Bringing Adam Smith Into The American Home

Get ready to have everything you’ve ever believed about housing and homeownership challenged. In Bringing Adam Smith into the American Home, authors Jack Ryan and John Tamny make a powerful case that the purchase of a home slows wealth attainment—rendering owners immobile in ways that further restrain their wealth chances—and that the act of homeownership deprives owners of the time and ability to do what they do best, which further dampens individual economic achievement. Thanks to the residential real estate pricing cartel, homeownership has become so costly that it has erected wildly expensive barriers to the very mobility that powers so much individual prosperity. As the cartel prospers, homebuyers and sellers alike suffer its rigidity. Ryan and Tamny call for the evisceration of realtor commissions—the only price in all of capitalism that has not come down even a little over the decades despite capitalism’s brilliant track record of bringing down the price of everything. Ryan, owner of a national residential realty business, recognizes that the very commissions realtors cling to are paradoxically harming them, all the while discreetly but powerfully shrinking prosperity for everyone else. In a book chock-full of insights from Adam Smith, author of the greatest economics book ever written, Ryan and Tamny make their highly original argument available for all as they reveal the truth about the housing market and homeownership.

Adam Smith was a Scottish professor of moral philosophy. He published his classic The Wealth of Nations in 1776, the year the American Revolution began. Smith became widely known for his ideas of free markets, laissez-faire commerce, and the "invisible hand." Yet English politicians, landed gentry, and the nobility paid little attention and enacted none of Smith's suggested reforms. The American colonies, however, began their existence as an independent nation in 1781 with no money, no industry, no banks, and deep in debt. The Founding Fathers-particularly Alexander Hamilton, James Madison, and Benjamin Franklin-turned to the ideas of Adam Smith to create and jump-start an economic system for America with both immediate and long-sustained results. This little-known but vital part of U.S. history is now revealed in Roy C. Smith's highly readable new book.

Smith's THE WEALTH OF NATIONS was the first comprehensive treatment of political economy. Originally delivered in the form of lectures at Glasgow, the book's publication in 1776 co-incided with America's Declaration of Independence. These volumes include Smith's assessment of the mercantile system, his advocacy of the freedom of commerce and industry, and his famous prophecy that "America will be one of the foremost nations of the world".

This book demonstrates that because the United States is enmeshed in a complexity of regulations, government debt, bureaucracy, and taxes does not mean that these policies cannot be reversed. They have been before. Rabushka describes an earlier reversal of mercantilist claims by a growing group of influential politicians influenced by Adam Smith's The Wealth of Nations. It is Rabushka's contention that Adam Smith's principles of sound money, taxes, minimal governmental regulation, and free trade have led to prosperity.

Adam Smith, author of The Wealth of Nations, was no dry pedant. His lectures and writings are alive with examples taken from the busy eighteenth-century world around him, and Edmund Burke praised his literary style as "rather painting than writing." It was Adam Smith who taught moral philosophy and literary criticism to Boswell at the University of Glasgow, and in Smith's works we follow his interests from political history to law, sociology, economic and social history, philosophy, and English literature. E. G. West brings to life Adam Smith's first years in the bustling Scottish seaport of Kirkcaldy (and recounts Smith's brief kidnapping, as a baby, by gypsies). We follow young Smith as a student, watch his thought develop as Professor of Moral Philosophy at Glasgow, and enjoy with him the hospitality of David Hume, the Parisian literary salons, Johnson, Burke, Gibbon, and other giants of the era. West gives us a masterful summary of The Wealth of Nations. Even more significant, West restores to eminence an earlier work of Smith's, The Theory of Moral Sentiments. "If The Wealth of Nations had never been written," he asserts, "this previous work would have earned for him a prominent place in intellectual history." West takes particular delight in using The Theory of Moral Sentiments to rebut Marx's assumptions about laissez-faire capitalism. E. G. West was educated at the University College of Exeter, graduating in economics in 1948. He has taught at several British colleges and at Carleton University in Ottawa, and has been a visiting research scholar at the University of Chicago and the University of California at Berkeley and a visiting professor at the Center for Study of Public Choice, Virginia Polytechnic Institute and State University. Dr. West authored several books including Education and the State and Education and the Industrial Revolution. His articles have appeared in numerous periodicals and scholarly journals.

Adam Smith (1723-1790) is perceived, through his best-known book, An Inquiry into the Nature and Causes of the Wealth of Nations, as the founder of economics as a science. His thought has shaped modern ideas about the market economy and the role of the state in relation to it. Yet Smith needs to be recognized as more than this, as a man of letters, moralist, historian, and critic, as well as an economist, if we are to get full value for his ideas and perspectives in contemporary applications. Ian Simpson Ross is the biographer of Lord Kames, Smith's patron, and of the Scottish poet William Dunbar, and has edited, with E C Mossner, Smith's correspondence for the Glasgow edition of his works. In this, the first full-scale biography of Adam Smith for a hundred years, Ross brings his subject in to historical light as a thinker and author by examining his family circumstance, education, career, and social and intellectual circle, including David Hume and Francois Quesnay, revealed through his correspondence, archival documents, the reports of contemporaries, and the record of his publications. Readers will meet Smith as a student at a lively Glasgow and sleepy Oxford; freelance lecturer in rhetoric; innovative university teacher; tutor travelling abroad with a Duke; acclaimed political economist; policy advisor to governments during and after the American crisis; and finally, if paradoxically in view of his tenets, a Commissioner of Customs coping with the free traders in the smuggling business. This is the life of a Scottish moral philosopher whose legacy of thought concerns and affects us all. Its lively and informed account will appeal to those interested in the social and intellectual milieu of the eighteenth century, and in scottish history. Economists and philosophers will find much to read about the history of their disciplines, supported by full documentation.

'In part one, the attempt has been made to reconstruct and interpret the Wealth of nations.'