Adam Smith: Not Lazy Fare

adamsmith

Born today economist Adam Smith
Whom  our  Founding Fathers were smitten with.*
If you've the  time and plenty  of patience
Read his treatise  " Wealth of Nations".

 

*So thinks Roy C. Smith in his book "Adam Smith and the Origins of American Enterprise: How the Founding Fathers Turned to a Great Economist's Writings and Created the American Economy."  Progressive Thom Hartmann and others question Adam Smith's influence compared to that of  Alexander Hamilton who wrote "Report on the Subject of Manufactures" while Washington's Secretary of Treasury.

Filed under: Economics, history

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  • Depends on what Alexander Hamilton read (other than How to be Successful at Dueling). I doubt that everything the Founding Fathers wrote was original, just as it appears that someone from the state legislature might have written Leviticus.

    Besides that, no one was going to impose a feudal economy on an essentially open territory.

  • In reply to jack:

    Until now.

  • In reply to 4zen:

    Hourly compensation crashes most ever.

    http://www.zerohedge.com/news/2013-06-05/labor-costs-crash-most-four-years-manufacturing-compensation-plummets-7

  • In reply to 4zen:

    From what I understand from a college econ course, and in the sense I meant it, feudal economy was an overlord that let peasants have their plot of land, and unless there was primogeniture, the plots became smaller and smaller, thus leading to exoduses from most of Europe to here and places like Argentina (where most of the people are of Italian ancestry, apparently).

    I'm not aware of most Americans being cast out into the country to farm 40 square feet of land.

  • In reply to jack:

    Well, your a smart cookie, I think you know what I meant. The middle class is a relatively new phenomenon, and we are reverting back to the historical mean of said overlords and peasants. Farming is just a relationship between subject and object, it doesn't have to be turnips.

  • From what seems to be a reliable source reproducing the Report on Manufactures, it looks like Hamilton's argument was in favor of Congress's powers to tax and spend, to which viewpoint I believe you do not subscribe. In fact, it may have been to subsidize industry, like say, Solyndra?

    Also, I doubt how much of a middle class there was in the 1780s, but Washington and Jefferson had slaves.

  • I am a fiscal conservative, not a Republican. I believe in Congresses ability to tax and spend, but the current rate of all the taxes combined that a person pays is criminal, except the elite that pay hardly any taxes at all, including our President and the now defunct Republican nomination, who paid 18% and 15% respectfully. We also have the highest corporate tax in the free world, which instead of helping our populace, has only caused said corporations to hide their money over seas.

    The biggest axe I have to grind is the fact this country has lost it's ability to deal with major corruption, that which renders all political and fiscal policy useless. That which renders those progressives policies so often espoused here, into a monstrosity, policies I grew up believing in.

    I've gone on too long, there is too much more to say. You basically are making my point with the slave comment, except I think you mean to say that the disappearing middle class is no big deal. Dasvidaniya.

  • In reply to 4zen:

    And I will read your report. Thanx.

  • In reply to 4zen:

    I had made the point elsewhere. that communism doesn't work, except in a place that has oil. Not sure how your Russian reference works either way, except that Putin is trying to eliminate others with money.

  • In reply to jack:

    I guess I was failing to be funny.

  • I'm a New Deal Democrat. something we don't have in the White House at the moment. I'm for transnational corporations paying their fair share of taxes. Not like G.E. and its ilk.

    As far as Adam Smith, I won't pretend to know him in and out. But I have read that Conservatives have distorted his economic philosophy in that he was opposed to monopolies and big corporations, like the East India Company of his own day.

    I agree that the investment house, equity fund, mortgage malefactors who brought the world economic systems to their knees got away scot free. That would not have happened if we had a true Progressive instead of an Establishment Democrat in the White House.

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