Adam Smith, David Hume and the Physiocratic Crucible of Modern Economics
History holds the key to rescuing Western civilisation from economic collapse “I am beginning to write a book in order to pass the time.” — Adam Smith, in a letter to David Hume from Toulouse, 1764 Modern economics is a discipline in the grip of a sustained intellectual fraud. Its textbooks repeat assumptions that were discredited two centuries ago. Its institutions serve the interests of monopoly capital while invoking the names of thinkers who spent their lives fighting exactly that. And at the centre of this fraud sits the Adam Smith Institute, an organisation that has taken the name of the greatest economist who ever lived and turned it into a marketing device for everything he despised. This essay is a journey back to where it all began, to eighteenth-century Paris, to candlelit rooms in Versailles and the salons of the philosophes, where two Scotsmen named David Hume and Adam Smith encountered a circle of radical French thinkers and, between them, assembled the ...