Very few authors have done as much as the shy Scotsman Smith (1723-1790) to show that society does fine when people are free. While Smith didn’t originate many ideas, his big book The Wealth of Nations (1776) was the most impressive and influential presentation. He critiqued Britain’s colonial empire and its system of trade restrictions known as mercantilism. He explained how society prospers when private individuals peacefully pursue their self-interest. He affirmed the benefits of competition. He anticipated public choice economics by telling how government officials pursue their self-interest expanding their power and spending more of the taxpayers’ money.

The Wealth of Nations often rises to eloquence. His most famous lines “As every individual…endeavors as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it…he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.” He book abounds with wonderful lines, like this “In general, if any branch of trade, or any division of labour, be advantageous to the public, the freer and more general the competition, it will always be the more so.” Smith has inspired friends of liberty around the world for more than 200 years.

Smith’s book The Theory of Moral Sentiments (1759) explored human motivations other than self-interest. He delivered thoughtful lectures on jurisprudence. He corresponded with the leading thinkers of his day. Adam Smith offers readers much wisdom and pleasure.

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