285 years ago today in Kirkcaldy, Scotland Adam Smith was baptized; his birth date is unknown. He was a masterful philosopher and political thinker of his time.
His works The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations continue to be read today. They are seen as masterworks continuing to yield insights into the modern world. With the Wealth of Nations Smith did nothing short of created the modern discipline of economics.
P.J. O’Roarke quips that he read the 500 page, 3 volume tome so you don’t have to and I commend his book On the Wealth of Nations to you. It is a fun read and makes you understand Smiths writing and why it is so long. (Spoiler: graphs could not be included in a book.)
In celebration of Smith, I recommend you go out and buy something, anything at all and marvel at how the shopkeep knew you would be there to buy it. Think about why he wanted you to buy it and the profound effect this free transaction had on your life, his life, and society as a whole.
Then remember Smith’s words:
It is not from the benevolence of the butcher, the brewer or the baker, that we expect our dinner, but from their regard to their own self interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.
As every individual, therefore, 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. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, 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 the 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.”