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Hal Rogers
Member of the U.S. House of Representatives from Kentucky's 5th district
Incumbent
Assumed office January 3, 1981
Preceded by	Tim Lee Carter
Personal details
Born	(1937-12-31) December 31, 1937 (age 74) Barrier, Kentucky, U.S.
Political party	Republican
Spouse(s)	Cynthia Doyle
Children	3
Residence	Somerset, Kentucky
Alma mater	University of Kentucky
Occupation	attorney
Religion	Baptist
Military service
Service/branch	United States Army National Guard
Years of service	1956-1964
Unit	Kentucky North Carolina

Harold Dallas "Hal" Rogers (born December 31, 1937) is the U.S. Representative for Kentucky's 5th congressional district, serving since 1981. He is a member of the Republican Party.

Early life, education, and early career[link]

Rogers was born in Barrier, Kentucky, attended Western Kentucky University in Bowling Green and received a baccalaureate degree (A.B.) and a law degree (LL.B.) from the University of Kentucky at Lexington. Rogers served in the Kentucky and North Carolina Army National Guard. The January 1961 Kentucky Guardsman reported a story noting Harold Rogers recognition in his selection as soldier of the year, stating, "Specialist Fourth Class Harold (Hal) Rogers has been named “Soldier of the Year” by vote of the 125 member Battery A of the Fifth Observation Battalion at Lexington. Rogers, 22, a journalism major at the University of Kentucky, was cited for his performance with his unit during regular weekly drills and the 1960 ANADUTRA (annual active duty for training)."^[1]

As a lawyer Rogers was in private practice and was elected to serve as Commonwealth's Attorney for Pulaski and Rockcastle counties in Kentucky, an office he held from 1969 to his election to Congress in 1980.

Rogers was the Republican nominee for Lieutenant Governor of Kentucky in 1979. He was on the ballot with former Governor of Kentucky Louie B. Nunn. He lost to Democrat Martha Layne Collins 63%-37%.^[2] The following year Rogers won election to Congress.

U.S. House of Representatives[link]

Elections[link]

In 1980, incumbent Republican U.S. Congressman Tim Lee Carter of Kentucky's 5th congressional district decided to retire. Rogers won the Republican primary with a plurality of 23 percent. The losing candidates included the 1971 gubernatorial nominee, Tom Emberton.^[3] He won the general election with 67% of the vote.^[4] He won re-election with at least 65 percent of the vote since then, except in 1992. That year, he defeated Democratic State Senator John Doug Hays 55-45 percent.^[5]

Tenure[link]

Rogers is the longest serving Kentucky Republican ever elected to federal office. Rogers served as a delegate to the Republican National Conventions of 1976, 1980, 1984, 1988, 1992, 1996, 2000, and 2004.

Rogers has focused his legislation on bringing jobs to Kentucky and providing a better education for Kentuckians. His record reflects these objectives, and from public works projects that provide flood control and clean drinking water, to business and tourism development projects to create jobs, to job training and education programs, his record reflects a sustained focus. Rogers has been the founder of numerous organizations that serve these policy objectives including the Southern Kentucky Economic Development Corporation;^[6] the Southern Kentucky Agricultural Development Association; the Southern and Eastern Kentucky Tourism Development Association; Unlawful Narcotics Investigations, Treatment & Education - UNITE;^[7] and The Center for Rural Development.^[8] Rogers first such organization was Forward in the Fifth, which promotes better education, and Rogers efforts through Forward in the Fifth brought national attention to his district which at the time had the worst education attainment in the U.S.^[9] Through SKED, Rogers has been instrumental in the creation of 10,000 jobs in southern and eastern Kentucky.

In 2001, the City of Williamsburg, Kentucky named their new water park and miniature golf facility the Hal Rogers Family Entertainment Center as a "thank-you for all of the federal money he has brought back to Whitley County, the City of Williamsburg, and the other 40 counties he represents."^[10]

In 2003, Daniel Boone Parkway, a part of the Kentucky system of toll roads, was renamed Hal Rogers Parkway (over the objection of some historians) in honor of Rogers efforts to have the parkway's construction bonds paid by the federal government. This action resulted in the ending of toll collection, as required by Kentucky law when a parkway's construction bonds are paid off by toll collections or other means. The highway runs through Rogers' district, and is scheduled to become part of an expanded Interstate 66.

In January 2003, Rogers' colleagues selected him to be the first chairman of the Subcommittee on Homeland Security, which is responsible for funding and oversight of the Department of Homeland Security (DHS). The Department is the third-largest cabinet agency behind the Departments of Defense and Veterans Affairs and is home to more than 180,000 employees. Security-related entities such as the Transportation Security Administration, Federal Emergency Management Service, Customs and Border Protection, Immigration and Customs Enforcement, Secret Service, and Coast Guard fall under the DHS umbrella.

In May 2001, Kentuckians for Better Transportation Chairman Hugh Gabbard hosted an event to recognize and “celebrate Hal Rogers’ two decades of outstanding leadership and distinguished service on behalf of the citizens of his district, Kentucky and the nation. …Rogers is a leader who understands the importance of transportation. He understands that our national security and future growth depend upon the transportation system.” Noting Rogers was first elected to Congress in 1980, Gabbard said, “Kentucky’s Senior Congressman has earned a reputation for getting things done. He has worked tirelessly on behalf of Kentucky’s Fifth Congressional District and Kentucky. His mission has always been the same: to bring jobs, better education, and more opportunities to Kentucky families. During Hal’s tenure on the House Appropriations Committee, he has actively supported programs that provide economic growth, better roads, protection from flooding, and more jobs.”^[11]

Similar praise for Rogers leadership in economic development comes from Appalachian Regional Manufacturing (ARM) president Linda McGinnis, whose facility employs over 100 people, "Representatives Bunning and Rogers have done their part in helping to keep jobs in an area that desperately needs it."^[12]

"I know of no one in the region who has done more to improve the quality of life in Southern and Southeastern Kentucky," said Charlene Harris, chair of the SCC board of directors at the naming of the Harold D. Rogers Student Commons Building at KCTCS Somerset campus.^[13]

Rogers has been widely criticized by both liberal and conservative pundits for his priorities when it comes to national security. National Review referred to Rogers as "a national disgrace"^[14] and Rolling Stone named him one of America's "Ten Worst Congressmen", calling him "Bin Laden's Best Friend" due to the fact that Rogers steered federal homeland security money away from large cities to his home district, which critics claim is one of the least likely terrorist targets in America because of its lack of any notable monuments or population centers.^[15] In 2007, Citizens for Responsibility and Ethics in Washington named Congressman Rogers to its list of the Most Corrupt Members of Congress.^[16]

