(Ironically Marx would also be about as misunderstood; his ideas were even worse than we give him credit for)
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Interesting, what are some good reads that show this?
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“Moral Sentiments”
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Yes! "Wherever there is great property, there is great inequality." "To superficial minds, the vices of the great seem at all times agreeable." (Adam Smith)
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My favorite Adam Smith quote: The man whose whole life is spent in performing a few simple operations, of which the effects are perhaps always the same, or very nearly the same, has no occasion to exert his understanding or to exercise his invention in finding out expedients /1
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... for removing difficulties which never occur. He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. /2
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That's really good. Thanks for posting it. (Adding it to my collection!)
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The people who hate Smith have never read Smith, or even just read an intellectually-honest secondary source ABOUT Smith like essays by another great Smith: experimental economist Vernon Smith
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So true.
Most of what the U.S. believes about economics is derived from John Locke’s Second Treatise on Government and not Adam Smith. Locke states that government exists to defend private property, which is land + labor.
Marx disagrees with Locke.
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Thank you. Please run for King. Ok president will do too.
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