Adam Smith's and Douglass North's Multidisciplinary Approach to Economic Development. (January 2014)

• Record Type: Journal Article
• Authors: Kim, Kwangsu
• Is Part Of: American journal of economics and sociology. Volume 73:Number 1(2014:Jan.)
• Page Start: 3
• Page End: 31
• Publication Date: 2014-01
• Subjects: 305
• DOI: 10.1111/ajes.12067
• Languages: English
• ISSNs: 0002-9246

Abstract

<abstract abstract-type="main"> <title>Abstract</title> <p>This article aims to point out Adam Smith's and Douglass North's multidisciplinary approach to economic development and history. Based on a philosophical link of methodological issues, Smith and North shared a conceptual framework and explanatory principles in common as well as similar historical illustrations. In terms of the use of comprehensive and integrated models of society, politics, and economy, they presented that economic development relies on how far congenial both institutional environments and sociocultural values of justice, liberty, security, and equality are to economic agents, allowing the interplay between economic performance and polity/culture. Meanwhile, these suggest a bridging role between old and new institutionalism, and, more importantly, a revival of Smithian moral philosophical tradition in the history of economics.</p> </abstract>