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To: meadsjn
Adam Smith wrote the book.

The founding fathers rejected every tenant of Adam Smith's BS theory. Thank God.

In 1913 we went back to Smith and Keynes and now look. We are in ruins.

29 posted on 05/20/2016 10:34:45 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: central_va
The founding fathers rejected every tenant of Adam Smith's BS theory. Thank God.

Not so. Adam Smith and Keynes are direct opposites in economic theory.

Smith's Wealth of Nations has been the foundation of real free market economic principles for this nation from its founding, and for others that have followed our lead. McKinley, Coolidge, Reagan, and soon Trump, are the only Republican presidents of the past 120 years to favor Adam Smith's economic model of free market capitalism. Smith advocated minimal government intervention in the internal economy (which our founders implemented). Smith identified four essential government functions in a free market economy, which our founders implemented. None of the economic chaos we've seen in our lives is due to Adam Smith's recommendations. It is due to Keynes and Ricardo.

Keynes, the darling of the left, advocated massive government spending (FDR type) and massive taxes (also FDR style) to keep the economy dragging along, and to keep the people in line.

The Republican progressives (Hoover types and modern neo-cons) adopted a Ricardo model, a proven failure in the UK and Europe, and now a proven failure in the USA. Ike didn't have much of an economic policy, with his policies being driven mostly by the needs of post-war reconstruction.

33 posted on 05/20/2016 11:19:28 AM PDT by meadsjn
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