In Adam Smith:
Father of Economics, author Jesse Norman looks at an
individual who is often considered one of the fathers of modern economic
thought. Smith’s life, theories, and the application of his beliefs to the
modern challenges that we face are the subject of Norman’s book, with the author
taking the protagonist position that Smith’s views are often used in error and
not thoroughly appreciated by his supporters, detractors, and by many in the
economic field.
Adam Smith is divided into three parts. Smith’s
life and energies devoted to his signature works are the subjects of the first part, with the
second devoted to the content that makes up the signature works and theories that Smith espoused. Last, Norman tackles Smith’s impact on
capitalism and how his belief system is critical in shaping the challenges
that modern capitalism faces today. Norman advocates the need for capitalist
reform through effective regulations and smarter government. He often cites
that supporters and detractors of Smith’s views do not fully understand and appreciate
Smith’s beliefs that economies work best when there is balance and equilibrium
in government and business. The author argues that Smith believes that the best
interests of the public can come apart “when markets cease to function well”,
citing 2008’s financial crisis and the increase in Western financial inequality as symptoms of that.
Norman pushes for a renewed introspection into
Smith’s words and beliefs and argues that society must rise to the challenges
that it faces, arguing for respectful debate in that process. Adam Smith is a respectful, decent look
at a man who has helped shape modern economics and modern capitalism. If past
is prologue, it may pay heed to turn our views back a bit and look at just what
Smith believed in as economic policy and philosophy continues to evolve. Norman
makes that his very valid central point in this effective book.
MY RATING - 4