On May 14, 2006, the New York Times reported that Rogers had used his legislative position as chairman of the House subcommittee that controls the Homeland Security budget to create "jobs in his home district and profits for companies that are donors to his political causes."^[17] The Lexington Herald-Leader in 2005 called Rogers the "Prince of Pork".^[18] The Times article reported that Rogers had inserted language ("existing government card issuance centers") into appropriations bills that effectively pushed the federal government into testing at a cost of $4 million older, inappropriate technology for a new fraud-resistant green card for permanent legal immigrants, at a production plant in Corbin, Kentucky, within Rogers' district. The study concluded that the smart card approach was far superior. The Times found that about $100,000 in contributions had come to Mr. Rogers from parties with at least some ties to the identification card effort.^[19]

In response to these critics, Rogers has stated, “It should surprise no one that this article from Rolling Stone regarding my activity in connection with the Transportation Worker Identity Card (TWIC) is grossly incorrect, and highly slanderous,” the congressman said. “A true and honest analysis would reveal that my sole interest in TWIC is simply to protect America's seaports, airports, and other transportation facilities from terrorist penetration. To purport that my actions have compromised national security in an effort to bring jobs to Kentucky or for personal gain is an absolute lie.”^[20]

On the House/Senate conference decision to bolster the Department of Commerce and support the Clinton Administration priorities, President Clinton remarked, “I commend the congressional leadership, Senator Ernest Hollings, Senator Pete Domenici, Congressman Neal Smith, and Congressman Harold Rogers, for their foresight and support in revitalizing this country through these programs. It is a dramatic step forward for the United States toward a solid economic future.”^[21]

Similar praise comes from former President George H.W. Bush, “I'm pleased to see these three distinguished Members of the Congress here. You may not remember this ancient history, but Hal Rogers was my Kentucky State chairman in my quest for the Presidency. And what a job that guy did, I'll tell you.”^[22]

Kentucky state biographer Amy Witherbee commented on Rogers service, “Rogers' multiple roles on the Appropriations Committee have honed his skills as a bipartisan negotiator, and his economically challenged district often prompts him to stray from hard-line conservative stances. Although voting with his party against raising environmental standards on sports utility vehicles and against a controversial amendment that would have prohibited oil drilling in the Arctic National Wildlife Refuge, Rogers has been the creator and leading proponent of large environmental protection and clean-up programs throughout the Appalachian region.”^[23]

“In addition, Rogers' reluctance to involve the federal government in local issues has not deterred him from supporting a multitude of economic development programs aimed at creating new job bases in economically disadvantaged areas, and particularly in Appalachia. In 1993, Rogers was one of only three Republicans to vote for then-President Bill Clinton's economic stimulus package. In March 2003, Rogers' ability to work through the bipartisan tangles of the Appropriations Committee won him the chairmanship on the subcommittee designated to control funding for the new Department of Homeland Security,” noted Witherbee.

Ready evidence is found on March 20, 2008, when the invitation to testify in support of environmental legislation by Democrat House Majority Leader Rep. Rocky Adkins,^[24] and, on the same day, a rare invitation to speak from the Senate floor was afforded by Republican Senate Majority Leader Senator David L. Williams of Cumberland County as part of the Senate’s unanimously passed bipartisan resolution honoring Rogers for his service.^[25]

Rogers called a bill to reduce funding for law enforcement "the result of this new Republican majority’s commitment to bring about real change in the way Washington spends the people’s money."^[26]

Committee assignments[link]

• Committee on Appropriations (Chairman)
  • As chair of the full committee, Rep. Rogers may sit as an ex officio member of all subcommittees

Caucus memberships[link]

• Congressional Coal Caucus
• Congressional Prescription Drug Abuse Caucus (Co-Chair)
• International Conservation Caucus
• Sportsmen's Caucus
• Tennessee Valley Authority Caucus
• House Republican Steering Committee

Personal life[link]

Rogers had three children with his wife, Shirley Rogers. She died of cancer in 1995. Rogers married the former Cynthia Doyle Stewart in May 1999. They were introduced in 1998 by former Tennessee Governor Don Sundquist, an old House colleague, and were married at the Tennessee governor's mansion.

Electoral history[link]

References[link]

