Welcome to my internet journal. I will be discussing the rationale for my artwork and providing work-in-progress details. I will also comment on current events and general thoughts.
Obama should read the Wealth of Nations
| 06 February, 2011 15:59
"If we make America the best place to do business, businesses should make their mark in America," Obama said in his weekly radio address. "They should set up shop here, and hire our workers, and pay decent wages and invest in the future of this nation. That's their obligation."
Barack Obama
Businesses have only one obligation and that is to make a profit for its' owners within the legal and moral constraints of society. The successful execution of that obligation will in and of itself benefit all. An observation described by Adam Smith over 200 years ago.
"By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it."
Adam Smith
It's a shame that the President doesn't understand or believe in the beneficial effect of a free market on the whole of society.



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