By John E. Hill
This e-book examines Adam Smith’s major ideas in Wealth of Nations because the foundation for potent policymaking. Adam Smith desired to bring up happiness via this formulation for an outstanding existence: equality, liberty, and justice. loose industry interpretations of Smith, the e-book argues, grossly misrepresent his inspiration, emphasizing in basic terms liberty and never additionally equality and justice. This publication indicates regulations that mix all 3 to ensure that happiness to be maximized.
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Extra resources for Adam Smith’s Equality and the Pursuit of Happiness
81. 82. 83. 84. 85. 86. 87. 88. Smith, Theory of Moral Sentiments, 1:1–2. 182. Smith, Theory of Moral Sentiments, 1:414. 34–36, 57 and 83–94. Murray, In Pursuit: Of Happiness and Good Government, p. xiii. 124. 17 and 18. 247. 8 and 25–43. Thomas Piketty, Capital in the Twenty-First Century, Arthur Goldhammer, trans. 16. 40 and 204. 4. 719. 17. 281. Gavin Kennedy, Adam Smith’s Lost Legacy (New York: Palgrave Macmillan, 2005), pp. ix and 40–43. W. 281. 855. 52. 211. 353. Smith, Theory of Moral Sentiments, 2:104.
4 We need to eliminate “savage capitalism” in order to give everyone equal opportunity to increase happiness. If we are ever to see a less vicious capitalism, Adam Smith’s view of markets must be demythologized. In his famous work, he analyzed how to increase the wealth of nations. But when he wrote about nations, he included everyone. 5 (See Chap. ) In Smith’s system of justice plus liberty and equality, the productivity gains resulting from the division of labor were supposed to be widely dispersed among all economic classes.
Justice in economic relations could establish the capitalism Smith proposed. It could make capitalism the best economic system devised by man. In short, this chapter is an argument for an egalitarian and just market economy to replace the laissez-faire capitalism that controls and weakens the USA today. Savage capitalism has reduced equality of economic opportunity, thereby affecting the pursuit of happiness. Economic crises (recessions, bankruptcies of large financial institutions, such as the Savings and Loan crisis) clearly affect happiness.