1. ^ "A-5th Selects Rogers As Soldier of the Year" (PDF). The Kentucky Guardsman: p. 6. January 1961. http://kynghistory.ky.gov/NR/rdonlyres/6FC5400B-5907-483E-BAE2-E0D38772586E/0/kgjan61.pdf. 
2. ^ "KY Lt. Governor Race - Nov 06, 1979". Our Campaigns. http://www.ourcampaigns.com/RaceDetail.html?RaceID=364388. Retrieved 2012-03-08. 
3. ^ "KY District 5 - R Primary Race - May 27, 1980". Our Campaigns. http://www.ourcampaigns.com/RaceDetail.html?RaceID=371735. Retrieved 2012-03-08. 
4. ^ "KY District 5 Race - Nov 04, 1980". Our Campaigns. http://www.ourcampaigns.com/RaceDetail.html?RaceID=49548. Retrieved 2012-03-08. 
5. ^ "KY District 5 Race - Nov 03, 1992". Our Campaigns. http://www.ourcampaigns.com/RaceDetail.html?RaceID=27994. Retrieved 2012-03-08. 
6. ^ SKED - Southern Kentucky Economic Development Corporation
7. ^ UNITE Unlawful Narcotics Investigations, Treatment and Education
8. ^ The Center for Rural Development
9. ^ Forward In The Fifth
10. ^ Julie Hill, "Park History", Kentucky Splash website
11. ^ "Fly-In Celebrates Congressman Rogers’ Leadership" (PDF). Transportation News. Kentuckians for Better Transportation. June 8, 2001. http://www.kbtnet.org/uploads/tnews6_08c.pdf. 
12. ^ "More Grants Awarded by Commonwealth Ag Department". The Lane Report. Kentucky Business Online, LLC. December 1999. http://www.kybiz.com/archive/lanereport/departments/fast_lane/fastlane1299.html. 
13. ^ "SCC Student Commons dedicated, named for Harold Rogers". Somerset News-Journal. via Kentucky Community and Technical College System. May 13, 2004. http://www.kctcs.edu/todaysnews/2004/20040528.html. 
14. ^ "Hal Rogers: A Congressional Disgrace". CBS News. May 17, 2006. http://www.cbsnews.com/stories/2006/05/17/opinion/main1624835.shtml. 
15. ^ Dickinson, Time (October 17, 2006). "The 10 Worst Congressmen". Rolling Stone. Archived from the original on May 3, 2008. http://web.archive.org/web/20080503084434/http://www.rollingstone.com/politics/story/12054520/the_10_worst_congressmen/9. 
16. ^ Ronica Shannon. "McConnell, Rogers on ‘Most Corrupt’ list » Local News". The Richmond Register. http://richmondregister.com/localnews/x155232819/McConnell-Rogers-on-Most-Corrupt-list. Retrieved 2012-03-08. 
17. ^ Lipton, Eric (May 14, 2006). "In Kentucky Hills, a Homeland Security Bonanza". The New York Times. http://www.nytimes.com/2006/05/14/washington/14rogers.html. 
18. ^ Cheves, John (February 6, 2005). "Prince of Pork: Hal Rogers Hauls Home Tax Dollars By The Billions". Lexington Herald-Leader. 
19. ^ Lipton, Eric (May 14, 2006). "In Kentucky Hills, a Homeland Security Bonanza". The New York Times. http://www.nytimes.com/2006/05/14/washington/14rogers.html?ex=1305259200&en=dad1e84a10163acc&ei=5090&partner=rssuserland&emc=rss. 
20. ^ Neal, Jeff (November 1, 2006). "Rogers: Is he one of nation’s 10 worst congressmen?". Commonwealth Journal. 
21. ^ Clinton, William J (October 19, 1993). "Statement on Congressional Action on Department of Commerce Appropriations". The American Presidency Project. http://www.presidency.ucsb.edu/ws/?pid=47230. 
22. ^ Bush, George H. W. (May 13, 1989). "Remarks at a Fundraising Reception for Senator Mitch McConnell in Lexington, Kentucky". The American Presidency Project. http://www.presidency.ucsb.edu/ws/index.php?pid=17027. 
23. ^ Witherbee, Amy (2007). "Hal Rogers". Our States: Kentucky. http://connection.ebscohost.com/content/article/1033509831.html;jsessionid=7FEDA5785E9B1E9DB2B2EBA42AC7914B. 
24. ^ Alessi, Ryan (March 20, 2008). "GOP Congressman backs House Dems' stream bill". Pol Watchers. Archived from the original on March 25, 2008. http://web.archive.org/web/20080325053003/http://polwatchers.typepad.com/pol_watchers/2008/03/gop-congressman.html. 
25. ^ "Kentucky Senate honors Congressman Rogers". KYPolitics.org. March 20, 2008. Archived from the original on May 8, 2008. http://web.archive.org/web/20080508020342/http://www.kypolitics.org/kypolitics/hal_rogers/index.html. 
26. ^ Faler, Brian. "Law Enforcement, Environment Funds Cut in Budget Deal." Bloomberg, 12 April 2011.
27. ^ "Office of the House Clerk – Electoral Statistics". Clerk of the United States House of Representatives. http://clerk.house.gov/member_info/electionInfo/index.html. 
28. ^ "Election Results". Federal Election Commission. http://www.fec.gov/pubrec/electionresults.shtml. 

External links[link]

• U.S. Congressman Hal Rogers official U.S. House site
• Harold Rogers on Facebook, official campaign site
• Biography at WhoRunsGov.com at The Washington Post
• Biography at the Biographical Directory of the United States Congress
• Voting record maintained by The Washington Post
• Biography, voting record, and interest group ratings at Project Vote Smart
• Congressional profile at GovTrack
• Congressional profile at OpenCongress
• Issue positions and quotes at On the Issues
• Financial information at OpenSecrets.org
• Staff salaries, trips and personal finance at LegiStorm.com
• Campaign finance reports and data at the Federal Election Commission
• Appearances on C-SPAN programs
• Biography at Our States: Kentucky, 2007

v t e Chairmen of the United States House Committee on Appropriations Stevens Washburne Dawes Garfield Randall Holman Atkins Hiscock Randall J. Cannon Holman Sayers J. Cannon Hemenway Tawney Fitzgerald Sherley Good Madden Anthony Wood Byrns Buchanan Taylor C. Cannon Taber C. Cannon Taber C. Cannon Mahon Whitten Natcher Obey Livingston Young Lewis Obey Rogers

Adam Smith

Born	16 June 1723 Kirkcaldy, Scotland
Died	17 July 1790(1790-07-17) (aged 67) Edinburgh, Scotland
Region	Western philosophy
School	Classical economics
Main interests	Political philosophy, ethics, economics
Notable ideas	Classical economics, modern free market, division of labour, the "invisible hand"
Influenced by Aristotle · Butler · Cantillon  · Chydenius · Hobbes · Hume · Hutcheson · Locke · Mandeville · Petty · Quesnay
Influenced Belgrano · Comte · Darwin · Engels · Friedman · Hayek · Hegel · Jevons · Keynes · Malthus · Chomsky  · Marx  · Menger  · Mill · Rand · Ricardo · Semyon Desnitsky · US Founding Fathers  · C.D.F. Reventlow
Signature

Adam Smith (baptised 16 June 1723 – 17 July 1790 [OS: 5 June 1723 – 17 July 1790]) was a Scottish social philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment,^[1] Smith is the author of The Principles Which Lead and Direct Philosophical Enquiries, Illustrated by the History of Astronomy, prior to 1758, The Theory of Moral Sentiments, 1759, and An Inquiry into the Nature and Causes of the Wealth of Nations, 1776. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. It earned him an enormous reputation and would become one of the most influential works ever published. Smith is widely cited as the father of modern economics and capitalism and is still among the most influential thinkers in the field of economics today.^[2] In 2009, Smith was named among the 'Greatest Scots' of all time, in a vote run by Scottish television channel STV.^[3]

Smith studied social philosophy at the University of Glasgow and at Balliol College in the University of Oxford, where he was one of the first students to benefit from scholarships set up by his fellow Glaswegian John Snell. After graduating, he delivered a successful series of public lectures at Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith then returned home and spent the next ten years writing The Wealth of Nations, publishing it in 1776. He died in 1790 at the age of 67.

