Wilson, Bart J. and Farese, Gian Marco (2020). What Did Adam Smith Mean? The Semantics of the Opening Key Principles in the ‘Wealth of Nations’. Available at SSRN: https://ssrn.com/abstract=3616328 or http://dx.doi.org/10.2139/ssrn.3616328
Abstract:
We present a semantic and textual analysis of the first two chapters of the Wealth of Nations to elucidate the meaning of several of Adam Smith’s key ideas, including “the necessaries and conveniences of life,” “power of exchanging,” and “the division of labour.” Using the methodology of the Natural Semantic Metalanguage, we produce semantic explications of some of Adam Smith’s fundamental principles of economics phrased in simple and cross‐translatable words. The extracts from the original text function as textual evidence and conceptual reference for the explications we present. We demonstrate that: (i) by reducing the principles as conceived by Smith to their core meanings, it is possible to resolve some interpretive problems for general readers of economics, and (ii) by producing explications that are clear, cross‐translatable, and free from terminological ethnocentrism, these principles become accessible and maximally intelligible to twenty‐first century readers who are non‐experts in economics and non‐native speakers of English, too. Ultimately, our project re‐humanizes the study of economics by drilling down to the core of what Adam Smith the moral philosopher meant in his most famous book which founded a discipline.
