:33.

in many respects. Here is an entire outline of it: http://mises.org/journals/qjae/pdf/Q11_4.pdf

(Adam Smith was rather statist in some regards and he didn't subscribe to the subjective nature of valuations which is ridiculous).

—

"Greater than the force of mighty armies is the power of an idea whose time has come"
- Victor Hugo

From what I understand

Submitted by sentinel18 on Thu, 05/28/2009 - 13:58.

reading mises from time to time they like most of the ideas presented in Wealth of Nations and its economic liberalism aspect, but they tend to loathe Adam Smith himself because they consider him a plagiarizer who basically had no ideas of his own and just took and gathered ideas from people before him. As far as differences b/w Smith and Austrian economics, i can't give you a detailed answer but I would think there wouldn't be major differences b/w the two.

I love this stuff...

Submitted by AbrahamClark on Thu, 05/28/2009 - 15:30.

I'm working on Rothbard's Man, Economy, and State which is supposed to be the "Bible" for Austrian Economics. I believe both are fairly much the same. What I think would be more important is to have the Friedman crowd work more closely with the Austrians. Friedman did great things for capitalism and it's a shame that the two schools don't work more closely. Both groups take from Adam Smith.

—

"Every advance first comes into being as the luxury of a few rich people, only to become, after a time, the indispensable necessity taken for granted by everyone." Mises

Murray Rothbard disagrees

Submitted by jman196 on Thu, 05/28/2009 - 17:19.

he discusses it here http://mises.org/story/2012

—

"Greater than the force of mighty armies is the power of an idea whose time has come"
- Victor Hugo

yeah

Submitted by AbrahamClark on Thu, 05/28/2009 - 17:55.

yeah I saw your post... I'll have to do some more research I guess... Do you have anything on Friedman or Rothbard commenting on one or the other?

—

"Every advance first comes into being as the luxury of a few rich people, only to become, after a time, the indispensable necessity taken for granted by everyone." Mises

thanks...No major

Submitted by jschaefer on Thu, 05/28/2009 - 14:07.

thanks...No major differences you know of. Both pretty much free marketers.