Biography[link]

Early life[link]

Smith was born to Margaret Douglas at Kirkcaldy, Fife, Scotland. His father, also named Adam Smith, was a lawyer, civil servant, and widower who married Margaret Douglas in 1720 and died two months after Smith was born.^[4] Although the exact date of Smith's birth is unknown, his baptism was recorded on 5 June 1723 at Kirkcaldy.^[5] Though few events in Smith's early childhood are known, Scottish journalist and Smith's biographer John Rae recorded that Smith was abducted by gypsies at the age of four and released when others went to rescue him.^{[N 1]} Smith was close to his mother, who likely encouraged him to pursue his scholarly ambitions.^[7] He attended the Burgh School of Kirkcaldy—characterised by Rae as "one of the best secondary schools of Scotland at that period"—from 1729 to 1737.^[6] While there, Smith studied Latin, mathematics, history, and writing.^[7]

A commemorative plaque for Smith is located in Smith's home town of Kirkcaldy.

Formal education[link]

Smith entered the University of Glasgow when he was fourteen and studied moral philosophy under Francis Hutcheson.^[7] Here, Smith developed his passion for liberty, reason, and free speech. In 1740, Smith was awarded the Snell exhibition and left to attend Balliol College, Oxford.^[8]

Smith considered the teaching at Glasgow far superior to that at Oxford, which he found intellectually stifling.^[9] In Book V, Chapter II of The Wealth of Nations, Smith wrote: "In the University of Oxford, the greater part of the public professors have, for these many years, given up altogether even the pretence of teaching." Smith is also reported to have complained to friends that Oxford officials once discovered him reading a copy of David Hume's Treatise on Human Nature, and they subsequently confiscated his book and punished him severely for reading it.^[6][10][11] According to William Robert Scott, "The Oxford of [Smith's] time gave little if any help towards what was to be his lifework."^[12] Nevertheless, Smith took the opportunity while at Oxford to teach himself several subjects by reading many books from the shelves of the large Oxford library.^[13] When Smith was not studying on his own, his time at Oxford was not a happy one, according to his letters.^[14] Near the end of his time at Oxford, Smith began suffering from shaking fits, probably the symptoms of a nervous breakdown.^[15] He left Oxford University in 1746, before his scholarship ended.^[15][16]

In Book V of The Wealth of Nations, Smith comments on the low quality of instruction and the meager intellectual activity at English universities, when compared to their Scottish counterparts. He attributes this both to the rich endowments of the colleges at Oxford and Cambridge, which made the income of professors independent of their ability to attract students, and to the fact that distinguished men of letters could make an even more comfortable living as ministers of the Church of England.^[11]

Smith's discontent at Oxford might be in part due to the absence of his beloved teacher in Glasgow, Francis Hutcheson. Hutcheson was well regarded as one of the most prominent lecturers at the University of Glasgow in his day and earned the approbation of students, colleagues, and even ordinary residents with the fervor and earnestness of his orations (which he sometimes opened to the public). His lectures endeavored not merely to teach philosophy but to make his students embody that philosophy in their lives, appropriately acquiring the epithet, the preacher of philosophy. Unlike Smith, Hutcheson was not a system builder; rather it was his magnetic personality and method of lecturing that so influenced his students and caused the greatest of those to reverentially refer to him as "the never to be forgotten Hutcheson"––a title that Smith in all his correspondence used to describe only two people, his good friend David Hume and influential mentor Francis Hutcheson.^[17]

Teaching career[link]

Smith began delivering public lectures in 1748 in University of Edinburgh, sponsored by the Philosophical Society of Edinburgh under the patronage of Lord Kames.^[18] His lecture topics included rhetoric and belles-lettres,^[19] and later the subject of "the progress of opulence". On this latter topic he first expounded his economic philosophy of "the obvious and simple system of natural liberty". While Smith was not adept at public speaking, his lectures met with success.^[20]

David Hume was a friend and contemporary of Smith.

In 1750, he met the philosopher David Hume, who was his senior by more than a decade. In their writings covering history, politics, philosophy, economics, and religion, Smith and Hume shared closer intellectual and personal bonds than with other important figures of the Scottish Enlightenment.^[21]

In 1751, Smith earned a professorship at Glasgow University teaching logic courses, and in 1752 Smith was elected a member of the Philosophical Society of Edinburgh, having been introduced to the society by Lord Kames. When the head of Moral Philosophy died the next year, Smith took over the position.^[20] He worked as an academic for the next thirteen years, which he characterized as "by far the most useful and therefore by far the happiest and most honorable period [of his life]".^[22]

Smith published The Theory of Moral Sentiments in 1759, embodying some of his Glasgow lectures. This work was concerned with how human morality depends on sympathy between agent and spectator, or the individual and other members of society. Smith defined "sympathy" as the feeling of moral sentiments. He bases his explanation not on a special "moral sense", as the third Lord Shaftesbury and Hutcheson had done, nor on utility as Hume did, but on sympathy. Following the publication of The Theory of Moral Sentiments, Smith became so popular that many wealthy students left their schools in other countries to enroll at Glasgow to learn under Smith.^[23] After the publication of The Theory of Moral Sentiments, Smith began to give more attention to jurisprudence and economics in his lectures and less to his theories of morals.^[24] For example, Smith lectured that the cause of increase in national wealth is labor, rather than the nation's quantity of gold or silver, which is the basis for mercantilism, the economic theory that dominated Western European economic policies at the time.^[23]

François Quesnay, one of the leaders of the Physiocratic school of thought

In 1762, the University of Glasgow conferred on Smith the title of Doctor of Laws (LL.D.). At the end of 1763, he obtained an offer from Charles Townshend—who had been introduced to Smith by David Hume—to tutor his stepson, Henry Scott, the young Duke of Buccleuch. Smith then resigned from his professorship to take the tutoring position, and he subsequently attempted to return the fees he had collected from his students because he resigned in the middle of the term, but his students refused.^[25]

Tutoring and travels[link]

Smith's tutoring job entailed touring Europe with Scott, during which time he educated Scott on a variety of subjects – such as proper Polish.^[25] He was paid £300 per year (plus expenses) along with a £300 per year pension; roughly twice his former income as a teacher.^[25] Smith first travelled as a tutor to Toulouse, France, where he stayed for one and a half years.^[25] According to his own account, he found Toulouse to be somewhat boring, having written to Hume that he "had begun to write a book to pass away the time".^[25] After touring the south of France, the group moved to Geneva, where Smith met with the philosopher Voltaire.^[26]

