By Michael Fry
The individuals, together with ten Nobel Laureates, ponder subject matters as diversified as Smith's use of knowledge, his perspective to human capital and his perspectives on monetary coverage. Heirs to Smith in addition they consider the present country of economics.
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Extra info for Adam Smith's Legacy: His Place in the Development of Modern Economics
We generally expect nominal prices to rise over very long stretches of time. Smith wisely and daringly chose a very long time span, within which he analysed price movements. 4 that prices rose and fell over several centuries. Nowadays, economists become overly preoccupied with short-run phenomena and translate recent experience to very long time periods—possibly forever. The general impression now is that prices rise endlessly. Some economic histo rians write about large inflationary bouts in sixteenth-century Spain or other European centres.
He also noted divergent movements of wheat and silver prices in various epochs and turned to such events as discoveries of new sources of precious metals in America as explanations for the divergences. His analysis of supplydemand balance in price determination was quite perceptive. He also invoked such events as Civil War, bounty on corn export, and debasement of coins as additional special factors that influenced the supply-demand balance for commodities. Smith analysed price movements of the seventeenth and eighteenth centuries in relation to each other, to silver prices, and unusual supply factors, affecting either grain yields or availabilities of precious metals.
Jean-Baptiste Say (Cours Complet d’Economie Politique Pratique, 1829) Economics, naturally complicated and therefore difficult, becomes easy when it is simplified, that is to say, when it is reduced to elementary ideas which, precisely defined, appear to be trivial as truths. Then this science develops under its own impetus. Its propositions generate one another, as if they were successively identical consequences and propositions; and the point at issue demonstrates its solution so obviously that one discovers it almost without having to reason.
Adam Smith's Legacy: His Place in the Development of Modern Economics by Michael Fry