And even worse are those purport to understand Ada...

2010-03-23T12:58:43.535-04:00

And even worse are those purport to understand Adam Smith better than the general public yet remain ignorant to his writings. Adam Smith made no singular statement opposing tariffs. Neither did he champion a total lack of regulations. Nor did Adam Smith say that the self interests of individuals would create an excellent economic system.

All that Adam Smith said was that, at the very least, we can depend on an economy functioning at some basic level as a result of the self interest of individuals.

In fact, Adam Smith was opposed to big businesses and disliked East Indian Trading Company with its ties to the English aristocracy. He would be just as abhorred by the current US government's lack of market regulation.

Like the Nazi's, taking the concept of "survival of the fittest" and rationalizing genocide, to many take Adam Smith's "self-interest" and rationalize their selfishness and ignorant ideas.

Comments on Policy and Economy: Americans ignorant of basic economics

And even worse are those purport to understand Ada...