TAILIEUCHUNG - A Companion to the History of Economic Thought - Chapter 7

C H A P T E R S E V E N Adam Smith (1723–1790): Theories of Political Economy This chapter is primarily concerned with Smith’s approach to political economy seen as theory. It is also designed to draw attention to Smith’s wider purposes and to confirm the significance of Edwin Cannan’s discoveries of 1895. | CHAPTER SEVEN Adam Smith 1723-1790 Theories of Political Economy Andrew S. Skinner System This chapter is primarily concerned with Smith s approach to political economy seen as theory. It is also designed to draw attention to Smith s wider purposes and to confirm the significance of Edwin Cannan s discoveries of 1895. Adam Smith was elected to the Chair of Logic and Rhetoric in the University of Glasgow on January 9 1751. In the following year he was translated to the Chair of Moral Philosophy. His pupil John Millar recalled His course of lectures on this subject was divided into four parts. The first contained Natural Theology in which he considered the proofs of the being and attributes of God and those principles of the human mind upon which religion is founded. The second comprehended Ethics strictly so called and consisted chiefly of the doctrines which he afterwards published in his Theory of Moral Sentiments. In the third part he treated at more length of that branch of morality which relatives to justice and which being susceptible of precise and accurate rules is for that reason capable of a full and particular explanation. Stewart In the last part of his lectures he examined those political regulations which are founded not upon the principle of justice but that of expediency and which are calculated to increase the riches the power and the prosperity of a State. What Adam Smith Theories of Political Economy 95 he delivered on these subjects contained the substance of the work he afterwards published under the title of An Inquiry into the Nature and Causes of the Wealth of Nations. Stewart It only became possible to evaluate the third part of the major program when Edwin Cannan discovered the Lectures on Jurisprudence. Cannan recalled that On April 21 1895 Mr Charles C. Maconochie whom I then met for the first time happened to be present when in course of conversation with the literary editor of the Oxford Magazine I had occasion to make .

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