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I don’t wish to let 2023 cross with out paying tribute to arguably an important birthday 300 years in the past: that of economist and ethical thinker Adam Smith. Smith wrote two vital 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 had been vital however The Wealth of Nations (WN) was way more vital. Whereas it’s an exaggeration to say that Smith was the primary economist, it’s no exaggeration to say that he was an important 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 unsuitable. However a listing of his insights that also stand is in depth. Web page via WN and you will see many vital ideas: on the division of labor, what’s unsuitable 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 write down. However I didn’t wish to go badly over my 2,000-word restrict.
Learn the entire thing.
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