An injudicious tax offers a great temptation to smuggling. But the penalties of smuggling must rise in proportion to the temptation. The law, contrary to all the ordinary principles of justice, first creates the temptation, and then punishes those who yield to it…
— Adam Smith
Book V of Adam Smith’s classic is entitled “Of the Revenue of the Sovereign or Commonwealth,” includes the above as well as many thoughtful passages about what we nowadays call public finance. Our Political Economy Book Club will discuss this final part of Wealth of Nations on Wednesday, November 12. You can download or read the book on line from severalsources, borrow it from many public libraries, or purchase a copy inexpensively.
For further information or to let us know you’re coming, email PEBC coordinator Bob Matter or call 312 450 2906.
This session introduces Progress & Poverty, including an overview of what we cover in the course. Even if you don’t plan to take the full course, you can expect this introductory session to help you gain a new and useful perspective on today’s problems of wealth concentration, poverty, and lack of opportunity.
America in the 1870s faced increasing poverty, rising unemployment, rule by an elite and their corporations– many of the same problems we’re experiencing today. Henry George described the cause of these problems and proposed a remedy which is even more applicable today than it was in his time. His book Progress & Poverty, perhaps the best-selling nonfiction book of the 19th century, presented his analysis and solution.
In this “classic” version of the course, students are encouraged to read the original 1879 text, and/or modern summaries and supplements, and to evaluate what George says against their own experience and understanding. You’ll gain a new understanding of how the economy works, which public policies promote liberty and prosperity, and which don’t.
Class meets every Tuesday, beginning 6:15PM on January 19, ending March 22. More information about the course is here and here. Pre-registration is helpful but not required.
Decades before Wealth of Nations, Adam Smith wrote what he seems to have considered a superior work, Theory of Moral Sentiments. He wrote:
How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it.
Wikipedia asserts:
Smith critically examines the moral thinking of his time, and suggests that conscience arises from dynamic and interactive social relationships through which people seek “mutual sympathy of sentiments.”[74] His goal in writing the work was to explain the source of mankind’s ability to form moral judgement, given that people begin life with no moral sentiments at all. Smith proposes a theory of sympathy, in which the act of observing others and seeing the judgements they form of both others and oneself makes people aware of themselves and how others perceive their behaviour.
The Theory of Moral Sentiments has been printed in numerous editions, and is also available free on line. Smith revised the book throughout his lifetime; it’s best to avoid the first edition, and choose one published after his death in 1790.
In this session we’ll discuss parts 1-3 of the book, taking up parts 4-7 on November 20,
