Thursday, January 12, 2017

OVER PRAISE FOR AN ALREADY PRAISEWORTHY ADAM SMITH

Magictr posts (11 January) in Sivertimes HERE  
“The iPhone 7, another masterpiece of design and engineering, is packed with improved features. Adam Smith, the founder of modern economy, would probably be amazed. Would he buy it? Posthumous interview with the famous thinker."
COMMENT
Good marks awarded for its maginative content.
Query though for the asssertion that Adam Smith was “the founder of the modern economy”.
He played not such role. Smith studied the history of the existing economy in the 18th century and noted some of its important evolving trends. These trends were underway long before Adam was born and continued while he was alive and after he died (1790). 
His readers of the six editions of his “Wealth of Nations” (1766 to 1789) did not invent or create what became ‘capitalism’ - a word first used in English in 1854. 
My admiration for Adam Smith is unbounded but careless attributions about him being the “founder of modern economy” expose him to unwanted riddicule by the eternal standards of scholarship.

Magictr otherwise writes an entertaining and informative article that is worth reading.

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