TL;DRAbstract
The time since the publication of Adam Smith's Inquiry into the Nature and Causes of the Wealth of Nations in 1776 to the present day spans over two hundred years. Although there are important elements of continuity from Smith to the present world, neoclassical economics is not just a modern, updated version of classical political economy. The beginnings of the neoclassical system are placed in the 1870s with the rise of marginalist economics. Before the 1870s economics as a system of thought was dominated by the classical agenda: growth, distribution, and the labor theory of value. After the 1870s, this agenda changed in important ways, although it did not change overnight.
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The time since the publication of Adam Smith's Inquiry into the Nature and Causes of the Wealth of Nations in 1776 to the present day spans over two hundred years. Although there are important elements of continuity from Smith to the present world, neoclassical economics is not just a modern, updated version of classical political economy. The beginnings of the neoclassical system are placed in the 1870s with the rise of marginalist economics. Before the 1870s economics as a system of thought was dominated by the classical agenda: growth, distribution, and the labor theory of value. After the 1870s, this agenda changed in important ways, although it did not change overnight.
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