“The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened.”

Socialist Party presidential candidate Norman Thomas


Friday, March 11, 2011

The Wealth of Nations was published 235 years ago today


Did anybody wonder why I used the quote from Adam Smith at the top of the page? Well, it's the 235th anniversary of the publishing of The Wealth of Nations. Adam Smith used the term, "the invisible hand" to describe how self-interest, competition, and supply and demand are perfectly capable, without coercion from government, of allocating resources in society and creating wealth for individuals without harming the economic situations of others. He is generally credited with bringing economic theory into the modern dialogue and it is the natural relationship between self-interest, competition, and supply-and-demand that frames the basis for the current economic model of America. It is what has made the US into the greatest economic force ever, on Earth. It's also what liberals detest about our economic model.....there's no need for government meddling and therefore no need for liberals to redirect resources toward those citizens who're more likely to vote for them.

Anyway, take a moment today to appreciate our excellent economic system and how it must be preserved with as little government interference as possible if we want to pull ourselves out of the mess in which our craven political class has enslaved us.

2 comments:

Anonymous said...

"...it is the natural relationship between self-interest, competition, and supply-and-demand that frames the basis for the current economic model of America."

I agree, an economy with a minimum of government intrusion is the ideal. There are many, however, who believe that ours is far from a free market economy ... and has been for a very long time.

David said...

No, ours is not perfect or pure but at one point pretty close. The further we move away from these principles the more we start looking like everyone else and the deeper we sink.

Our national security will be restored if and when we return to these principles and not a minute sooner.

Continuing the course I perceive the U.S. being the next USSR - overspent and the punchline for countless jokes for decades to come.

I believe we are exceptional (or were) but have succumbed to the same erroneous thinking the USSR did and we will suffer the same fate.