Many, many moons ago it was impressed upon me that either by coincidence or Providence, the Declaration of Independence and The Wealth of Nations were both published in 1776. Thus was I embarrassed to realize that amidst all the hubbub about America’s upcoming 250th, I neglected to watch for the anniversary of the publication of The Wealth of Nations. Whoops. Said anniversary was two weeks ago on the ninth, so at least I got the month right.
Non-econ nerds probably won’t care one way or the other, and chances are most econ nerds won’t care either, but… I do.
Upon realizing that I missed the anniversary, I immediately flashed back to when I taught economics long ago, in the before times. I flashed back to placing blank sheets of transparency film atop my printed notes and feeding them into the thermofax–
the crackle of the film as I peeled it off the paper, hoping for cleanly burned, legible letters and numbers and diagrams–
my silent prayers that the overhead projector bulb wouldn’t burn out, and the students’ vocal prayers that it would–
timing the lecture so that the heat wouldn’t blacken the transparency beyond legibility–
Anyhow, I dug around for some of those old notes and transparencies. Not many of either survive to the present day. But the few I did find included the two best-known excerpts from the book, which Adam Smith wrote in plain enough English that modern high school freshmen could grasp it:
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their self-interest. We address ourselves not to their humanity, but to their self-love and never talk to them of our necessities, but of their advantages.” The Wealth of Nations, Book I, Chapter II
“[An individual] neither intends to promote the public interest, nor knows how much he is promoting it… He intends only his own gain; and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it.” Ibid, Book IV, Chapter II
The rest is worth reading, or at least worth reading about.
…
To bring things full circle: in the same book, published during the Revolutionary War, Adam Smith called for Britain to grant the American colonies their independence, but he seemed to believe that Britain wouldn’t actually do so. In Book IV, Chapter VII, Part III, he wrote this about the American revolutionaries:
“From shopkeepers, trades men, and attorneys, they are become statesmen and legislators, and are employed in contriving a new form of government for an extensive empire, which, they flatter themselves, will become, and which, indeed, seems very likely to become, one of the greatest and most formidable that ever was in the world.”
An excellent call.
…
Very tired. More later.
