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A dam S mith's and D ouglass N orth's Multidisciplinary Approach to Economic Development
Author(s) -
Kim Kwangsu
Publication year - 2014
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12067
Subject(s) - polity , multidisciplinary approach , sociocultural evolution , adam smith , politics , sociology , institutionalism , institutional economics , historiography , positive economics , philosophy and economics , social science , political science , neoclassical economics , environmental ethics , economics , law , philosophy , anthropology
This article aims to point out A dam S mith's and D ouglass N orth's multidisciplinary approach to economic development and history. Based on a philosophical link of methodological issues, S mith and N orth 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 S mithian moral philosophical tradition in the history of economics.