"It is especially necessary when the substantive issue at stake concerns the relationship of human flourishing to economic liberty—a relationship that was particularly well understood by Adam Smith, one of the modern world's most careful and insightful students of both public policy and political philosophy."The above quote was taken from an essay that was written about the famous Adam Smith. Smith was the kind of person who was in favor of economic freedom, thus meaning that he believed that the people of the community of should be able to take part in actions that affect the economy directly without the interference of the government. A great example of economic freedom would be the freedom of business. Entrepreneurs, or any individual, would have the right to create their own business and close their own business without the government breathing down their neck. A person who is unable to pay for a college tuition in order to pave the way towards a business degree would most likely be in favor of a policy such as freedom of business.
One major point that Smith tried to make was economic flourishing. He was a big fan of the word "flourishing". In his book The Wealth Of Nations, Smith uses it when addressing the issue of his want for "improvement in the circumstances of the lower ranks of the people"; however, not everyone agreed with that. Smith knew that there were some that believed higher wages would constitute laziness and that trying to make things better for the lower class would be an inconvenience, but he disagreed with those beliefs. His thoughts were that "what improves the circumstances of the greater part can never be regarded as an inconveniency to the whole" and that the people who are hard-working should "have such a share of the produce of their own labor as to be themselves tolerably well fed, clothed, and lodged". I think that his beliefs make sense in a way. On one hand, you could have one individual who works really hard, but they only earn $8 per hour. On the other hand, you could have someone who barely has to bend over to make money and they earn $60+ per hour. It seems like the hard-worker deserves more pay for their efforts, but just because the other person's job is easy does not mean that they should be paid less.
Smith went on to say that if the poorest and most poverty-stricken people are able to obtain goods with ease, then economic flourishing in doing its job. There was a quote in the memorial room of Franklin Delano Roosevelt that said, "The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little." Smith and FDR did not have much in common, but did agree on the belief that the state of the poor measures how much the economy is flourishing.
Adam Smith had another book, which was titled The Theory Of Moral Sentiments. Smith also had a desire for political flourishing, meaning he wished to see society prosper as a whole and not just see selected parts flourish. This makes it sound like Smith would like to see all of the classes join together rather that have an upper class, middle class, and a lower class. He explained how he compared a world of justice to a world of beneficence and how he believed that, in order for a society to be truly happy, it must be joined into " "one common center" by ties of "love and affection"" rather than simply joined together by a need for trading and making money. While a society that is bound together by more than just wealth sounds like a utopia for some, it would come with its fair share of challenges and Smith knew it. Being a realist, Adam Smith knew that "the ideal society" would be asking too much of everyone.
Smith was also very concerned with moral flourishing, or how an individual flourishes. He said,"How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others..." He said that, naturally, mankind has, or should have, a love for the community. In addition, Smith also said that mankind wants to live in a more organized society rather than a society full of confusion, which makes sense because I do not see anyone choosing a society in a state of chaos over a society in a state of mayhem.
In the essay I read about Adam Smith, it claimed that economic freedom was helping advance economic flourishing as well as reduce the amount of destitution. After reading the essay, it seems like economic freedom could perhaps be a critical part of human flourishing. I believe that, with economic freedom, humankind has the power to continue to thrive in more ways than one.
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