My husband Derrick often brings up Adam Smith when we are talking about economics, saying that Smith’s work is misrepresented to say that no one, especially government, should interfere with the markets. This morning I received Rev. Jim Burklo’s latest “musing” which talks about Smith’s work in a refreshing way based on a book by University of Southern California professor of tax law, Ed Kleinbard.
So, with Rev. Burklo’s permission…..
“When the happiness or misery of others depends in any respect upon our conduct, we dare not, as self-love might suggest to us, prefer the interest of one to the interest of many.” Adam Smith, The Theory of Moral Sentiments, Book 3, Sec. 1, Chapter 3.
“(What) improves the circumstances of the greater part (of society) can never be regarded as an inconveniency to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe, and lodge the whole body of the people, should have such a share of the produce of their own labor as to be themselves tolerably well fed, clothed, and lodged.” Adam Smith, The Wealth of Nations, Book 1, Chapter 8.