Although Adam Smith, the father of modern economics, died over two hundred years ago his presence is still felt in many areas of contemporary economics. In this volume some of the world's leading economists pay tribute to Smith's continuing importance. The contributors, including ten Nobel Laureates, consider themes as diverse as Smith's use of data, his attitude to human capital and his views on economic policy. Heirs to Smith as leaders of the discipline, they also reflect upon the current state of economics, assessing the extent to which it measures up to the benchmark established by its founder.
Table of Contents
Address at Canongate Kirkyard 1. The Overdue Recovery of Adam Smith's Reputation as an Economic Theorist Paul Samuelson 2. Smith's Use of Data L.R. Klein 3. On the Wealth of Nations Franco Modigliani 4. The Supply of Labour and the Extent of the Market James M. Buchanan 5. The General Theory of Surpluses as a Formulation of the Underlying Theoretical Thought of Adam Smith, his Predecessors and his Contemporaries Maurice Allais 6. Adam Smith and Human Capital Theodore Schultz 7. Public Economic Policy: Adam Smith on What State and other Public Institutions Should and Should Not Do Richard Stone 8. The Invisible Hand in Modern Macro Economics James Tobin 9. The Present State of Economic Science Wassily Leontief 10. Economics: Recent Performance and Future Tasks Jan Tinbergen
Michael Fry (Columbia College, Chicago IL US)