From Geneva, the party moved to Paris. Here Smith came to know several great intellectual leaders of the time; invariably having an effect on his future works. This list included: Benjamin Franklin,^[27] Turgot, Jean D'Alembert, André Morellet, Helvétius and, notably, François Quesnay; head of the Physiocratic school.^[28] So impressed with his ideas^[29] Smith considered dedicating The Wealth of Nations to him – had Quesnay not died beforehand.^[30] Physiocrats were opposed to mercantilism, the dominating economic theory of the time. Illustrated in their motto Laissez faire et laissez passer, le monde va de lui même! (Let do and let pass, the world goes on by itself!). They were also known to have declared that only agricultural activity produced real wealth; merchants and industrialists (manufacturers) did not.^[27] This however, did not represent their true school of thought, but was a mere 'smoke screen' manufactured to hide their actual criticisms of the nobility and church; arguing that they made up the only real clients of merchants and manufacturers.^[31] The wealth of France was virtually destroyed by Louis XIV and Louis XV to ruinous wars,^[32] by aiding the American insurgents against the British, and perhaps most destructive (in terms of public perceptions) was what was seen as the excessive consumption of goods and services deemed to have no economic contribution – unproductive labour. Assuming that nobility and church are essentially detractors from economic growth, the feudal system of agriculture in France was the only sector important to maintain the wealth of the nation. Given that the English economy of the day yielded an income distribution that stood in contrast to that which existed in France, Smith concluded that the teachings and beliefs of Physiocrats were, "with all [their] imperfections [perhaps], the nearest approximation to the truth that has yet been published upon the subject of political economy".^[33] The distinction between productive versus unproductive labour – the physiocratic classe steril – was a predominant issue in the development and understanding of what would become classical economic theory.

Later years[link]

In 1766, Henry Scott's younger brother died in Paris, and Smith's tour as a tutor ended shortly thereafter.^[27] Smith returned home that year to Kirkcaldy, and he devoted much of the next ten years to his magnum opus.^[34] There he befriended Henry Moyes, a young blind man who showed precocious aptitude. As well as teaching Moyes, Smith secured the patronage of David Hume and Thomas Reid in the young man's education.^[35] In May 1773, Smith was elected fellow of the Royal Society of London,^[36] and was elected a member of the Literary Club in 1775.^[37] The Wealth of Nations was published in 1776 and was an instant success, selling out its first edition in only six months.^[38]

In 1778, Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother in Panmure House in Edinburgh's Canongate.^[39] Five years later, as a member of the Philosophical Society of Edinburgh when it received its royal charter, he automatically became one of the founding members of the Royal Society of Edinburgh,^[40] and from 1787 to 1789 he occupied the honorary position of Lord Rector of the University of Glasgow.^[41] He died in the northern wing of Panmure House in Edinburgh on 17 July 1790 after a painful illness and was buried in the Canongate Kirkyard.^[42] On his death bed, Smith expressed disappointment that he had not achieved more.^[43]

Smith's literary executors were two friends from the Scottish academic world: the physicist and chemist Joseph Black, and the pioneering geologist James Hutton.^[44] Smith left behind many notes and some unpublished material, but gave instructions to destroy anything that was not fit for publication.^[45] He mentioned an early unpublished History of Astronomy as probably suitable, and it duly appeared in 1795, along with other material such as Essays on Philosophical Subjects.^[44]

Smith's library went by his will to David Douglas, Lord Reston (son of his cousin Colonel Robert Douglas of Strathendry, Fife), who lived with Smith. It was eventually divided between his two surviving children, Cecilia Margaret (Mrs. Cunningham) and David Anne (Mrs. Bannerman). On the death of her husband, the Rev. W. B. Cunningham of Prestonpans in 1878, Mrs. Cunningham sold some of the books. The remainder passed to her son, Professor Robert Oliver Cunningham of Queen's College, Belfast, who presented a part to the library of Queen's College. After his death the remaining books were sold. On the death of Mrs. Bannerman in 1879 her portion of the library went intact to the New College (of the Free Church), Edinburgh.

Personality and beliefs[link]

Character[link]

Not much is known about Smith's personal views beyond what can be deduced from his published articles. His personal papers were destroyed after his death at his request.^[45] He never married,^[47] and seems to have maintained a close relationship with his mother, with whom he lived after his return from France and who died six years before his own death.^[48]

Smith, who is often described as a prototypical absent-minded professor,^[49] is considered by historians to have been an eccentric but benevolent intellectual, comically absent-minded, with peculiar habits of speech and gait, and a smile of "inexpressible benignity".^[50] He was known to talk to himself,^[43] a habit that began during his childhood when he would speak to himself and smile in rapt conversation with invisible companions.^[49] He also had occasional spells of imaginary illness,^[43] and he is reported to have had books and papers placed in tall stacks in his study.^[49]

Various anecdotes have discussed his absent-minded nature. In one story, Smith took Charles Townshend on a tour of a tanning factory, and while discussing free trade, Smith walked into a huge tanning pit from which he needed help to escape.^[51] Another episode records that he put bread and butter into a teapot, drank the concoction, and declared it to be the worst cup of tea he ever had. In another example, Smith went out walking and daydreaming in his nightgown and ended up 15 miles (24 km) outside town before nearby church bells brought him back to reality.^[49][51]

James Boswell who was a student of Smith's at Glasgow University, and later knew him at the Literary Club, says that Smith thought that speaking about his ideas in conversation might reduce the sale of his books, and so his conversation was unimpressive. According to Boswell, he once told Sir Joshua Reynolds that 'he made it a rule when in company never to talk of what he understood'.^[52]

Portrait of Smith by John Kay, 1790

Smith, who is reported to have been an odd-looking fellow, has been described as someone who "had a large nose, bulging eyes, a protruding lower lip, a nervous twitch, and a speech impediment".^[11] Smith is said to have acknowledged his looks at one point, saying, "I am a beau in nothing but my books."^[11] Smith rarely sat for portraits,^[53] so almost all depictions of him created during his lifetime were drawn from memory. The best-known portraits of Smith are the profile by James Tassie and two etchings by John Kay.^[54] The line engravings produced for the covers of 19th century reprints of The Wealth of Nations were based largely on Tassie's medallion.^[55]

Religious views[link]

