ABSTRACT: This paper aims to analyze the modern theory of institutions and its vital role in the development, prosperity and proper functioning of nations through the theoretical principles of Adam Smith. Taking the Smithian spontaneous order as a starting point, the epistemic and philosophical foundations that lead to the differentiation between extractive and inclusive institutions and their...
With time, Hayek viewed Smith ever more positively. Accordingly, Smith plays a huge role in The Fatal Conceit, Hayek's last book. But given the doubts around The Fatal Conceit, can we rely on this material? My paper offers Hayek's interpretation of Smith based on reliably Hayek's material that he wrote as by-products of The Fatal Conceit book project. He wrote several dozen articles along the...
Debates about Adam Smith’s thoughts on inequality, political factionalism, and religious sectarianism have been rekindled vividly in recent years. This paper aims at uniting these discussions through an analysis of the different effects that vertical – across different social ranks – and horizontal – across the same ‘orders of people’ – social distancing have on the moral education of human...
