The Study of Ethonomics

         The United States economy was formed after an 18th century Scottish philosopher, Adam Smith, published the book, “The Wealth of Nations" in 1776. Smith had previously attended the University of Glasgow at the age of 13 and attended Balliol College at Oxford University, where he studied European literature. He moved to France in 1763 to accept a position as a personal tutor to the stepson of Charles Townshend, an amateur economist, with significant familial influence. 

           In his book, Smith popularized many of the ideas that formed the basis for our current system. Years later other economists built on Smith's work to solidify classical economic theory, which became the foundation for the economic structure through the Great Depression, a time when scarcity thinking was in abundance.

            The objective was to create what would be deemed as a mixed economy. An economic system that would feature the character of both capitalism and socialism. The belief was that a mixed economic system could protect some private property and allow a level of economic freedom in the use of capital, but also allow for governments to intervene in economic activities in order to achieve social aims on behalf of public good. 

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              By studying the evidence and historical data over many decades, we can now definitively conclude the following: Firstly, those who have created significant wealth, did so by operating outside of the foundational principles set out by Smith and our current economic structure. Secondly, that the study of scarcity will never - and can never lead to a greater wealth position. This is true for the same reason that it is impossible to attain optimal health by exclusively focusing on disease and surrounding oneself with the infirm. Things are not brought into existence by focusing on their opposites.

                Today, Adam Smith is still considered the father of modern economics, and his system continues to operate and spread throughout the globe. This structure is a complex network of interactions that governs the production, distribution, and consumption of resources. While it has undoubtedly brought about some advancements and improvements in several aspects of society, it is not without significant flaws, namely that it perpetuates poverty and oppression.  The Prosperous Economy aims to provide an alternative economic perspective and structure in order to address these issues while still promoting abundance, success, and ethical thought.

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