This study is a reconsideration of a theme, connecting The Theory of Moral Sentiments and The Wealth of Nations, namely the interplay between moral sentiments and self-interest. Two aspects of the theme are examined. The first consists of an interpretation of the so-called ‘das Adam Smith Problem’, an issue originally pointed out by nineteenth-century German scholars. The second, building on the insight of Smith on the association of shame and poverty, reports on recent research that seeks to examine how emotions impact the perception of economic interests and behaviour in marginalized groups.

For path-breaking insights on how prices can guide the efficient allocation of resources and how innovation and investment can spur economic growth, Adam Smith is justly renowned. He was, however, well aware of problems posed by market dominance—specifically in banking and, more generally, wherever getting to the scale that delivers increasing returns leads to monopolistic behaviour. For the historical record, we draw on the recent wide-ranging survey by Acemoglu and Johnson on how the benefits of innovation have been spread across society since the Industrial Revolution. We also consider these issues in the context of geo-political competition.

The contemporary relevance of Adam Smith is evidenced by continued reference to his name. Computational analysis identifies over 700 mentions of Smith and his two famous works—The Theory of Moral Sentiments and The Wealth of Nations—in post-World War 1 House of Commons debates. We find some parliamentarians appreciate Smith’s complex ideas, but most references are ‘ornamental’. Charting Smith’s use over the decades, this paper builds on Kirk Willis’ idea that studying parliamentary debates are an ideal way to understand how, at best, policy ideas, germinate and disseminate over time, or, at worst, how ‘complex ideas became slogans’.

2023 marks the tercentenary of the birth of Adam Smith. A towering figure of the Scottish Enlightenment, his writings helped to establish the discipline we now refer to as Political Economy. Indeed, many of his ideas remain the foundation of economic theories still in use today. It is this ongoing relevance, and the lessons we can take from Smith’s methods, that binds the papers in this Special Issue together. The Special Issue draws upon excellent contributions from renowned scholars covering a wide array of Smith’s contributions to economics and political economy.

Adam Smith promoted free banking—private, competitive, convertible banknotes. He also supported restrictions on banks. We study Smith’s views and the era in which they developed, suggesting his ‘regulations’ were a backstop against banks’ risks to depositors but primarily monetary stability. In modern parlance, Smith supported macroprudential regulations to underpin monetary stability, as did Friedman and Schwartz the US FDIC. We discuss why Smith’s vision for banking went unrealised. Bank regulation became microprudential and ran aground in 2008/2009. The prominence of macroprudential regulation now provides a chance to reorientate regulation to support monetary stability. Early signs are not promising.

Adam Smith had a longstanding interest in colonialism and more generally relations between Europe and the rest of the world. It was through engagement with these issues that he worked through some of the central elements of his thought. This paper examines both Smith’s contexts and our own and argues that Smith’s work provides an important resource for reflecting today on relations with distant and diverse others today. It identifies three aspects of Smith’s thought that are particularly relevant: the political and economic costs of colonial ventures to the colonisers themselves, the question of whether and how imperialism had encouraged ‘progress’, and the question of how social and cultural differences should be understood and judged. The paper teases out Smith’s sometimes uncertain arguments in these areas and suggests that they can contribute to our own reflections on the troubled practices of liberal imperialism.

Adam Smith saw the division of labour and specialisation as the driver of ‘universal opulence’, a process limited by the scope of the market. He also believed that competition was essential to ensure growth benefited the public. Yet eventually there could be a trade-off between these two mechanisms. In today’s era of global production networks, the markets at certain links in supply chains may support just one specialised supplier; and in winner-take-all digital markets there is a single supplier even at global scale. When the scope of the market is global, there may be a trade-off between specialisation and competition.

A key insight from Adam Smith is that economists should base their conclusions about a monetary institution or policy on a careful study of the history of that institution or policy, a study that includes the experiences of other countries. To illustrate Smith’s reliance on financial history we cover five current monetary problems that have close analogies with problems that Smith discussed: (1) inflation, (2) banking panics, (3) public debt, (4) usury laws, (5) central bank digital currencies.

