Why read Adam Smith today?

Abstract

The article presents arguments regarding the relevance of Adam Smith’s works in modern times. The author argues that Smith should be read for three key reasons. First, for his understanding of the nature and causes of the wealth of nations, which emphasizes the key factors of growth and development that are reflected in modern research. The first part of the article is devoted to this issue. Second, for Smith’s wisdom and insight in relation to moral and political philosophy. The author sees Smith’s thoughts as extremely timely, because they touch upon those aspects of our lives that are currently being tested for strength. This includes peaceful coexistence and the self-organization of communities that seek to manage the commons, overcoming the tragedy of the commons. The author points out that the “angels” of our nature are closely intertwined with the institutions of property, contract and consent, which ensure a peaceful regime, light taxes and a tolerable administration of justice. However, these “angels” can easily become “demons”, succumbing to the dark side of human nature. This is why it is necessary to promote the strengthening of those institutional foundations that allow us to reject “demons” and strengthen “angels”. This thesis is revealed in the second part of the article. Finally, thirdly, for indicating the right path for the implementation of the liberal plan of freedom, equality and justice, which is devoted to the last substantive part of the work. The author points out the opportunism and cunning of politicians, the greed and inclination to sophistry of businessmen who, in the name of their own interests, are ready to harm society. This is why the question arises: what rules, restrictions and prohibitions do we need so that people can contribute to shared prosperity, but cannot harm each other and society as a whole? In conclusion, the author concludes that after 300 years, the works of Adam Smith are probably a relevant guide in the search for both a better understanding of the human condition and a way to fix our world. The author assigns an important role in this process to economic science, which should become a kind of antidote to the seemingly outdated ideas of the past.