Was Adam Smith, the founder of modern economics, a libertarian, conservative, or radical democrat? Traditionally, free-market economists such as Milton Friedman, Ludwig von Mises, and Friedrich Hayek, have defended Smith as a great free-market economist, while Emma Rothschild, Gordon Brown, and yes, even Murray Rothbard, have demurred, suggesting that Smith was an interventionist who should not be considered a hero of free markets.
Recently I was invited to Hillsdale College for its annual Center for Constructive Alternatives conference on “Adam Smith, Free Markets and the Modern World.” The other speakers were P. J. O’Rourke, Nicholas Phillipson, James R. Otteson, Roy C. Smith, and John Steele Gordon. My lecture was entitled “The Centrality of Adam Smith’s Invisible Hand.” Click here to read the lecture and see how I come down on the debate on Adam Smith and how the debate influenced my work “The Making of Modern Economics.”
Click here to read the lecture “The Centrality of the Invisible Hand” by Mark Skousen