Adam Smith, Father of Modern Economics

An All Right Magazine Exclusive Interview

ALL RIGHT MAGAZINE:  Dr. Bulter, you are the director of the Adam Smith Institute, a leading British economic think tank named for the Father of Economics, Adam Smith.  If Adam Smith were here today, observing the current economic situation in Britain and America, what would he say?

DR. EAMONN BUTLER: Probably “What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom.” Or, I guess, republic. In other words, households are doing the right thing by tightening their belts, reducing their costs, looking for new sources of income, and paying down debt. That’s how you get out of trouble when you have overspent and over borrowed. Our governments, by contrast, seem to think they can spend their way out of overspending and borrow their way out of debt. You don’t have to be the father of modern economics to know that.

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