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Adam Smith

economics
Antoine Cournot and the Mathematical Theory of Economics

Antoine Cournot and the Mathematical Theory of Economics

Tabea Tietz
On August 28, 1801, French philosopher and mathematician Antoine-Augustin Cournot was born. He is considered being the first economist who applied mathematics to the treatment of economic questions. In 1838, he published Recherches sur les principes mathématiques de la théorie des richesses (Researches into the Mathematical Principles of the Theory of Wealth) which was a treatment of mathematical economics. “So far we have studies how, for each commodity by itself, the law…
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philosophy
Michael Polanyi’s Criticism on Positivism

Michael Polanyi’s Criticism on Positivism

Harald Sack
On March 11, 1891, Hungarian-British polymath Michael Polanyi was born. Polanyi made important theoretical contributions to physical chemistry, economics, and philosophy. He argued that positivism supplies a false account of knowing, which if taken seriously undermines humanity’s highest achievements. “When order is achieved among human beings by allowing them to interact with each other on their own initiative — subject only to the laws which uniformly apply to all of them —…
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economics
Adam Smith and the Wealth of Nations

Adam Smith and the Wealth of Nations

Harald Sack
On June 16, 1723 (June 5 according to the old Julian calendar), Scottish moral philosopher and a pioneer of political economy Adam Smith was born. He is one of the key figures of the Scottish Enlightenment and is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776) “Among civilized and thriving nations, on the contrary,…
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biology
George Combe and the Phrenological Movement

George Combe and the Phrenological Movement

Harald Sack
On October 21, 1788, Scottish lawyer and the leader of the phrenological movement George Combe was born. Combe founded the Edinburgh Phrenological Society in 1820 and was the author of the highly influential The Constitution of Man (1828). Family Background and Early Years George Combe was born in Edinburgh, Scotland, in a large family with thirteen surviving children to George Combe, a prosperous brewer in the city. After attending the High School…
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economics
Bernard Mandeville and the Fable of the Bees

Bernard Mandeville and the Fable of the Bees

Tabea Tietz
On November 15, 1670, Dutch philosopher, political economist and satirist Bernard Mandeville was born. He became famous for The Fable of the Bees, a satire that suggests many key principles of economic thought, including division of labor and the “invisible hand“, seventy years before these concepts were more thoroughly elucidated by Adam Smith. “They that examine into the Nature of Man, abstract from Art and Education, may observe, that what renders him…
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