Adam Smith was, and is, a well-regarded absent minded professor type with a first rate mind. He gave up his day job, as a popular professor at Glasgow university in 1764, to tutor and travel with a young Scottish nobleman (road trip!). They spent a couple of years touring continental Europe and met several leading thinkers of the day (such as Benjamin Franklin) and Mr. Smith was given a life pension by the grateful nobleman that enabled him to spend the next ten years or so working on his magnum opus, “An Inquiry Into the Nature and Causes of the Wealth of Nations.”
In Mr. Smith’s defense, it ain’t easy to invent a field of study, particularly a field like modern economics. Also, I must warn any kneejerk anti-capitalists (a group that included me when I was a callowyute) that beating up on Mr. Smith because you think he was just another greed head will make you look goofy as he’s well known for his belief that accumulating wealth and material goods won’t make you happy.
Before inventing modern economics, his thing was exploring morality and ethics, figuring out how we should treat each other, how we could all get along. He wrote a book entitled The Theory of Moral Sentiments that is still highly regarded. Incidentally, both it and The Wealth of Nations were best sellers in their day and almost immediately literally changed the world.
Have an OK Day.
©2016 Mark Mehlmauer
Gentlereaders, my Tuesday and Thursday mini-posts are about to disappear, at least for the time being. It looks like I'm going to need to have a new knee installed and before I do I'm going to be meeting all sorts of medical specialists. Turns out that if you're a man who is technically over 50 you're supposed to have various medical shtuff done on a regular basis. Who knew?
Having not seen a doctor since the late 80s (for a CDL physical... it's complicated) I'm running a bit behind and have all sorts of i dotting and t crossing to do (tests and appointments) before I can get myself a shiny new knee.
So -- to make things easier, not miss any mini-post postings, and most importantly, to make sure I don't miss publishing my beloved (by me anyway) weekly column (dude, it's what I do!) -- mini-posts are outta here.