Abstract
An 18th-century Scottish political economist, Steuart’s interest in economic management, contrasting with the economic liberalism of Adam Smith, reflected his long exile on the European continent and his awareness of backward conditions generally. Believing that markets do not always clear, Steuart advocated import protection, subsidies for exports and agriculture, and public works to combat unemployment. He thought the resultant high taxation would encourage people to work hard to obtain the necessities of life. Whereas Smith ignored him in Wealth of Nations, Marx gave him his due in Capital, and in the 20th century his monetary theory was recognized by some as anticipating that of Keynes.
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Eltis, W. (2018). Steuart, Sir James (1713–1780). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1286
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