How Carl Menger and the Austrians Helped to Steer Economic Theory in the Right Direction
2024-02-03
Adam Smith, in his 1776 book The Wealth of Nations, stipulates the guiding principles of classical economic orthodoxy, establishing guiding principles that will guide the English economic paradigm. Despite a tradition more focused on Colbertism (between the sixteenth and seventeenth centuries) and physiocracy (from the eighteenth century onwards), classical economics managed to penetrate this French academic environment due to names such as Jean-Baptiste Say and Anne Robert Jacques Turgot.
In The Wealth of Nations, Adam Smith presents a comprehensive analysis of the principles of economics, outlining the foundations of economic liberalism and providing a conceptual structure of political economy that will influence the advent of several currents (outside the classical paradigm), which use