The united states think tank peterson institute for international economics, 10 march, article on the subject: this is a long-awaited moment for adam smith. The current economic situation in the united states is disturbing, and the answer is in a book published 250 years ago, adam smith's state richness. Smith aimed his strongest anger at the prevailing economic philosophy of his time, mercantilist, which measured “success” by the accumulation of gold and trade surpluses rather than the well-being of people. Merchandising at the expense of the public and for the benefit of a small number of special groups, vested interests often use tariffs to block imports and subsidies to promote exports. As i look at the economic decisions of the contemporary united states, i find that the arguments put forward by smith 250 years ago still guide society in reality: trade deficits are not bad in themselves, imports are the root cause of economic recovery, bringing tangible benefits to consumers, and trade expands the division of labour and increases productivity and living standards。
When we look back at history, the state richness, smitt smear, who greatly appreciates the mechanism by which people are paid for their work, believes that it is precisely this system of remuneration that narrows the gap between people. Smith's vision aims to show people a reality: ordinary people who pursue normal life can steadily make society richer and fairer. He was convinced that economic prosperity must be widely shared: “if the vast majority of the members of a society are poor and miserable, then there will be no prosperity and happiness in that society.” he saw that productivity growth was the “moral core” of economic progress, as it made possible the vision of “a higher standard of living for all”。
For many americans today, the economic future seems increasingly remote. They either targeted anxiety at other countries, believing that they “take advantage” through trade; or pointed to ai because of its potential to replace human employees. In response, united states legislators proposed antimonopoly, industrial and trade policies。
However, today's united states tariff policy is undermining the bilateral trade balance and is determined to regulate micro-industry, which is undoubtedly a serious fallacy, according to the smash theory. These policies have resulted in fewer consumer choices, higher prices and slower economic growth — precisely the same as the “economic security” promised by policymakers。
Among the many virtues promoted by smith in the public discourse of the moment, perhaps one of the most susceptible to neglect is “optimism”, which is at the heart of his economic philosophy. If properly guided, human beings can achieve their accomplishments through intelligence. The prospect of even faster progress for generations to come is both exciting and daunting if we keep in mind the experience of the national richness. At a time when confidence in the market is diminishing, the message sent by smith is not to worship the “unseeable hand” or to hope that it will disappear, but to focus on the principle he has always adhered to: improving the lives of ordinary people. (the author is jason forman, former chairman of the white house economic advisory committee, and the king will hear you.)
