Economics as theology: Adam Smith's Wealth of Nations.(Critical Essay) From: Southern Economic Journal | Date: April 1, 2002| Author: Waterman, A.M.C. | COPYRIGHT 2002 Southern Economic Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

1. Introduction

Economics is a scientific enterprise. Well-grounded theory is continually refined. Observations of social phenomena are made in light of that theory. Inferences are constructed by means of the best statistical techniques. Putatively falsifiable predictions are made. This is all as it should be.

Yet what Heyne (1976) calls "the economic way of thinking" is more than just a science. It is a way of looking at society that rests on certain assumpt...