Tuesday, July 5, 2011

The Other Important Lesson from 1776

Economist John Taylor reminds us that another very important document was published in 1776: Adam Smith's Wealth of Nations.

Time To Renew the Principles of 1776
What’s the best way forward for American economic policy? On Independence Day it’s natural to look to the country’s founding principles—political freedom and economic freedom—for an answer. 1776 was not only the year when Thomas Jefferson wrote the Declaration of Independence, it was the year when Adam Smith wrote the Wealth of Nations. We can learn what to do by studying the alternating periods in American history when careful attention was paid to these principles and when they were recklessly neglected.

Read the rest here.


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