Author Topic: The Globe calls for more spending - by individuals  (Read 1227 times)

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Offline Chris Pook

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The Globe calls for more spending - by individuals
« on: January 05, 2009, 13:05:36 »
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..Even so, Canadians cannot fairly be asked to subordinate their judgment, in deference to macroeconomic considerations, when they make their countless microeconomic decisions. They should continue to pursue their own interests and those of their families, but they might pause and ask themselves whether they are overreacting to macroeconomic conditions....

Source via Chris Selley

Is it too much to hope that the Globe is starting to understand Adam Smith?

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Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so.

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“It is not from the benevolence of the butcher, the brewer, or the baker that we can expect our dinner, but from their regard to their own interest.”

The individual ALWAYS acts in their own self-interest and thus the impossibility of Commanding an Economy.  It might be possible to Lead an Economy or Divert an Economy, but never to Command an Economy.



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Offline Thucydides

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Re: The Globe calls for more spending - by individuals
« Reply #1 on: January 05, 2009, 20:36:06 »
I don't think the problem is people misunderstand Adam Smith (or Ricardo, or Ludwig von Mises, Murray N. Rothbard or Friedrich Hayek); for the most part, everyone except academics in some universities understand them just fine.

The real issue is the people who know and understand these economists and are in positions to implement their programs also understand that competing theories like Socialism or Keynesian provide them with paths to wealth, power and influence which Classical and Austrian economics explicitly denies them.

Adam Smith can tell you which path they will choose:

Quote
Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so.

Quote
“It is not from the benevolence of the butcher, the brewer, or the baker that we can expect our dinner, but from their regard to their own interest.” [/quote]
Dagny, this is not a battle over material goods. It's a moral crisis, the greatest the world has ever faced and the last. Our age is the climax of centuries of evil. We must put an end to it, once and for all, or perish - we, the men of the mind. It was our own guilt. We produced the wealth of the world - but we let our enemies write its moral code.