This article reviews Adam Smith’s clearly articulated views about the desirability of free trade and his equally strong view on the necessity of sound institutions and ‘the tolerable administration of justice’ as key ingredients of successful economic management. It starts with Smith’s views on free trade and shows how pertinent they are to today’s high-level trade policy challenges. It then considers a more detailed day-to-day instrument of policy—the Trade Remedies Authority (TRA). Following Brexit, the TRA was created as an arms-length body for investigating cases for granting temporary import restrictions to specific products according to a reasonably well-defined objective process. The article demonstrates how, over the first 2 years of its life, the TRA has been reduced from a useful administrative instrument to a fig leaf for a political process for granting protection to petitioners. Unfortunately, this tendency to displace analytical approaches to policy by purely political ones can now be observed in many activities of UK governance.

Duncan Black, like Adam Smith before him, was trained at, and taught at, the University of Glasgow. Like Smith, Black followed the Enlightenment in appreciating the importance of theory and of its empirical applications. Black sought to apply the ideas of a schedule of preferences and a conception of equilibrium, to politics, as Smith had done in economics. Black believed that his median voter theorem could generalize to a theory of politics, much as Smith’s contributions did for market economics. Black did not complete that generalization, but William Riker did offer a theory of institutional politics, designed to complete Black’s project.

This paper explores Alexis de Tocqueville's thought on fiscal political economy as a forerunner of the modern school of preference falsification and rational irrationality in economic decision making. A good part of the literature has misrepresented Tocqueville as an unconditional optimist regarding the future of fiscal moderation under democracy. Yet, although he initially shared the cautious optimism of most classical economists with respect to taxes under extended suffrage, Tocqueville's view turned more pessimistic in the second volume of his Democracy in America. Universal enfranchisement and democratic governments would lead to higher taxes, more intense income redistribution and government control. Under democracy, the continuous search for unconditional equality would eventually jeopardise liberty and economic growth.

El Tratado de Economía Política de Jean-Baptiste Say es la obra de Economía de mayor impacto en el siglo XIX en España, por su notable influencia en los debates parlamentarios y en la docencia. Quizás debido a este éxito y a las diferentes ediciones y traducciones realizadas, se percibe un cierto desconcierto en las numerosas referencias bibliográficas sobre esta obra. Este trabajo pretende aclarar tanto la reiterada confusión sobre las diferentes ediciones en español del Traité como las dudas sobre sus traductores que, en algunos casos, se veían obligados a ocultar su identidad por los obstáculos a la libertad de prensa. También encontramos que la obra de Say se traduce dentro de dos proyectos editoriales; uno docente, vinculado a la Real Sociedad Económica de Amigos del País, y otro político que permitió aprovechar el trienio liberal para poner nuevas ideas al servicio de los legisladores y de los estudiantes.

Highly turbulent environments require firms to act entrepreneurially. The returns to entrepreneurial activities are known as entrepreneurial rents. Following the payments perspective, these rents are allocated to the entrepreneurial resources of the firm as factor payments. However, unlike other factor payments, little is known about how to value these types of rents. An analysis of the economics and management literature reveals that entrepreneurial rents are a return to alertness, subjective judgment, asset control, and uncertainty bearing. Furthermore, entrepreneurial rents are noncontractible and temporary. This paper introduces two complementary valuation models that capture these characteristics and that explicitly impute value to various entrepreneurial activities.

This paper transcribes and annotates five unpublished letters that Manuel María Gutiérrez, Álvaro Flórez Estrada and the Marquis of Valle Santoro respectively sent to Jean-Baptiste Say. An initial hypothesis holds the importance of this correspondence in order to argue the connection of the Spanish authors with the canonical works. We focus on several questions related to the transmission of economic ideas. First, the translation of Say’s work is a collective project structured around the Real Sociedad Económica de Amigos del País de Madrid. Secondly, we explain how the translator expurgates the condemnable passages in order to publish Say’s Traité d`économie politique in Spanish, those connected to the influence of religion on economic development and public education to be exact.

