Finding Institutional Elements in Adam Smith’s Economics With Reference to Wesley Clair Mitchell

A evolutionary-institutional point of view to economics, at least to modern economics, is to become a necessity to find out how a variety of institutions and environments had an effect on the economic theories of the old. This is because finding an economic theory not blended with institutinoalism is, as it can be recognized, not possible. The relationship between people and institutions is not unilateral but reciprocal relationship. If one does not assume that an economist is exempt from this relation then the theory which was worked out by the economist will be the product of the relation. Wesley Clair Mitchell evaluates Adam Smith's magnum opus with reference to this relationship.