2009 New Year's Resolution: Get Back to Basics
In these difficult economic times, many people are emphasizing the personal approach, remembering which things are essential, which things are useful additions, and which things are optional for our daily living. A recession is a wake up call, a time to assess our responsibilities to ourselves, families, communities and countries. In the financial community, where our current woes are centered, I sure hope a review of the basics is underway. 233 years ago, Adam Smith published the first thorough economic analysis in An Inquiry Into the Nature and Causes of the Wealth of Nations. Our bankers and brokers should all go back to the things they learned from this book in Economics 101. Smith had insights into labor, banking, trade and national monetary policy that still have value. They should not be forgotten, since they are the earliest foundation on which modern complex theories of economics and market behavior are based.
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