Falsehoods No Guide to Adam Smith
Micah Murphy speaks of “falsehoods” undermining empires but commits (unintentionally, I'm sure) a falsehood about Adam Smith while doing so in a post in ‘Truth and Charity’ HERE
“The Hersey of President Obama”
“Adam Smith, for all the good his thought may have done, believed that it was man’s greed and self-love that should drive the economy.”
The Adam Smith who was born in Kirkcaldy in 1723, as opposed to the invented “Adam Smith”, lauded by some modern economists at Chicago University in the 1930s, did not articulate “beliefs that it was man’s greed and self-love that should drive the economy” (see Paul Samuelson’s account in Economics: and introductory analysis, p 36, 1948)
The Adam Smith who wrote Moral Sentiments and Wealth Of Nations spent considerable efforts to dissuade readers from accepting the writings of Bernard Mandeville (‘Fable of the Bees’, 1724) in praise of selfishness, which he described as “licentious”. Mica also may be confusing Ayn Rand and her sympathy with “selfishness” with Adam Smith’s philosophy of self-interest as a driver of behaviour (a common mistake of modern commentators).
Adam Smith’s self-interest theory was clearly constructive when it was mediated by concern for the self-interests of others as specified, foe example in “the butcher, brewer, and baker” example in Wealth Of Nations. Two egoistic self-interested neighbours would never agree to anything.