Social Sciences
7 years ago

Adam Smith's Influence on Austrian Economics: Specialization Key to Economic Development.

THE JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Adam Smith as New Founder of The Austrian School of Economics: Reinterpreting Menger’s Critique of Smith as An Immanent Critique
Clynton Lopez

Paper Summary

Adam Smith, not Carl Menger, is seen as the true founder of the Austrian School of Economics. Menger critiqued Smith's idea that specialization drives economic growth, but actually built on it with his theory of capital. This means that capital accumulation is a result of more specialized work, not a separate process.

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