This article is also available in Serbian
***
On this date 250 years ago appeared The Wealth of Nations by Adam Smith. Of political economy works ever written, it has been the most influential. Why?
A younger Smith had become professor at Glasgow University. Smith’s reputation rose greatly after 1759, when, at the age of 36, Smith published The Theory of Moral Sentiments.
The Theory of Moral Sentiments was a book about virtue; that is, a book about our duties to make our conduct more morally right. Smith’s eminence was as a moralist. A moralist is one who makes no bones about the fact that he offers moral guidance.
Not only was Smith a moralist, he was very well regarded. He was received as a moralist worth heeding. He was a moral authority.
Thus, when The Wealth of Nations appeared in 1776, its teachings were not merely interesting arguments about trade and finance. Those teachings were the guidance of a moral authority. The teachings were influential because they came from him. They had his moral authorization. Many took them to heart.
And what was the result? I say that the dramatic growth of the economy of the Western world was the result.
Poštovani, da biste nastavili sa čitanjem naših premium sadržaja, neophodno je da odaberete jedan od planova pretplate.
Već imate nalog? Ulogujte se
