19,576 research outputs found
ADAM SMITH'S OPTIMISTIC TELEOLOGICAL VIEW OF HISTORY
Full text linkAdam Smith's four-stage theory provides the framework for his writings on history. The fourth stage is the commercial epoch; the culmination of history in this stage is a key component in the conventional interpretation of Adam Smith as a prophet of commercialism. In two historical case studies Smith shows the capacity of commercial society to regenerate itself. This potent capacity suggests that commercial society is inevitable. At a certain point in time it also overcomes the major obstacles to its permanence. Smith's philosophy of history anticipates the end of history views of Kant and Hegel.Political Economy,
Market Value and Patent Citations: A First Look
Full text linkAs patent data become more available in machine-readable form, an increasing number of researchers have begun to use measures based on patents and their citations as indicators of technological output and information flow. This paper explores the economic meaning of these citation-based patent measures using the financial market valuation of the firms that own the patents. Using a new and comprehensive dataset containing over 4800 U. S. Manufacturing firms and their patenting activity for the past 30 years, we explore the contributions of R&D spending, patents, and citation-weighted patents to measures of Tobin's Q for the firms. We find that citation-weighted patent stocks are more highly correlated with market value than patent stocks themselves and that this fact is due mainly to the high valuation placed on firms that hold very highly cited patents.
How Might Adam Smith Pay Professors Today?
Full text linkAdam Smith’s proposal for paying professors was intended to induce increased faculty knowledge. If students have imperfect information about what they learn, and universities can only imperfectly measure the input of faculty time in student learning, publications may be used to measure faculty knowledge. If professors’ ability to publish is positively related to their ability to produce student learning, which universities can imperfectly measure, publications may be necessary to attract more able professors. Since research signals faculty knowledge, schools that do not value publications per se could require higher publication standards and pay higher wages than schools that value only publications.
ADAM SMITH'S VIEW OF HISTORY: CONSISTENT OR PARADOXICAL?
Full text linkThe conventional interpretation of Adam Smith is that he is a prophet of commercialism. The liberal capitalist reading of Smith is consistent with the view that history culminates in commercial society. The first part of the article develops this optimistic interpretation of Smith's view of history. Smith implies that commercial society is the end of history because 1) it supplies the ends of nature that he identifies; 2) it is inevitable; and 3) it is permanent. The second part of the article shows that Smith has some dark moments in his writings where he seems to reject completely such teleological notions. In this more civic humanist mood he confesses that commercial society does not supply the ends of nature, nor is it inevitable, nor is it permanent. Both views exist in Smith and the commentator is forced to choose between passages in Smith's work in order to support a particular interpretation of the former's view of history.Political Economy,
Jaffe–Feldman–Varga: A tudás átterjedésének keresése
No full textA régi növekedési elméletről az endogén technikai változásra való áttérés az 1990-es években szükségessé tette a technikai változás, a tudásterjedés és a gazdasági növekedés szerepének újragondolását. A tudástermelési függvényt használva Adam Jaffe volt az első, aki azonosította, hogy az egyetemi kutatás milyen mértékben hat a kereskedelmi tevékenységekre. Maryann Feldman kiterjesztette a tudástermelési függvényt az innovatív tevékenységekre, és beépítette a regionális tudás-infrastruktúra szempontjait. Varga Attila a Jaffe–Feldman-féle megközelítést azzal bővítette ki, hogy a helyi tudásterjedés pontosabb mérésére összpontosított városi szinten. Varga a tudásterjedés kérdését explicit térbeli ökonometriai perspektívából közelítette meg. A Jaffe–Feldman–Varga-féle megközelítés a tudásterjedés technológiai változásban betöltött szerepének megértését segíti elő
Adam Smith and Roman Servitudes
Full text linkThis essay is a preprint of an article that appeared at: Tijdschrift voor Rechstsgeschiedenis, 72 (2004), 327–57.This essay discusses Adam Smith historical jurisprudence and his use of Roman law materials in his Lectures on Jurisprudence. It argues that Smith found it difficult to maintain his theory of legal development in the face of a highly developed body of Roman law literature
THE THEOLOGICAL FOUNDATION OF ADAM SMITH'S WORK
Full text linkThe paper will discuss the theological foundation to Smith's writings. Teleology, final causes and divine design were initially seen as central to understanding Smith's writings. Over time, this view fell out of fashion. In the period after World War II, with the rise of positivism, commentators tended to overlook or downplay this interpretation. In the last decade, or so, teleology has started to be restored to its former position as an essential element in understanding Smith. After spelling out Smith's teleology and his view of final causes, divine design and the ends of nature, we try to explain the Panglossian nature of the 'new theistic view' of Smith. While our view differs somewhat, we agree with the essence of the 'new view' claim: a theological view exists in Smith which underpins his moral and economic theories.Political Economy,
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