The Global Relevance of Adam Smith Today

Economics professor Bruce Elmslie reflects on the 18th-century economist
Professor of economics Bruce Elmslie studies international economics

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.