1.1 A Worldly View
Adam Smith’s father-like contributions to economics in The Wealth of Nations(1776) have been challenged, beginning from at least the 1950 publication of Joseph Schumpeter’s History of Economic Analysis. The most negative view, surprisingly, has come from the free-market Austrian-School economist Murray Rothbard, who concluded: • Smith was not the founder of economics (“a science which existed since the medieval scholastics
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