Abstract

Examines Adam Smith's main principles in Wealth of Nations as the basis for effective policymaking. Adam Smith proposed several principles that would help mitigate or eliminate some of the problems we face as a nation today. Many assume that our current laissez-faire capitalism applies his principles. But, in contrast to the libertarianism of the United States, Smith's recipe to increase everyone's wealth and happiness was justice, liberty, and equality. This book examines Adam Smith's main principles in Wealth of Nations as the basis for effective policymaking. Adam Smith wanted to increase happiness through this formula for a good life: equality, liberty, and justice. Free market interpretations of Smith, the book argues, grossly misrepresent his thought, emphasizing only liberty and not also equality and justice. This book suggests policies that combine all three in order for happiness to be maximized.