Adam Smith, Prophet of Law and Economics

PAUL G. MAHONEY

THE JOURNAL OF LEGAL STUDIES, Volume 46, Number 1

Abstract: Law and economics scholars do not normally identify Adam Smith as an important figure in the field. However, his Lectures on Jurisprudence contain a wealth of insights and analytical techniques that law and economics scholars of the late 20th century would repeat. This paper argues for Smith’s place in law and economics, identifying some of his most important arguments and emphasizing their contributions to legal theory. It also argues that economic arguments play a central role in Smith’s theory of justice. Indeed, Smith’s jurisprudence provides an important bridge between his moral and economic theories.