Tag: Adam Smith

Recommended by Ricochet Members Created with Sketch. QOTD: Your Wealth Does Not Create My Poverty

 

…most important was the insight, key insight that Adam Smith had – brilliant insight – that wealth is not zero-sum, that you can make more of practically everything that’s important.

He understood this even while he was still living in a largely agricultural economy. He realized that because somebody is rich, that’s not what makes other people poor. Wealth is not a pizza where, if I have too many slices, you have to eat the Dominos box. My wealth does not create your poverty. Your wealth does not create my poverty. They’re separate questions. And we can generate more wealth.

No good martinis but plenty to talk about today! Join Jim and Greg as they dissect Republican fears that the open U.S. Senate seat in Kansas could be at risk this year if primary voters nominated Kris Kobach, who lost the 2018 governor’s race there. They serve up a double-barreled crazy martini as Utah Sen. Mike Lee fumes that Wednesday’s Iran briefing offered few specifics and that national security officials told lawmakers not to debate the issue in public. But they’re also surprised to see Lee planning to channel that frustration into support for the War Powers Act revisions restricting the ability of a president to order time-sensitive military action. And they have a lot of fun as House Armed Services Committee Chairman Adam Smith tells CNN that its time for House Speaker Nancy Pelosi to deliver the articles of impeachment to the Senate only to go on Twitter a short time later to say he “misspoke” and whatever Pelosi wants to do is fine with him.

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If the authority to which he is subject resides in the body corporation, the college, or university, of which the greater part of the other members are, like himself, persons who either are, or ought to be teachers; they are likely to make a common cause, to be all very indulgent to one another, and […]

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Promoted from the Ricochet Member Feed by Editors Created with Sketch. Social Injustice

 

Smith_medallion_portraitAccording to Adam Smith, “Little else is required to carry a state to the highest degree of affluence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice.” Our founding fathers wisely constituted a government designed to provide this modest foundation and little more. Wisely, because government – made up of fallible human beings – is not capable of providing more; and it will fail to provide what it can if it attempts to provide what it cannot.

We know, for example, what justice is: giving to each their due. A free market – that is people buying, selling, and exchanging their own goods and services without coercion and without interference – rewards people for what they produce and thus does a “tolerable” job of providing justice. If government restricts itself to acting against fraud and coercion, and otherwise stays out of the way, justice will be the happy – if only approximate – result.

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Greed is good. So say our own EThompson and Gordon Gekko. But is this a compelling defense of capitalism? More importantly, is it accurate? Does it tell us something true about why a free society succeeds? Bernard Mandeville thought so. Mandeville thought vanity or pride unleashed would lead to a vibrant and wealthy society: private […]

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This might be of interest to those in the area. A conference on Adam Smith and the Moral Economy of Market Society will be taking place at UCLA from May 14-15. It is free and open to all. The only event on Thurs, May 14th is a lecture titled “Adam Smith (and his followers) on Discussion, […]

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