The promotion of specialisation in the case of Smith to promote the market size and allow efficiencies was based on market signals that actually worked. Today they really don't work! Markets now operate with economies of scale that were unheard of in Smith's time. The idea of an Apple Inc within oligopolistic competition was not relevant as it is today. To say that Smith is relevant is not to have read economics but political commentary of idiot thinking. It's stinking thinking of the worst circular format and pretty stupid in my view.
As for Obama's economics within a Keynesian framework, we have again a hangover from the past. Obama is no more a Keynesian than Ronald Reagon was! Keynesian thinking revolved around effective demand. The idea that this can be achieved in the modern economy is repugnant. It can only come by turning the clock back at least one century. So why even talk about in in a world dominated by economies of scale and international location of large scale investment capital. James thinking is an outmoded time capsule and has no relevance in the modern economic reality.
What one sees is a sound policy of temporarily subsidising risk taking on the understanding that next time the subsidy won't be there.
George Bush had little idea that his policies were pushing America into bankruptcy. Nor do the narrow thinkers of the Western State Republicans, the subsidised industries. Conservatives preach one thing, which is smaller government, but they are first in line for tax reduction handouts and government grants and subsidies.
A modern day economy requires a large government sector capable of congruous improvement. Put that ethic into government and you have a winner. Put in the failed and outdated economic rhetoric of the Republican party and you have a recipe for another economic debacle. Ross Perot got America to wisen up to the need for government to continuously improve its services while eliminating the deficit. We are now regaling from subsidies going to inefficientvAmerican construction, mortgage, agricultural, banking, energy and transport industries.
Yes, by all means get rid of the subsidies, but please impose the ethic of continuous improvement and recognition of the negativevbig swing dynamics of an economy built on economies of scale from big industrial giants gobbling up smaller ones! Don't flood the economy with any more money as that will lead to inefficiency and a monster takeover cycle killing what population of small firms that do survive.
http://www.cantonrep.com/opinion/letters/x1107518254/Opposition-to-Obama-isn-t-racist-it-is-based-on-sound-economics
Ottawa and Bell are glued at the hip to crap our tadpoles, our sperm and our DNA! Maybe they will knowingly condemn people to a cancerous or hideous death through an 3g or 4g RF breaching of the blood brain barrier.
Join the many thousands by being better informed through reading daily news and journal articles to be discovered at http://woohs.blogspot.com .... Enjoy a series of regular sketches and photos by Woohs' ... RT and share a relatively safe way to sample critical and thought provoking writing about what's happening .... worldwide. Prepare to think differently about your world.
Read Devra Davis book entitled 'Disconnect'. It may save your life in the health mayhem to come. Question what Motorola technology and Apple innovations in smaller RF creating devices are doing or have done to threaten or risk your health.
Don't be a victim to what I call the 'acid reflux of the brain' as bad stuff from 4G and WIFI MAX invades your blood and succeeds in breaching the blood brain barrier just when cell membranes are relaxed by RF pollution. It may start in children as leukaemia, but that is not the whole story. Like peppermint to your oesophagus sphincter, RF energy can relax your microcells into disease causing situations and cause serious cancer.
Not music to your ears, but disharmony to the functioning of the electromagnetic physics of your cells, sperm, eggs and DNA. Continue your education. It might just save your life or those of children, family, and friends you support.
Read Frey a scientist who made startling discoveries of dangers in the 1970s, but who was suppressed by the US military and an industry that was convinced it could ride a long wave of profit taking before the public became aware of severe life threatening downsides, lag effects as is common in asbestos disease and smoking.
The WHO was hampered by the industry from revealing what science had discovered, but now the black cat is out of the bag. Help get everything onto the table for open discussion and discovery.