One of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith.

Economics proves the existence of a harmony of the rational self-interests of all participants in the economic system—a harmony which permeates the institutions of private ownership of the means of production, economic inequality, and economic competition.

Capitalism is denounced as “an anarchy of production,” a chaos ruled by “exploiters,” “robber barons,” and “profiteers,” who “coldly,” “calculatingly,” “heartlessly,” and “greedily” consume the efforts and destroy the lives of the broad masses of average, innocent people.

The development of all the institutional features of capitalism is well illustrated by the economic history of the United States.

Economic progress is the leading manifestation of yet another major institutional feature of capitalism: the harmony of the rational self-interests of all men, in which the success of each promotes the well-being of all.

The existence of freedom under laissez-faire capitalism requires the existence of government.

The greatest era of capitalist development—the last two centuries—has taken place under the ongoing cultural influence of the philosophy of the Enlightenment.

Economics belongs alongside mathematics, natural science, history, philosophy, and the humanities as an integral part of a liberal education.

What makes the science of economics necessary and important is the fact that while human life and well-being depend on the production of wealth, and the production of wealth depends on the division of labor, the division of labor does not exist or function automatically.