 merrie says: Economic progress depends upon a trinity of individual prerogatives: pursuit of self-interest, division of labor, and freedom of trade. There is nothing inherently wrong with the pursuit of self-interest. That was Smith's best insight. To a twenty-first-century reader this hardly sounds like news. Or, rather, it sounds like everything that's in the news. These days, altruism itself is proclaimed at the top of the altruist's lungs. Certainly it's of interest to the self to be a celebrity. Bob Geldof has found a way to remain one. But for most of history, wisdom, beliefs, and mores demanded subjugation of ego, bridling of aspiration, and sacrifice of self (and, per Abraham with Isaac, of family members, if you could catch them). This meekness, like Adam Smith's production, had an end and purpose. Most people enjoyed no control over their material circumstances or even-if they were slaves or serfs-their material persons. In the doghouse of . . . . . ancient and medieval existence, asceticism made us feel less like dogs. In the chapter “Of the Wages of Labour,” in book 1 of The Wealth of Nations, Smith remarked in a tone approaching modern irony, “Is this improvement in the circumstances of the lower ranks of the people to be regarded as an advantage or as an inconveniency to the society?” The answer is division of labor. It was an obvious answer-except to most of the scholars who had theorized about economics prior to Adam Smith. Division of labor has existed since mankind has. The little fellow with the big ideas chips the spear points. The courageous oaf spears the mammoth. And the artistic type does a lovely cave painting of i... |
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