[ad_1]
I don’t need to let 2023 go with out paying tribute to arguably crucial birthday 300 years in the past: that of economist and ethical thinker Adam Smith. Smith wrote two necessary books: his lesser-known The Idea of Ethical Sentiments (TMS) revealed in 1759 and his well-known An Inquiry into the Nature and Causes of the Wealth of Nations, revealed in 1776.
Each have been necessary however The Wealth of Nations (WN) was far more necessary. Whereas it’s an exaggeration to say that Smith was the primary economist, it’s no exaggeration to say that he was crucial as much as his time. His perception within the labor idea of worth, which so misled Karl Marx, was proven, within the marginal revolution of 1870, to be incorrect. However an inventory of his insights that also stand is in depth. Web page by means of WN and you will see that many necessary ideas: on the division of labor, what’s incorrect with mercantilism and protectionism, the folly of business coverage, and lots of extra.
These are the opening two paragraphs of my final Defining Concepts article for 2023, “The Profound Knowledge–and Humanitarianism–of Adam Smith,” Defining Concepts, December 20, 2023.
There was a lot extra I wished to jot down. However I didn’t need to go badly over my 2,000-word restrict.
Learn the entire thing.
[ad_2]
Source link
