Abstract
While Smith understood the societal importance of the wealthy, he argued that increased productivity because of the division of labor should result in universal opulence, even for the poorest people. Workers should be well-paid; wealth should not be concentrated. Smith’s ideal has been undermined by Wall Street excess, monopolization of productivity gains by the wealthy, weak unions, and failed trickle-down policies. This has turned the American Dream into a mirage for increasing numbers of people because of reduced social mobility, homelessness, plus weakening of both the economy and democracy. And weakening democracy has a negative impact on happiness. Solutions might include adapting Danish “flexicurity” and strengthening the Earned Income Tax Credit. Equal opportunity would increase happiness for all.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Author information
Authors and Affiliations
Copyright information
© 2016 The Author(s)
About this chapter
Cite this chapter
Hill, J.E. (2016). Wealth for All. In: Adam Smith’s Equality and the Pursuit of Happiness. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-58412-0_4
Download citation
DOI: https://doi.org/10.1057/978-1-137-58412-0_4
Published:
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-137-59047-3
Online ISBN: 978-1-137-58412-0
eBook Packages: Political Science and International StudiesPolitical Science and International Studies (R0)