RESEARCH PAPER
On the Modelling Method in Adam Smith’s Economic Thought
| 1 | Faculty of Economic Sciences, University of Warsaw, Poland |
CORRESPONDING AUTHOR
Submission date: 2022-04-20
Final revision date: 2022-07-29
Acceptance date: 2023-01-04
Publication date: 2023-03-31
GNPJE 2023;313(1):3–18
KEYWORDS
JEL CLASSIFICATION CODES
ABSTRACT
Much has been written about Adam Smith’s economics, but one unanswered question is whether his method of inquiry is a modelling approach. It is therefore interesting to investigate to what extent Smith can be described as an economic modeller. Such an investigation is presented in this paper. By studying elements of modelling methods developed by those who influenced Smith, as well as his own ways of doing economics, together with his general insights on how science, including economics, should be practiced, we show that his method of inquiry is hugely based on modelling empirical phenomena.
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