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Political Economy as Smith defines it is the STUDY of economics. Political economy has a point. It is an intentional action taken by a person who want to unders
by anm89 4y ago
Political Economy as Smith defines it is the STUDY of economics. Political economy has a point. It is an intentional action taken by a person who want to understand economies.
The economies themselves don't "have a point". They are composed of individuals who do things which "have points" but the emergent system by definition does not "have a point"
- dredmorbius 4y agoThat's a possible interpretation, but it is strongly at odds with numerous other statement Smith makes within both Wealth of Nations and A Theory of Moral Sentiments. It's likewise implausible as Smith gives this statement at the introduction to Book IV of the work. Clearly is is a statment of high and general importance to not merely the study but practice of political economy. Smith's editor, here, Edwin Cannan, not only agrees but specifically calls out and further emphasises the passages. The idea that the study would be concerned with equity but not the practice ... does not pass the sniff test. I've gathered some of those here: https://news.ycombinator.com/item?id=26127620 https://news.ycombinator.com/item?id=26127620