PREFACE: ADAM SMITH AT 300
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Abstract
In 2023, the world celebrated the tercentenary of Adam Smith’s birth. He published The Theory of Moral Sentiments (TMS) in 1759, and The Wealth of Nations (WN) in 1776 — two seminal works that continue to shape the moral and social sciences. Schumpeter (2008 [1942], p. 3) argued that a work is not great because it “must necessarily be a source of light or faultless in either fundamental design or details.” Instead, the true mark of greatness is that a work cannot die, but has “revivals.” Schumpeter even suggested that “adverse judgment or even exact disproof [of it], by its very failure to injure fatally, only serves to bring out the power of the structure.” This applies to both of Adam Smith’s major works. While neither is flawless, both are sources of light...
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References
Schumpeter, J.A. (2008 [1942]). Capitalism, Socialism and Democracy. Reprint of the 3rd ed. 1950. New York: Harper & Row.
Smith, A. (several years). The Glasgow Edition of the Works and Correspondence of Adam Smith, six volumes, several editors. Oxford, UK: Oxford University Press.
Sraffa, P. (1960). Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.
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