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Don Barrett (aka DBs travels)

Don Barrett (aka DBs travels) club

Posted: 16 Mar 2019

Taken: 29 Nov 2018

0 favorites     4 comments    101 visits

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Scotland •
United Kingdom •
Schottland •
Edinburgh •
Europe2018 •

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Edinburgh Royal Mile / Adam Smith (#0459)

Edinburgh Royal Mile / Adam Smith (#0459)
Appropriately just a few feet from the market (mercat) cross, a statue honoring Adam Smith. Smith, a philosopher of the 1700’s, is considered to have laid the groundworks for modern (capitalistic) economics and for free market economic theory. Smith’s The Wealth of Nations, published in 1776, is considered to be the ‘bible of capitalism’. In it, he argues for an economic system based on individual self-interest that would be ruled by the ‘invisible hand’ of the market.

Given the negative consequences of unfettered capitalism, I’m curious as to what Smith would have thought if he could have foreseen how his theorizing would be implemented.

Source: www.biography.com/people/adam-smith-9486480

(Part of a documentation of 2018 exploration/reflection on Brexit and populist movements in Europe, keyword Europe2018)
Comments
 Rob McMonigal
Rob McMonigal
Where is his invisible hand?
5 years ago.
Don Barrett (aka DBs… club has replied to Rob McMonigal
At a cash drawer somewhere :)
5 years ago.
 slgwv
slgwv club
Smith did acknowledge a role for government in infrastructure development, a point often ignored by today's extreme libertarians.
5 years ago.
Don Barrett (aka DBs… club has replied to slgwv club
I seem to recall reading elsewhere that he also acknowledged the value of regulation to avoid monopoly.
5 years ago.

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