Economic Laws

  • Stefano Zamagni
Part of the The New Palgrave book series (NPA)


The social sciences, and economics in particular, separated from moral and political philosophy in the second half of the 18th century when the results of the myriad of intentional actions of people were perceived to produce regularities resembling the laws of a system. Both physiocratic thought and Smith’s Wealth of Nations reflect this extraordinary discovery: scientific laws thought to be found only in nature could also be found in society. This extension poses several problems. A serious one refers to the tension of combining individuals’ freedom of action with the scientists’ desire to discover the systematic aspects of the unintended and quite often unpredictable consequences of human action, i.e. the desire to arrive at laws characterized by a certain degree of generality and permanence.


Natural Science Austrian Economic Classical Economist Neoclassical Economic Neoclassical Theory 
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© Palgrave Macmillan, a division of Macmillan Publishers Limited 1989

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  • Stefano Zamagni

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