There has been considerable scholarly debate about the nature of Smith's religious views. Smith's father had shown a strong interest in Christianity and belonged to the moderate wing of the Church of Scotland.^[56] The fact that he received the Snell Exhibition suggests that Smith may have gone to Oxford with the intention of pursuing a career in the Church of England. It is generally believed that at Oxford Smith rejected Christianity, retuning to Scotland a deist.^[57]

Economist Ronald Coase has challenged the view that Smith was a deist,^[58] stating that while Smith may have referred to the "Great Architect of the Universe" in his works, other scholars have "very much exaggerated the extent to which Adam Smith was committed to a belief in a personal God".^[59] He based this on his analysis of a passage in The Wealth of Nations where Smith writes that the curiosity of mankind about the "great phenomena of nature", such as "the generation, the life, growth and dissolution of plants and animals", has led men to "enquire into their causes", and that "[s]uperstition first attempted to satisfy this curiosity, by referring all those wonderful appearances to the immediate agency of the gods. Philosophy afterwards endeavoured to account for them, from more familiar causes, or from such as mankind were better acquainted with than the agency of the gods".^[60]

Smith was also a close friend and later the executor of David Hume, who was commonly characterized in his own time as an "atheist".^[61] Smith's written tributes to Hume, which stressed his courage in the face of death in spite his irreligiosity, attracted controversy.^[62]

Published works[link]

[edit] The Theory of Moral Sentiments

In 1759, Smith published his first work, The Theory of Moral Sentiments. He continued making extensive revisions to the book, up until his death.^{[N 2]} Although The Wealth of Nations is widely regarded as Smith's most influential work, it is believed that Smith himself considered The Theory of Moral Sentiments to be a superior work.^[64]

In the work, Smith critically examines the moral thinking of his time, and suggests that conscience arises from social relationships.^[65] His goal in writing the work was to explain the source of mankind's ability to form moral judgements, in spite of man's natural inclinations towards self-interest. Smith proposes a theory of sympathy, in which the act of observing others makes people aware of themselves and the morality of their own behavior.^[66]

Scholars have traditionally perceived a conflict between The Theory of Moral Sentiments and The Wealth of Nations; the former emphasizes sympathy for others, while the latter focuses on the role of self-interest.^[67] In recent years, however, some scholars^[68][69][70] of Smith's work have argued that no contradiction exists.^[71] They claim that in The Theory of Moral Sentiments, Smith develops a theory of psychology in which individuals seek the approval of the "impartial spectator" as a result of a natural desire to have outside observers sympathize with them. Rather than viewing The Wealth of Nations and The Theory of Moral Sentiments as presenting incompatible views of human nature, some Smith scholars regard the works as emphasizing different aspects of human nature that vary depending on the situation.

These views ignore that Smith's visit to France (1764–66) changed radically his former views and that The Wealth of Nations is an inhomogeneous convolute of his former lectures and of what Quesnay taught him.^[72] Before his voyage to France in The Theory of Moral Sentiments, Adam Smith refers to an "invisible hand" ("By preferring the support of domestic to that of foreign industry, [an individual] 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 eases, led by an invisible hand to promote an end which was no part of his intention.") ^[73] which ensures that the gluttony of the rich helps the poor, as the stomachs of rich are so limited that they have to spend their fortune on servants. After his visit to France, Smith considers in the Wealth of Nations (1776) the gluttony of the rich as unproductive labour. The micro-economical/psychological view in the tradition of Aristotle, Puffendorf and Hutcheson,^[74] Smith's teacher, – elements compatible with a neoclassical theory – changed to the macro-economical view of the classical theory Smith learned in France.^{[clarification needed]}

[edit] The Wealth of Nations

Later building on the site where Smith wrote The Wealth of Nations

There is a fundamental dissent between classical and neoclassical economists about the central message of Smith's most influential work: An Inquiry into the Nature and Causes of the Wealth of Nations. Neoclassical economists emphasise Smith's invisible hand,^[75] a concept mentioned in the middle of his work – book IV, chapter II – and classical economists believe that Smith stated his programme how to promote the "Wealth of Nations" in the first sentences.

Smith used the term "the invisible hand" in "History of Astronomy"^[76] referring to "the invisible hand of Jupiter" and twice – each time with a different meaning – the term "an invisible hand": in The Theory of Moral Sentiments^[77] (1759) and in The Wealth of Nations^[78] (1776). This last statement about "an invisible hand" has been interpreted as "the invisible hand" in numerous ways. It is therefore important to read the original:

As every individual, therefore, endeavours 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 eases, 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. I have never known much good done by those who affected to trade for the public good. [emphasis added].

Those who regard that statement as Smith's central message also quote frequently Smith's dictum:^[79]

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 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.

The first page of The Wealth of Nations, 1776 London edition

Smith's statement about the benefits of "an invisible hand" is certainly meant to answer Mandeville's contention that "Private Vices ... may be turned into Public Benefits".^[80] It shows Smith's belief that when an individual pursues his self-interest, he indirectly promotes the good of society. Self-interested competition in the free market, he argued, would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services. Nevertheless, he was wary of businessmen and warned of their "conspiracy against the public or in some other contrivance to raise prices."^[81] Again and again, Smith warned of the collusive nature of business interests, which may form cabals or monopolies, fixing the highest price "which can be squeezed out of the buyers".^[82] Smith also warned that a true laissez-faire economy would quickly become a conspiracy of businesses and industry against consumers, with the former scheming to influence politics and legislation. Smith states that the interest of manufacturers and merchants "...in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public...The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention."^[83]

The neoclassical interest in Smith's statement about "an invisible hand" originates in the possibility to see it as a precursor of neoclassical economics and its General Equilibrium concept. Samuelson's "Economics" refers 6 times to Smith's "invisible hand". To emphasize this relation, Samuelson^[84] quotes Smith's "invisible hand" statement putting "general interest" where Smith wrote "publick interest". Samuelson^[85] concluded: "Smith was unable to prove the essence of his invisible-hand doctrine. Indeed, until the 1940s no one knew how to prove, even to state properly, the kernel of truth in this proposition about perfectly competitive market." And it was then when neoclassical economics was revived in Chicago from oblivion and Samuelson entered the scene.

