The 250th anniversary of Adam Smith's "The Wealth of Nations"
There is an irony that 1776 is the year of both the founding of the U.S. and the publication of Adam Smith's The Wealth of Nations. Few people pay any attention to the latter. Smith is mostly worshipped by anti-government conservatives and disliked by liberals who find more confidence in the collective exercise of government powers. The Wealth of Nations was and remains widely influential. Smith said that when each individual seeks his/own best interests, there is a benefit to society at large they may be unaware of. The benefit is the production and distribution of food, goods and services is organized and carried out. Smith recognized to some extent businesses seeking their interests might form monopolies that exercise power over working people. He was naive about costs businesses could avoid paying, like damage to water, air and soil. A hundred years, later Karl Marx published an equally powerful book about economics, Das Capital. Marx said we could not trust businesses to orga...