By John E. Hill
This publication examines Adam Smith’s major rules in Wealth of Nations because the foundation for potent policymaking. Adam Smith desired to elevate happiness via this formulation for an exceptional existence: equality, liberty, and justice. unfastened industry interpretations of Smith, the ebook argues, grossly misrepresent his proposal, emphasizing purely liberty and never additionally equality and justice. This ebook indicates rules that mix all 3 to ensure that happiness to be maximized.
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Extra resources for Adam Smith’s Equality and the Pursuit of Happiness
18 A contemporary liberal economist, Paul Krugman, connects Smith and laissez-faire through the invisible hand: As Adam Smith saw, and many generations of economists have elaborated, markets often have a way of getting self-interest to serve the common good. Individuals seeking only gain for themselves are led, ‘as by an invisible hand,’ to produce goods that other people need, when they need them. It’s a powerful and true insight. 19 Certainly, Krugman is right to recognize that markets organize economies effectively.
In spite of the high degree of freedom in international commerce, this system is neither democratic nor a free market. Yet contemporary flawed capitalism is very productive. So, paraphrasing Winston Churchill’s witticism about democracy, capitalism is the worst economic system devised by man, except for all the others. Justice in economic relations could establish the capitalism Smith proposed. It could make capitalism the best economic system devised by man. In short, this chapter is an argument for an egalitarian and just market economy to replace the laissez-faire capitalism that controls and weakens the USA today.
Tation relies heavily on individuals acting in their own self-interest, unintentionally producing good as a result of the action of the invisible hand. However, that single use of the term in Wealth of Nations would seem to indicate that it was not a concept Smith emphasized. In fact, multiple scholars argue that it has been over-emphasized. ”55 Misinterpretation of Smith relies heavily on the invisible hand metaphor as support for an extreme individualism that is contrary to Smith’s sociable system.
Adam Smith’s Equality and the Pursuit of Happiness by John E. Hill