The Global Relevance of Adam Smith Today
If Bruce Elmslie, Paul College professor of economics, has his way, readers of the Journal of Economic Perspectives are in for a rousing good read in the Spring 2018 edition.
That is when the highly influential journal will publish Elmslie’s revaluation (and revelation) of Adam Smith’s historic contribution to our under-standing of how international markets work.
Since publishing The Wealth of Nations 241 years ago, the Scottish economist and moral philosopher has enjoyed a reputation as the father of modern economics for his exposition of peoples’ innate drive to barter and trade as a means of improving their condition, and of the ways a nation’s institutions can either create or hinder prosperity. The book set many of the terms for discussing issues such as labor, capital, supply and demand and free markets within a given society.