adam smith

The famous New York Yankees baseball player and manager Yogi Berra is credited with the saying “It’s déjà vu all over again.”

The competitive market economy is a powerful institutional mechanism for bringing human ingenuity, energy and creativity to bear to improve both the material and cultural circumstances of multitudes of people around the world.

For more than two hundred years, practically all of even the most free market advocates have assumed that money and banking were different from other types of goods and markets.

Whatever economic freedom we enjoy in the world today is due, to a great extent, to the ideas and efforts of the classical liberals and economists of the first half of the nineteenth century.

President Donald Trump and the Republican Congress have both put forward tax reform plans that contain lots and lots of really great ideas.

David Ricardo (1772-1823) was one of the most influential economic theorists of the first half of the nineteenth century.

Adam Smith’s central contribution to economic understanding was surely his demonstration that under an institutional arrangement of individual liberty, property rights, and voluntary exchange the self-interested conduct of market participants could be shown to be consistent with a general betterment of the human condition.

Adam Smith is, without doubt, the most famous member of that group of Scottish Moral Philosophers who contributed to the development of social and economic understanding of the market economy and how economic liberty makes human prosperity possible.

Scotland would seem a strange place for the emergence of center of intellectual development that would influence the stream of ideas throughout the world. Scotland had been unified with England near the beginning of the eighteenth century. It was considered a “backwater” of European civilization.

Ludwig von Mises’s majestic magnum opus, Human Action: A Treatise on Economics, was published on September 14, 1949. In the nearly seven decades since its appearance, Human Action has come to be recognized as one of the truly great classics of modern economics.