February 11, 2014 at 7:15 am, by Carl

If only President Obama and Congress would go back to Enlightenment philosopher Adam Smith to try and fix our economic ills.  Like many others since the early 20th century, our current political leaders believe that they can magically dictate to the economy what they want to have happen.  It’s as if they think that they can say “no more poor people” and poof–it happens.  Smith speaks directly to this fantasy in this part from Wealth of Nations.

 

 

What is the species of domestic industry which his capital can employ, and of which the produce is likely to be of the greatest value, every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him. The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.

Maybe in the future we can elect leaders who no longer have either folly or presumption.  Reminds me of something Ben Franklin said:  “It is therefore that, the older I grow, the more apt I am to doubt my own judgment and pay more respect to the judgment of others.”   Wish we could have some leaders with that wisdom.