The collapse of the ambitious and experimental Ayr Bank (Douglas, Heron & Co.) was the central episode of the 1772–3 British credit crisis and served as a direct influence on Adam Smith's monetary analysis in the Wealth of Nations. This article identifies the issuance of redeemable annuities in response to the bank's stop of payments in June 1772 and the distressed nature of its asset liquidations afterwards as the main reasons behind the size of its losses. It furthermore uses primary manuscript evidence to reconstruct and extend the existing narrative of this famous episode, from the planning stages in 1773 while the bank was still fighting for its survival, to the retirement of its banknotes by the Edinburgh public banks in 1773–4, the legal and political manoeuvring behind the redemption of the annuities by Act of Parliament in 1774, and the over 40 years of asset unwinding that followed.

The influence of economic ideas in parliamentary debates has attracted increasing attention in the analysis of the institutionalisation of political economy in the liberal age in the Western world. Within this framework, this paper explores a particular case: the relevance of economic ideas and the role of economists in the debates that took place in the Spanish Parliament in 1869 following the bill issued by the Minister of Finance Figuerola to establish a tax on personal incomes. Economic ideas and parliamentarian economists played a significant role in the design of the income tax as a key tool to modernise Spain's tax system, and in the subsequent parliamentary discussions.

Adequate intakes of micronutrients are required for the immune system to function efficiently. Micronutrient deficiency suppresses immunity by affecting innate, T cell mediated and adaptive antibody responses, leading to dysregulation of the balanced host response. This situation increases susceptibility to infections, with increased morbidity and mortality. In turn, infections aggravate micronutrient deficiencies by reducing nutrient intake, increasing losses, and interfering with utilization by altering metabolic pathways. Insufficient intake of micronutrients occurs in people with eating disorders, in smokers (active and passive), in individuals with chronic alcohol abuse, in certain diseases, during pregnancy and lactation, and in the elderly. This paper summarises the roles of selected vitamins and trace elements in immune function. Micronutrients contribute to the body's natural defences on three levels by supporting physical barriers (skin/mucosa), cellular immunity and antibody production. Vitamins A, C, E and the trace element zinc assist in enhancing the skin barrier function. The vitamins A, B6, B12, C, D, E and folic acid and the trace elements iron, zinc, copper and selenium work in synergy to support the protective activities of the immune cells. Finally, all these micronutrients, with the exception of vitamin C and iron, are essential for antibody production. Overall, inadequate intake and status of these vitamins and trace elements may lead to suppressed immunity, which predisposes to infections and aggravates malnutrition. Therefore, supplementation with these selected micronutrients can support the body's natural defence system by enhancing all three levels of immunity.

L’ouvrage de Duménil et Lévy rouvre le débat, fondamental en économie, entre le point de vue classique de la production et celui de l’échange qui s’opposent comme deux disciplines, différentes par l’objet, plus que par la méthode. Le premier met au cœur de l’analyse le profit, d’où l’on peut construire l’alternance des phases de stabilité de l’accumulation et de ses phases d’instabilité. La périodisation du capitalisme américain proposée par les auteurs est féconde par les voies de recherche nouvelles qu’elle suggère, parmi lesquelles les transformations historiques de l’espace du système productif américain (l’indissociabilité du temps et de l’espace), la «représentativité» du capitalisme américain, ou les conditions dans lesquelles les Etats-Unis sont sortis de la crise de l’entre-deux-guerres.

Under the assumption that prices are proportional to labour values, it is demonstrated that Ricardo's reasoning on the relation between profit and rent in the Principles contains two errors. Both of them point to the neglect of commodity inputs. Curiously, though, they compensate one another, so that Ricardo's conclusion about the tendential fall of the rate of profits as a result of capital accumulation when there is no technical progress remains valid.