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FREE MARKET PHILOSOPHY
IN SUMMARY
ADAM SMITH & FREE ENTERPRISE
$1.25
Monday, June 16, 1723
Vol XCIII, No. 311
FREE MARKET ENTERPRISE ITSELF
ADAM SMITH: A BIOGRAPHY
DEFINITION OF "FREE MARKET"
An economic system where few restrictions are placed on business activities and ownership.
Moral support:
Statistical support:
This is a comparison between US states and countries' nominal Gross Domestic Product as based on International Monetary Fund and Bureau of Economic Analysis data.
Adam Smith was born on June 16, 1723 in Kirkcaldy, Scotland.
He studied social and moral philosophy at the University of Glasgow, which he entered at the age of 14.
He published two major works during his lifetime: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776).
The rest of his works were either published posthumously or destroyed (by Smith himself)
An Inquiry into the Nature and Causes of the Wealth of Nations (1776), or commonly known as The Wealth of Nations, is known as one of the first economic works.
The basic rule of free enterprise: You must give in order to get. -Scott Alexander
ARGUMENTS AGAINST FREE ENTERPRISE
why not?
1. Not everyone has an equal starting point
But for those who disagree with indisputable economic growth, we say "talk to the (invisible) hand"
2. Economic growth increases the wealth gap
3. Competition is not always fair