This Day in History: Adam Smith's The Wealth of Nations was published on this day in 1776. This book taught the world the beauty of self-interest. "It is not from the benevolence of the Butcher, the Brewer or the Baker that we expect our dinner, but from their regard to their own interest." When wealth is created, it is done by fulfilling a need that at the same time makes society better. When the wealthy Walton family opens a store in the neighborhood, they intend to make money. Because of this act food prices drop 15 percent which then helps the poor. Most wealth is actually active business assets. It's the value of the assets that are actively producing and employing people in production.
I hear young people talk about "unchecked wealth" with words like "every billionaire is a policy failure." There have been many countries that didn't have wealthy citizens...you don't want to live there. Some want to adopt a wealth tax. Almost all "European countries that adopted a wealth tax have since repealed it, citing low revenues, high administration costs, burdensome effects on entrepreneurship, and capital flight." ~
Christian Britschgi
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