Very differently, classical economists see in Smith's first sentences his programme to promote "The Wealth of Nations". Taking up the physiocratical concept of the economy as a circular process means that to have growth the inputs of period2 must excel the inputs of period1. Therefore the outputs of period1 not used or usable as input of period2 are regarded as unproductive labour as they do not contribute to growth. This is what Smith had learned in France with Quesnay. To this French insight that unproductive labour should be pushed back to use more labor productively, Smith added his own proposal, that productive labor should be made even more productive by deepening the division of labor. Deepening the division of labor means under competition lower prices and thereby extended markets. Extended markets and increased production lead to a new step of reorganising production and inventing new ways of producing which again lower prices, etc., etc.. Smith's central message is therefore that under dynamic competition a growth machine secures "The Wealth of Nations". It predicted England's evolution as the workshop of the World, underselling all its competitors. The opening sentences of the "Wealth of Nations" summarize this policy:

The annual labor of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes ... . [T]his produce ... bears a greater or smaller proportion to the number of those who are to consume it ... .[B]ut this proportion must in every nation be regulated by two different circumstances;

• first, by the skill, dexterity, and judgment with which its labor is generally applied; and,
• secondly, by the proportion between the number of those who are employed in useful labour, and that of those who are not so employed [emphasis added].^[86]

Criticism and Dissent[link]

Prominent interpretation, as well as criticism, of Smith's views on the societal merits of unregulated labor management by the ruling class is expressed by Noam Chomsky as follows: "He's pre-capitalist, a figure of the Enlightenment. What we would call capitalism he despised. People read snippets of Adam Smith, the few phrases they teach in school. Everybody reads the first paragraph of The Wealth of Nations where he talks about how wonderful the division of labor is. But not many people get to the point hundreds of pages later, where he says that division of labor will destroy human beings and turn people into creatures as stupid and ignorant as it is possible for a human being to be. And therefore in any civilized society the government is going to have to take some measures to prevent division of labor from proceeding to its limits."^[87]

Other works[link]

Smith's burial place in Canongate Kirkyard

Shortly before his death, Smith had nearly all his manuscripts destroyed. In his last years, he seemed to have been planning two major treatises, one on the theory and history of law and one on the sciences and arts. The posthumously published Essays on Philosophical Subjects, a history of astronomy down to Smith's own era, plus some thoughts on ancient physics and metaphysics, probably contain parts of what would have been the latter treatise. Lectures on Jurisprudence were notes taken from Smith's early lectures, plus an early draft of The Wealth of Nations, published as part of the 1976 Glasgow Edition of the works and correspondence of Smith. Other works, including some published posthumously, include Lectures on Justice, Police, Revenue, and Arms (1763) (first published in 1896); and Essays on Philosophical Subjects (1795).^[88]

Legacy[link]

In economics and moral philosophy[link]

The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, Smith expounded how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirized by Tory writers in the moralizing tradition of Hogarth and Swift, as a discussion at the University of Winchester suggests.^[89] In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time.^[90] Former British Prime Minister Margaret Thatcher, it is said, used to carry a copy of the book in her handbag.^[91]

George Stigler attributes to Smith "the most important substantive proposition in all of economics." It is that, under competition, owners of resources (for example labor, land, and capital) will use them most profitably, resulting in an equal rate of return in equilibrium for all uses, adjusted for apparent differences arising from such factors as training, trust, hardship, and unemployment.^[92]

Paul Samuelson finds in Smith's pluralist use of supply and demand as applied to wages, rents, profit a valid and valuable anticipation of the general equilibrium modeling of Walras a century later. Smith's allowance for wage increases in the short and intermediate term from capital accumulation and invention added a realism missed later by Malthus, Ricardo, and Marx in their propounding a rigid subsistence-wage theory of labour supply.^[93]

On the other hand, Joseph Schumpeter dismissed Smith's contributions as unoriginal, saying "His very limitation made for success. Had he been more brilliant, he would not have been taken so seriously. Had he dug more deeply, had he unearthed more recondite truth, had he used more difficult and ingenious methods, he would not have been understood. But he had no such ambitions; in fact he disliked whatever went beyond plain common sense. He never moved above the heads of even the dullest readers. He led them on gently, encouraging them by trivialities and homely observations, making them feel comfortable all along."^[94]

Classical economists presented competing theories of those of Smith, termed the "labour theory of value". Later Marxian economics descending from classical economics also use Smith's labour theories, in part. The first volume of Karl Marx's major work, Capital, was published in German in 1867. In it, Marx focused on the labour theory of value and what he considered to be the exploitation of labour by capital.^[95][96] The labour theory of value held that the value of a thing was determined by the labor that went into its production. This contrasts with the modern understanding of mainstream economics, that the value of a thing is determined by what one is willing to give up to obtain the thing.

The Adam Smith Theatre in Kirkcaldy

The body of theory later termed "neoclassical economics" or "marginalism" formed from about 1870 to 1910. The term "economics" was popularized by such neoclassical economists as Alfred Marshall as a concise synonym for "economic science" and a substitute for the earlier, broader term "political economy" used by Smith.^[97][98] This corresponded to the influence on the subject of mathematical methods used in the natural sciences.^[99] Neoclassical economics systematized supply and demand as joint determinants of price and quantity in market equilibrium, affecting both the allocation of output and the distribution of income. It dispensed with the labour theory of value of which Smith was most famously identified with in classical economics, in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side.^[100]

The bicentennial anniversary of the publication of The Wealth of Nations was celebrated in 1976, resulting in increased interest for The Theory of Moral Sentiments and his other works throughout academia. After 1976, Smith was more likely to be represented as the author of both The Wealth of Nations and The Theory of Moral Sentiments, and thereby as the founder of a moral philosophy and the science of economics. His homo economicus or "economic man" was also more often represented as a moral person. Additionally,economists David Levy and Sandra Peart in "The Secret History of the Dismal Science" point to his opposition hierarchy, beliefs in inequality, including racial inequality, and provide additional support for those who point to Smith's opposition to slavery, colonialism, and empire.^[101] They show the caricatures of Smith drawn by the opponents of views on hierarchy and inequality in this online article.. Emphasized also are Smith's statements of the need for high wages for the poor,and the efforts to keep wages low. In The “Vanity of the Philosopher”: From Equality to Hierarchy in Postclassical Economics Peart and Levy also cite Smith's view that a common street porter was not intellectually inferior to a philosopher,^[102] and point to the need for greater appreciation of the public views in discussions of science and other subjects now considered to be technical. They also cite Smith's opposition to the often expressed view that science is superior to common sense.^[103]

Smith had a critical view on property, saying "Wherever there is great property, there is great inequality ... Civil government, so far as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all."^[104]

Portraits, monuments, and banknotes[link]

A statue of Smith in Edinburgh's High Street, built through private donations organised by the Adam Smith Institute.

