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Adam Smith: Economists
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Adam Smith was a Scottish economist and seer, worshiped today by the practitioners of Voodoo economics. His doctrine of invisible body parts and their intervention in business transactions was influential throughout modern history and remains widely believed today.
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Adam Smith’s growth theory was different from Ricardo’s and most modern economists. His was not based on the equilibrium constraint, and this fact was steadily ignored until the mid-20th century. Smith’s was an increasing returns, not a diminishing returns theory, and this was rooted in the propensity to exchange, the division of labour and the inter-linked supply chains that necessarily developed in consequence. The famous ‘pin factory’ was only part of Smith’s division of labour. Perhaps the more important other part is in the same chapter as the pin factory: the account of the supply chains that linked together to produce the common labourer’s woolen coat:
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Smith postulated four "maxims" of taxation: proportionality, transparency, convenience and efficiency. Smith is credited by economists as one of the first to advocate a progressive tax.[9] Smith wrote, "It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more in proportion." In another quote he supported taxation in proportion to the revenue (income) of the individual:
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Wealth was not gold and silver in Smith’s view. Precious metals, though reliable as media of exchange and for their own industrial uses, were no more than claims against the real thing. All of the gold and silver in the world would leave one starving and freezing if they couldn’t be exchanged for food and clothing. Wealth to the world’s first economist was plainly this: goods and services. Whatever increased the supply and quality of goods and services, lowered their price or enhanced their value made for greater wealth and higher standards of living. The "pie" of national wealth isn’t fixed; you can bake a bigger one by producing more.
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