"Time and time again, Adam Smith has shown that free markets, free people, and deeper capital markets are all net positive for progress. He thought human beings would be more compassionate and would think there's not enough morality in how business leaders and individuals are thinking about inequality and the cost to society."
"We're in a moment where technology could usurp economics in the way that economics once usurped philosophy and religion, a world where rulers will rule based on technology and growth may come without jobs. I don't think a world where people are doing nothing is a world that people will feel satiated in an aspirational way."
"Countries where a surplus of young men without jobs has already heightened unrest, violence, addiction rates and illness demonstrate the social consequences of jobless growth and economic displacement."
On the 250th anniversary of The Wealth of Nations, economist Dambisa Moyo reflects on Adam Smith's enduring influence on free market economics and its foundational role in shaping the U.S. economy. Smith advocated for free markets, fair taxation, division of labor, and a state protecting economic conditions. Moyo emphasizes that Smith believed in compassion and morality in business, concerns she argues are lacking today. She warns that technology may increasingly replace economics as the dominant force shaping society, potentially creating jobless growth. This scenario poses significant social risks, as demonstrated by countries experiencing youth unemployment, which correlates with increased unrest, violence, addiction, and illness. Moyo expresses skepticism about a future where people lack meaningful work.
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