Comments on: The Myth Versus the Reality of Adam Smith’s Political Economy http://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/ The Pen Is Mightier Than Thy Wench Mon, 13 Feb 2012 04:30:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: What Good is Economic Theory?http://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-96103 What Good is Economic Theory? Tue, 08 Feb 2011 23:18:47 +0000 http://www.prosebeforehos.com/?p=4203#comment-96103 [...] talk about Adam Smith implies that he was some kind of a Gordan Gecko greed is good type guy, which couldn’t be farther from the truth.Please share and Enjoy:If you're new here, I'd recommend checking out the about me section. Thanks [...] [...] talk about Adam Smith implies that he was some kind of a Gordan Gecko greed is good type guy, which couldn’t be farther from the truth.Please share and Enjoy:If you're new here, I'd recommend checking out the about me section. Thanks [...]

]]> By: Epistemology « Thor's Webhttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-88047 Epistemology « Thor's Web Thu, 21 Jan 2010 07:33:06 +0000 http://www.prosebeforehos.com/?p=4203#comment-88047 [...] The Myth Versus the Reality … [...] [...] The Myth Versus the Reality … [...]

]]> By: Anonymoushttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-87647 Anonymous Thu, 29 Oct 2009 22:28:47 +0000 http://www.prosebeforehos.com/?p=4203#comment-87647 The quote chosen is one of the better points made in the book, but it is taken completely out of context. Smith was discussing guilds, which were similar to the labor unions we have now. A blacksmith's guild would ensure that new blacksmiths had apprenticed under a master blacksmith (guild member) before going to work. They would also petition the government to obtain monopolies in certain geographic areas. If anything, in the above quote, Smith was arguing AGAINST government-created monopolies on certain professions, not in favor of government regulation. The quote chosen is one of the better points made in the book, but it is taken completely out of context. Smith was discussing guilds, which were similar to the labor unions we have now. A blacksmith’s guild would ensure that new blacksmiths had apprenticed under a master blacksmith (guild member) before going to work. They would also petition the government to obtain monopolies in certain geographic areas. If anything, in the above quote, Smith was arguing AGAINST government-created monopolies on certain professions, not in favor of government regulation.

]]> By: Anonymoushttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-87642 Anonymous Thu, 29 Oct 2009 21:01:52 +0000 http://www.prosebeforehos.com/?p=4203#comment-87642 but what happened? but what happened?

]]> By: alechttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-87635 alec Thu, 29 Oct 2009 17:54:32 +0000 http://www.prosebeforehos.com/?p=4203#comment-87635 The comments are right here? The comments are right here?

]]> By: Bobhttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-87633 Bob Thu, 29 Oct 2009 17:49:28 +0000 http://www.prosebeforehos.com/?p=4203#comment-87633 Hello? Where have the comments all gone? Hello? Where have the comments all gone?

]]> By: Hughhttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-87632 Hugh Thu, 29 Oct 2009 17:45:47 +0000 http://www.prosebeforehos.com/?p=4203#comment-87632 So Smith was against the government giving special favors to corporations. That makes him a "free market ideologue" by most definitions. So Smith was against the government giving special favors to corporations. That makes him a “free market ideologue” by most definitions.

]]> By: Bobhttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-87629 Bob Thu, 29 Oct 2009 17:03:28 +0000 http://www.prosebeforehos.com/?p=4203#comment-87629 Smith also believed that either globalization or free markets had a limited life span of around 200 years before the market went to hell. There are some essays on this online but I'm too rushed to go look for them. Smith also believed that either globalization or free markets had a limited life span of around 200 years before the market went to hell. There are some essays on this online but I’m too rushed to go look for them.

]]> By: Bobhttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-87627 Bob Thu, 29 Oct 2009 16:50:30 +0000 http://www.prosebeforehos.com/?p=4203#comment-87627 Missing word: The Wealth of Nations serves as an of his time reaction Missing word: The Wealth of Nations serves as an of his time reaction

]]> By: strygahttp://www.prosebeforehos.com/progressive-economics/07/13/the-myth-versus-the-reality-of-adam-smiths-political-economy/comment-page-1/#comment-87625 stryga Thu, 29 Oct 2009 16:14:20 +0000 http://www.prosebeforehos.com/?p=4203#comment-87625 It appears the author of this article has not spent much time with "Wealth of Nations." Smith's argument was the exact opposite of "heavy-handed government regulation;" he believed that only through a divestment of government and the market could a market serve the needs of the people. Smith recognized that when government is in a position to regulate an economy it is in a position to dispense economic favors. The very passage that the author quotes is a discussion on how government should neither hinder nor facilitate when it comes to the market. This is why people point to Smith as a champion of free-market economics. It appears the author of this article has not spent much time with “Wealth of Nations.” Smith’s argument was the exact opposite of “heavy-handed government regulation;” he believed that only through a divestment of government and the market could a market serve the needs of the people.

Smith recognized that when government is in a position to regulate an economy it is in a position to dispense economic favors. The very passage that the author quotes is a discussion on how government should neither hinder nor facilitate when it comes to the market. This is why people point to Smith as a champion of free-market economics.

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