Tag Archives: Adam Smith


It is easy for conservatives to fall into a gloom and doom trap.  Patriotism, Christianity and even capitalism are openly and widely ridiculed and rebuked.  We see nations in Europe falling into insolvency brought on by unsustainable spending rates with the United States following suit.  We are a democracy and have chosen a man to lead us who doesn’t believe in us.  Mom, apple pie and the flag are no longer sacrosanct.

Are we really doomed?  Is decline inevitable?  Is the light shining on a hill going out?  Sometimes the signs of hope lie in the signs of failure.

Adam Smith in The Wealth of Nations argued that the collective wisdom of large masses of people over time far surpasses the intelligence of a few elites, no matter how astute the few may be.  In a free market society markets follow the collected wisdom of the people.  You buy the car you think is best.  You buy the clothes you like.  You shop at the stores that carry the goods you need at prices that represent fair value to you.  Those who offer real value succeed, those who don’t, fail.

It is no different with the media.  Whether it is time or money you are spending, you spend it where there is value.  The New York Times is failing fast.  The Times is selling assets left and right just to stay afloat.  The newspaper industry is a troubled one but given its history and prestige the Times should not be in the trouble it is.  But their content has become shoddy and biased beyond all reason.  John Hinderaker at the Power Line blog says “The Times is the newspaper equivalent of MSNBC.”  I have had the same thought myself.  MSNBC has but a fraction of the audience of FOX.  The people are free to choose.  As long as a majority see little value in the tripe put out by outlets selling the ideology of the uncompromising left, their failure is a sign of hope.

But I don’t wish them failure.  I wish them wisdom.