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Cambridge Journal of Economics 27:723-747 (2003)
Copyright © 2003 Cambridge Political Economy Society

Article

Smith and Newton: some methodological issues concerning general economic equilibrium theory

Leonidas Montes*

*Universidad Adolfo Ibañez, Santiago, Chile.

Address for correspondence: Universidad Adolfo Ibañez, Avd Presidente Errazuriz 3485, Las Condes, Santiago, Chile; email: leonidas.montyes{at}vai.cl

Abstract

This paper argues that the generally shared interpretation of what can be labelled ‘Smithian Newtonianism’ is spurious on two counts. I suggest not only that Smith was not a Newtonian in the sense that this is commonly understood, but also that Newton was not ‘Newtonian’ either. Specifically, it is argued that neither did Smith have an atomistic-mechanistic conception of the world like that of neoclassical and modern mainstream economics, and nor did Newton simply conform to the axiomatic-deductive methodology emulated by economic theory. In particular, Walras's explicit idealism as the architect of general equilibrium theory is contrasted with Smith's evident realism. The latter allows a possible connection between Smith's broader project and critical realism. It is concluded that the popular view of Smith as a forerunner or founder of general economic equilibrium theory must be laid to rest.

Key Words: Newton • Smith • Methodology • General equilibrium • Critical realism


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