Enjoyed the read, I think when it comes to big gov't programs (i.e. welfare) Adam Smith supported the ideal of a working system without fraud or waste. I don't think he'd be equally for one where people riding up in escalades with wheels to publix are dropping the food stamps to pick up groceries on their way to collect their welfare check. lol
Exactly, I have read Wealth of Nations and it makes very interesting points. At the same time, however, it fails in the same way as communism. It relies on social idealism and fails to include the true human element.Originally Posted by Verik
Also tony, why is it strange to you that no one agrees with him 100%? This is a theory, not a proven system, produced not by some economics god but a man.
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True human element? Smith's theory was based on the notion that individuals will do what is in their own best interest and this will drive a free market economy, how much more human does it have to get?
You are still missing the fact that he did not talk about these concepts or theories with fraudulent activity running rampant. He said people will act in their best interest with regards to the law as well. This is still the overshadowing element that you are not recognizing in terms of the flaws of the reality of his application of economics.
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