By John E. Hill

This ebook examines Adam Smith’s major ideas in Wealth of Nations because the foundation for potent policymaking. Adam Smith desired to elevate happiness via this formulation for an exceptional existence: equality, liberty, and justice. unfastened industry interpretations of Smith, the ebook argues, grossly misrepresent his concept, emphasizing simply liberty and never additionally equality and justice. This booklet indicates regulations that mix all 3 to ensure that happiness to be maximized.

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Extra resources for Adam Smith’s Equality and the Pursuit of Happiness

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217–226, for an extended discussion of scholarship on the money/happiness relationship. 28.  34. 29. Daniel Gilbert, Stumbling on Happiness (New York: Vintage Books, 2006), p. 239. See also Martin E. P.  223–226. 30. Charles L.  128. 31.  7. 32. Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Edwin Cannan, ed.  273. 33.  5. 34.  97, 102, and 110. 35.  Barber, Consumed: How Markets Corrupt Children, Infantilize Adults, and Swallow Citizens Whole (New York: W. W.  50–51, and throughout.

Freedom to work however one thinks best is just; but while doing one’s work, one must not be unjust to others. British policy for military veterans suggested to Smith a way to eliminate this injustice: “Soldiers and seamen, indeed, when discharged from the king’s service, are at liberty to exercise any trade, within any town or place of Great Britain or Ireland. ”71 The law of settlements restricted the freedom of workers to move to another town to find work, but the treatment of veterans provided a model for a fairer system.

82 Smith specifically applied this precept to banking. 83 This individual solution for greed is ideal, but Smith understood that this ideal is rare. Thus, government is needed to provide justice when both the impartial spectator and a mentor fail to protect society from individual greed. So, the market system can promote greater economic equality and greater economic development for any country when the government administers equal justice. Smith’s criticisms of government actions that restricted the market have been used to support arguments that Smith advocated a free market system.

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