After Marx and Sraffa: Essays in Political Economy by Geoffrey M. Hodgson

After Marx and Sraffa: Essays in Political Economy by Geoffrey M. Hodgson

By Geoffrey M. Hodgson

Contemporary occasions in jap Europe have underlined the restrictions of Marxian fiscal and political concept. during this selection of essays Hodgson topics Marxian financial idea to serious exam and exhibits which parts preserve their sleek relevance. After analysing the contribution of Sraffa, and indicating its severe capability and theoretical barriers, Hodgson issues to a brand new synthesis embracing Marx, Keynes and Veblen.

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1985) Adam Smith, Oxford: Oxford University Press. Rashid, S. (1998) The Myth of Adam Smith, Cheltenham: Elgar. Raynor, D. (1984) ‘Hume’s Abstract of Adam Smith’s Theory of Moral Sentiments’, Journal of the History of Philosophy 22: 51–79. Recktenwald, H. C. (1978) ‘An Adam Smith Renaissance Anno 1976? The Bicentenary Output: A Reappraisal of his Scholarship’, Journal of Economic Literature 16: 56–83. Redman, D. A. (1997) The Rise of Political Economy as a Science: Methodology and the Classical Economists, Cambridge, MA: MIT Press.

This chapter draws on Smith’s moral psychology to reconstruct Smith’s position. Then, it explains the dual political role of philosophy for Smith: as an adviser to statesmen, philosophy helps design an equitable, institutional framework; within the polity, philosophy is needed to vaccinate the citizens against the dangers of religion and factionalism. Introduction 11 Finally, if this volume inspires our peers and future research, and, as Smith would write to his publisher, ‘sells well’ (Corr. 229), we shall have succeeded in our task.

For all his fame as an exponent of sympathy, Smith hardly considers all forms of sympathy valuable. Hence his critique of that ‘illusive sympathy’ which leads us to shed ‘sympathetic tears’ – such tears, he insists, are ‘but a small part of the duty’ that we owe to the afflicted. 5, 70–1). Hence his critique of ‘mere good inclinations and kind wishes’: Man was made for action, and to promote by the exertion of his faculties such changes in the external circumstances both of himself and others, as may seem most favourable to the happiness of all.

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