Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Smith, Adam

  • Manfred J. HollerEmail author
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_47

Abstract

This entry discusses Adam Smith’s theory of justice and its application to the law. Smith’s theory of justice combines natural and acquired rights with a focus on commutative justice and economic reasoning. Core concepts are resentments, sympathy, the impartial spectator, and liberty. A possible conflict between liberty and economic expedience is illustrated by Smith’s discussion of usury and bank regulation.

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Notes

Acknowledgments

I would like to thank Heinz Kurz, Barbara Klose-Ullmann, Martin Leroch and Rigmar Osterkamp for their helpful comments.

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Center of Conflict Resolution (CCR)University of Hamburg, Institute of SocioEconomics (ISE)HamburgGermany