Written by Gail Farrelly

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Tuesday, 23 September 2008

image for Economist Adam Smith Visits U. S. Congress
Smith is still clueless about the creation of wealth

Adam Smith, dead since 1790, came back to earth recently to comment on the current crisis in financial markets.

In light of the present problems in the American economy, many now question Smith's famous economic doctrine of the "invisible hand" (that each participant, in maximizing his own good, magically maximizes the good of the whole economy). At a gathering of his American friends, Smith admitted, "It was all a bunch of hooey. A big fat joke." He shrugged and added, "How was I to know anyone would take me seriously?"

His story changed, however, when startled members of Congress found out about his resurrection. Called before Congress to defend himself, Smith told a different story. He was apologetic, saying, "So I made a mistake. I'm only human." He waved a stack of recent issues of The National Enquirer in their faces, and shouted, "Haven't you ever made a mistake?"

After the Congressional hearings, a worried Smith was heard asking friends, "Do you think I'll still be called the father of modern economics?" Then he headed off to the local Barnes and Noble bookstore, which was having a book signing and reception for him and his new book, The Wealth of Nations -- My Bad.

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The story above is a satire or parody. It is entirely fictitious.

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