What Was Adam Smith Wrong About?

What are some things you can point to that Adam Smith was wrong about?

 

Who's Adam Smith? I know a guy named Adam Smith. He was always wrong.

 

Who is Adam Smith.

 

if it makes you feel any better I know who he is


but before you get excited about I came here thinking the thread was entitled what was adam west wrong about and I was very much intrigued.....


sorry......

 

......adam west just effing rocks......

 

if Adam West was wrong, i don't wanna be right!

 

And that piece of literature would be......? And he is.....?

 

Adam Smtih wrote The Wealth Of Nations. It was one of the first books to articulate or break down how a free-market economy should work.

 

I still like adam west better........

 

well wasent it he who also said that when nations grow ect there will be times where there is not enought food so the workers will die (Never the Runners of government), and this is natural and should be accepted... it just struck me as errie and uncaring, if all you want is money/control alright, but dont expect people to revver you when you are eating there food and saying, sorry thats just the way of things.



Another thought, it seems to me that those who beleave in totalitarian governments always seem to think they would be at the top

 

Where did Adam Smith say that?

 

Here's some of Adam Smith's views on taxation:

The harshest condemnation of all, however, was for taxes upon labour:

"In all cases, a direct tax upon the wages of labour must, in the long run, occasion both a greater reduction in the rent of land, and a greater rise in the price of manufactured goods, than would have followed from a proper assessment of a sum equal to the produce of the tax, [levied] partly upon the rent of land, and partly upon consumable comodities."

http://www.progress.org/banneker/adam.html

 

Jay is thinking of Malthuse, not Adam Smith, but the two are very closely related. I'm not an economist, but I seriously doubt that Smith got everything right. Generally, I'm sure he had a pretty good idea of what was going on, but let's not get so dogmatic to pretend that economics hasn't advanced a little since the 18th century.

 

Yes it true that economics has advanced since the 18th century,but Smith's views are still viewed as the basis for understanding the workings of a free-market economy even today.


When I ask what was he wrong about,I mean what parts of Smith's views have economist had to change or rethink based on what they've seen with economic activity since Smith's day?