The Wisdom of Adam Smith for Our Own Times

The continuing growth in government spending, taxing and regulation of economic affairs in the United States and in many other parts of the world has raised anew the essential issue of political control and intervention in the market place. With June 5th marking the 291st birthday of the famous Scottish economist, Adam Smith, it is, perhaps, worthwhile to recall his insights on the superiority of the free market in place of the heavy hand of government.

Adam Smith was born on June 5, 1723 in the small village of Kirkcaldy, Scotland. His mother raised him following his father's death when the baby was only two months old. Smith was almost fated for a different future when at the age of four he was kidnapped by a band of roving gypsies. Fortunately for mankind a posse was formed and he was rescued from a possible life of tarot card reading and pickpocketing.

He was notoriously absent-minded. He once fell into a pit by the side of the road while deep in conversation with a friend. On another occasion he made himself a drink of bread and butter and declared that it was the worst tea he had ever brewed.

Smith was as a professor of moral philosophy for over 12 years at the University of Glasgow (1751-1763). He left the university to serve as the tutor of a British nobleman's son for three years, after which he was awarded a lifetime private pension that gave him the time and leisure to work on the book for which he is most famous, An Inquiry into the Nature and Causes of the Wealth of Nations.

The Wealth of Nations was published in March 1776, just a few months before the signing of the American Declaration of Independence in July of 1776. If the American Founding Fathers articulated in their Declaration the political case for individual freedom, Adam Smith presented the complementary argument for economic freedom and free enterprise.

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