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ORIGIN OF THE SCIENCE OF ECONOMICS A QUEST

It is generally maintained that the systematic study of economics started from 1176 with the publication of the famous work, “An Enquiry into the Nature and Causes of the Wealth of Nations” by Adam Smith who has been universally hailed as the founding father of Economics. But the fact remains that “Adam Smith is a mystery in a puzzle wrapped in an enigma. The mystery is the enormous and unprecedented gap between Smith’s exalted reputation and the reality of his dubious contribution to economic thought” (Rothbard, 1995, p.435). In the opinion of Rothbard, who is internationally recognized as the leader of the Austrian School of Economics in the United States, Adam Smith was scarcely the founder of economic science. The science of economics existed much before him. This may be traced back to the period of medieval scholastics and, in its modern form, since Cantillon. He also argued that Adam Smith “originated nothing that was true, and that whatever he originated was wrong, … Adam Smith was a shameless plagiarist, acknowledging little or nothing and stealing large chunks, for example, from Cantillon. Far worse was Smith’s complete failure to cite or acknowledge his beloved mentor Francis Hutcheson, from whom he derived most of his ideas as well as the organisation of his economic and moral philosophy lectures” (Rothbard, 1995, p.435).