Straight from the Horse's mouth
Straight from the Horse's mouth
Straight from the Horse's mouth
Imo classical economists were generally more clear-sighted and honest than modern ones. Of course they had their biases and perspective based on their class (and their audience), but at that point economics was so poorly understood that theorists were legitimately trying to figure stuff out, moreso than trying to produce propaganda. Of course, the industrial proletariat and threat of socialism wasn't really present yet either, so the class conflict was more about new money bourgeois vs old money aristocrats and landlords.
Marx and Smith are a lot more similar than most people think, because Marx was writing in the context of various economic assumptions that come from Smith, such as the labor theory of value, which is usually attributed to Marx but actually comes from Smith.
The thing about Smith though is that his writing style was very dry and repetitive so nobody actually reads him, at best, they might read abridged versions which cut out any inconvenient parts like that. So he just kinda became known as the capitalism guy and is thrown in the same category as Ayn Rand.
I read about 300 pages (in Turkish) and it had a really useful spreadsheet of the value of the pound from early medieval to 1800's and it allowed me to check what events lead to the currency falling or rising, and how a kingdom affects the general population.
The book is boring as shit, it's really fucking boring. But what he says is just the foundations of how capitalism works, and nothing at all like what some other people might want to claim him to be
I honestly feel like Smith gets a real bad rap from undereducated progressives. He would also have hated what the United States has morphed into, and I'm sure he's spinning in his grave over people using his economic theories as justifications for pure laissez-faire capitalism. "The Invisible Hand of the Market" that conservatives use to justify trickle-down economics and often attribute to him isn't even really his, it's from a batshit insane later guy called Paul Samuelson! Smith only referred to it in the context of international investments, never this idea that "domestic corporations will always do what is good for the public."
I don't agree with everything in Wealth of Nations, but it seems a lot of people just dismiss Smith completely out of hand. We should talk about him just like we talk about Marx, his work is not useless nor trivial.
Amusingly, people who promote capitalism have clearly never read Smith either. Marx wasn't a departure from Smith, he built directly on the work Smith started. Smith talked about division of labour, and Marx initially used the same term before he started calling it socialized labour. I suspect if most people in the west read Smith today, they'd label him a communist. Consider the following Smith quote as an example:
i've never heard of this guy; do you know where i can find his work?
https://www.gutenberg.org/ebooks/3300