Vernon Smith’s Foreward to Propriety and Prosperity: New Studies on the Philosophy of Adam Smith

Here is the opening paragraph to Vernon’s Foreward to Propriety and ProsperityI would urge anyone interested in situated cognition to read his superb Rationality in Economics: Constructivist and Ecological Forms amazingly an unknown classic to those of an externalist non-Cartesian persuasion. Also worth a read is Vernon’s memoir.

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This book is a welcome addition to the resurgent scholarly and practical interest in Adam Smith’s contributions to market economics and its antecedents in the social order of human culture. In Smith, propriety concerned the rules that govern human sociability by mutual consent in local group interactions. Out of this experience were fashioned the rules of property, justice and the liberal order of political economy, and thence to economic prosperity. It is a grand narrative alive with meaning for the contemporary world in which side-by-side with markets the demand for sociability has found new expression in the social media companies. No wonder that in a seminar Kenneth Boulding could refer to Adam Smith as the first great post-Newtonian scientist.

In defence of spontaneous order: Hayek and libertarianism

The Economist 

Abstract 

According to Adam Smith, Friedrich Hayek and everyone else who knows what he or she is talking about, well-functioning markets depend, inter alia, upon clear property rights and a judicial system that enforces agreements and resolve disputes.

It’s true that Friedrich Hayek, whom Mr Linker shamelessly abuses, is the most prominent 20th-century intellectual behind the concept of spontaneous order—the theory that systems, such as markets, naturally correct, and function best without human meddling. It’s true that Hayek is commonly lumped in with libertarians. It’s true that spontaneous order is an idea libertarians tend to promote. Yet spontaneous order is not a libertarian idea.

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