Smith has been commemorated in the UK on banknotes printed by two different banks; his portrait has appeared since 1981 on the £50 notes issued by the Clydesdale Bank in Scotland,^[105][106] and in March 2007 Smith's image also appeared on the new series of £20 notes issued by the Bank of England, making him the first Scotsman to feature on an English banknote.^[107]

A large-scale memorial of Smith by Alexander Stoddart was unveiled on 4 July 2008 in Edinburgh. It is a 10 feet (3.0 m)-tall bronze sculpture and it stands above the Royal Mile outside St Giles' Cathedral in Parliament Square, near the Mercat cross.^[108] 20th century sculptor Jim Sanborn (best known for the Kryptos sculpture at the United States Central Intelligence Agency) has created multiple pieces which feature Smith's work. At Central Connecticut State University is Circulating Capital, a tall cylinder which features an extract from The Wealth of Nations on the lower half, and on the upper half, some of the same text but represented in binary code.^[109] At the University of North Carolina at Charlotte, outside the Belk College of Business Administration, is Adam Smith's Spinning Top.^[110][111] Another Smith sculpture is at Cleveland State University.^[112]

Residence[link]

His house on Panmure Close off the Canongate survived until 1889,^[113] but a nearby building of similar age adopted the stance of having been his house (in the same manner as John Knox's House) erecting a plaque c.1950 proclaiming itself as having been his residence. In reality Smith's residence was a far grander building than that remaining.

As a symbol of free market economics[link]

Adam Smith's Spinning Top, sculpture by Jim Sanborn at Cleveland State University

Smith has been celebrated by advocates of free market policies as the founder of free market economics, a view reflected in the naming of bodies such as the Adam Smith Institute in London, the Adam Smith Society^[114] and the Australian Adam Smith Club,^[115] and in terms such as the Adam Smith necktie.^[116]

Alan Greenspan argues that, while Smith did not coin the term laissez-faire, "it was left to Adam Smith to identify the more-general set of principles that brought conceptual clarity to the seeming chaos of market transactions". Greenspan continues that The Wealth of Nations was "one of the great achievements in human intellectual history".^[117] P. J. O'Rourke describes Smith as the "founder of free market economics".^[118]

However, other writers have argued that Smith's support for laissez-faire (which in French means leave alone) has been overstated. Herbert Stein wrote that the people who "wear an Adam Smith necktie" do it to "make a statement of their devotion to the idea of free markets and limited government", and that this misrepresents Smith's ideas. Stein writes that Smith "was not pure or doctrinaire about this idea. He viewed government intervention in the market with great skepticism ... yet he was prepared to accept or propose qualifications to that policy in the specific cases where he judged that their net effect would be beneficial and would not undermine the basically free character of the system. He did not wear the Adam Smith necktie." In Stein's reading, The Wealth of Nations could justify the Food and Drug Administration, the Consumer Product Safety Commission, mandatory employer health benefits, environmentalism, and "discriminatory taxation to deter improper or luxurious behavior".^[119]

Similarly, Vivienne Brown stated in The Economic Journal that in the 20th century United States, Reaganomics supporters, The Wall Street Journal, and other similar sources have spread among the general public a partial and misleading vision of Smith, portraying him as an "extreme dogmatic defender of laissez-faire capitalism and supply-side economics".^[120] In fact, The Wealth of Nations includes the following statement on the payment of taxes:

"The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state."^[121]

Moreover, in this passage Smith goes on to specify progressive, not flat, taxation:

"The rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion"^[122]

Smith even specifically named taxes that he thought should be required by the state among them luxury goods taxes and tax on rent. He believed that tax laws should be as transparent as possible and that each individual should pay a "certain amount, and not arbitrary," in addition to paying this tax at the time "most likely to be convenient for the contributor to pay it".^[121] Smith goes on to state that:

"Every tax, however, is, to the person who pays it, a badge, not of slavery, but of liberty."^[123]

Additionally, Smith outlined the proper expenses of the government in The Wealth of Nations, Book V, Ch. I. Included in his requirements of a government is to enforce contracts and provide justice system, grant patents and copy rights, provide public goods such as infrastructure, provide national defense and regulate banking. It was the role of the government to provide goods "of such a nature that the profit could never repay the expense to any individual" such as roads, bridges, canals, and harbours. He also encouraged invention and new ideas through his patent enforcement and support of infant industry monopolies. he supported public education and religious institutions as providing general benefit to the society. Finally he outlined how the government should support the dignity of the monarch or chief magistrate, such that they are equal or above the public in fashion. He even states that monarchs should be provided for in a greater fashion than magistrates of a republic because "we naturally expect more splendor in the court of a king than in the mansion-house of a doge."^[124] In addition, he was in favor of retaliatory tariffs and believed that they would eventually bring down the price of goods. He even stated in Wealth of Nations:

"The recovery of a great foreign market will generally more than compensate the transitory inconvenience of paying dearer during a short time for some sorts of goods."^[125]

Noam Chomsky has argued^{[N 3]} that several aspects of Smith's thought have been misrepresented and falsified by contemporary ideology, including Smith's reasons for supporting markets and Smith's views on corporations. Chomsky argues that Smith supported markets in the belief that they would lead to equality, and that Smith opposed wage labor and corporations.^[126] Economic historians such as Jacob Viner regard Smith as a strong advocate of free markets and limited government (what Smith called "natural liberty") but not as a dogmatic supporter of laissez-faire.^[127]

Economist Daniel Klein believes using the term "free market economics" or "free market economist" to identify the ideas of Smith is too general and slightly misleading. Klein offers six characteristics central to the identity of Smith's economic thought and argues that a new name is needed to give a more accurate depiction of the "Smithian" identity.^[128][129] Economist David Ricardo set straight some of the misunderstandings about Smith's thoughts on free market. Most people still fall victim to the thinking that Smith was a free market economist without exception, though he was not. Ricardo pointed out that Smith was in support of helping infant industries. Smith believed that the government should subsidise newly formed industry, but he did fear that when the infant industry grew into adulthood it would be unwilling to surrender the government help.^[130] Smith also supported tariffs on imported goods to counteract an internal tax on the same good. Smith also fell to pressure in supporting some tariffs in support for national defense.^[130] Some have also claimed, Emma Rothschild among them, that Smith supported a minimum wage.^[131]

See also[link]

• Political economy
• Organizational capital

Footnotes[link]

Notes[link]