Volume 33, Number 7 · April 24, 1986
The Murky Economists
By Robert L. Heilbroner
The Rhetoric of Economics
by Donald N. McCloskey
University of Wisconsin Press, 209 pp., $21.50
This is Adam Smith speaking—literally speaking, because the words come from the transcript of his Lectures on Jurisprudence.[1] Smith is discussing the 'principle in the human mind' on which is based the famous disposition to 'truck, barter, and exchange,' the cornerstone on which the equally famous division of labor is based. For the division of labor could not take place unless people wanted to exchange their wares. Evidently to Smith this exchange did not take place because of the direct appeal of self-interest. It required an exercise of persuasion to convince the buyer that he would be better off exchanging whatever he had for what the seller offered. 'The offering of a shilling, which to us appears to have so plain and simple a meaning,' says Smith, 'is in reality offering an argument to persuade one to do so and so for it is in his interest.'
Review, 2442 words
To read the full text of this piece, please choose one of the following options:
|
If you are already a subscriber to the Review's electronic edition, please sign in: |
To subscribe to the electronic edition, please press the button below. |
To purchase access to this article for $3, please press the button below. |