“Very difficult, perhaps altogether impossible”: Smith’s political science at Econlib

We are excited to announce our collaboration with Liberty Matters as we commemorate the 250th anniversary of the publication of An Inquiry into the Nature and Causes of the Wealth of Nations with a series of six weekly essays.

In the latest installment, Jacob T. Levy delves into one of Adam Smith’s most renowned assertions in Book V of Wealth of Nations. Levy examines the following excerpt from Smith’s work:

“Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things. All governments which thwart this natural course, which force things into another channel, or which endeavour to arrest the progress of society at a particular point, are unnatural, and to support themselves are obliged to be oppressive and tyrannical.”

This quote, often attributed to Smith by Dugald Stewart after his death, holds significance for various reasons, including its advocacy for minimal taxation. It provides a sense of reassurance regarding politics, suggesting that governing effectively primarily involves refraining from certain actions such as avoiding conflicts and keeping taxes low. For modern economists who align themselves with Smith’s principles, the notion that political science may not be as complex as perceived could be an additional appeal.

Overall, this excerpt from Adam Smith’s work continues to resonate with many, offering insights into governance and societal progress that remain relevant today. Join us as we delve deeper into the enduring wisdom of Wealth of Nations in our ongoing series of essays.