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Historic
Truth Masters

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Historic Truth Masters

This section features people from the pages of history who are worthy of being considered genuine Truth Masters.

Adam Smith
(1723-1790)
Scottish philosopher and economist

Our first featured Historic Truth Master is Adam Smith. Adam Smith is best known for his work, "An Inquiry Into The Nature And Causes Of The Wealth Of Nations" which is more commonly known as "Wealth of Nations". This book has stimulated much thought since its publication. As the first work to describe capital formation and conditions conducive to effective markets and allocation of resources, this book does much to reveal that fundamental unchanging aspect of human nature:

Overall, people will be more productive and accomplish more, when they are able to personally enjoy the fruits of their labors.

This book has been used as justification for actions by the stereotypical industrialist capitalist with no morals and has been held up as the evil work leading to the "terrible lot of mankind in a capitalist economy" by the stereotypical Marxist ideologue.

Both of these extreme positions miss the point. Much less well known today is a previous work by Adam smith entitled, "The Theory of Moral Sentiments". This work, which analyzes the causes of human behavior and motivations, makes it clear that, to Adam Smith, proper ethical and moral behavior is a given background already assumed, when one enters into any economic system, such as Capitalism explained in "The Wealth of Nations".

Thus critics are making a false criticism when slamming capitalism, as the virtue or corruption that may be found is no more inherent in that system than in any other system. Yet, once initiated by a society that strives for virtue, the capitalist system is the one which best suits human nature long term and maximizes rewards to the individual and ultimately society as a whole. Other scenarios, such as a pure communist structure simply will not work. Humanity will not be motivated, long term, by a system where the efforts of the individual are not rewarded to the individual.