Advertisement

In the Absence of Perfect Liberty

  • Gavin Kennedy

Abstract

Perfect liberty and justice, however, did not exist in the actual markets known to Smith, making expectations of perfect factor mobility idealistic, not realistic; they remained his theoretical constructs. Smith’s narrative is a benchmark for, not a description of, the real world. Smith elaborates on variations between perfect and real world markets, and I shall untangle the narrative in what follows as a prelude to commenting on the laissez faire problem in economics — that there are two distinct interpretations of what it means as a policy prescription, neither of which accords with Smith’s views. Together they explain why he did not refer to laissez faire, nor subscribe, implicitly or otherwise, to prescriptions associated with it.

Keywords

Wage Rate Policy Prescription Wage Determination Happy State High Living Standard 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Gavin Kennedy 2005

Authors and Affiliations

  • Gavin Kennedy
    • 1
  1. 1.EdinburghUK

Personalised recommendations