We are collaborating with Liberty Matters to commemorate the 250th anniversary of the publication of “An Inquiry into the Nature and Causes of the Wealth of Nations” through a series of six weekly essays.
In the fifth essay, Jacob T. Levy delves into one of Adam Smith’s famous claims in Book V of “Wealth of Nations”. Smith wrote, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things. All governments which thwart this natural course, which force things into another channel, or which endeavour to arrest the progress of society at a particular point, are unnatural, and to support themselves are obliged to be oppressive and tyrannical.”
This passage is popular in certain circles, not just for its mention of low taxes. It provides a reassuring notion about politics, suggesting that governing well is primarily about avoiding actions like going to war or raising taxes. For some modern economists who consider themselves the true intellectual successors of “Wealth of Nations,” the implication that political science is not overly complex may be seen as an added benefit.
:fill(black)/2026/04/08/69d63bb394d59098078077.jpg "Donald Trump announces a pause in the war")
