adam smith's then and has it grown in value and importance over the years? >> interesting, it had very little impact on the united states. alexander hamilton said the idea that markets can run themselves is one of those paradoxical notions that has grown in strength during the revolution. he absolutely had nothing to do with it. but it was important in england. and it moves into early 19th century to become the basis of economic thought. and then economics changes in the end of the 19th century, and you no longer have a labor theory of values. they have a theory that value comes from demand. what we will pay when we are just about satisfied with an object. anyway, so adam smith has not been important in modern economic theory, except as sort of a godfather and as a totem, as a symbol, as a name with resonance. so, i would say he's still important, and i'm sure he's taught in most economics classes. >> the second on the list is thomas payne's "common sense." another brick. >> another brick. well, you know, he was another american immigrant, too. because he th

of course, adam smith is the one who had the idea of the invisible hand. he said, you know, it's not through benevolence that we get bread and beer from the brewer and the baker, it's from their own self-interest in competing to produce a good product at a lower price and we benefit. and that's been kind of the linchpin of capitalism ever since, yes, they had this competition, but there's this invisible hand that makes that competition work for us. manufacturers never had dinner together but what they set the price of wages. very ironic way. at a time in which workers if they had tried to conspire to have an association, they'd be sent right off to jail. he's no dummy. he knows what's going on in this world. i guess i got interested in the subject through adam submit. >> when did you read "wealth of nations" first? >> i read "wealth of nations" i guess early in graduate school. i probably read extracts in college, because i did take some economics courses. but i was a graduate student, i would have been in my early 30s. >> did you have to go back and read

adam smith wrote wealth of nations in response to the events in britain. he's a. what was going on over there, and the big corporations, joint stock companies, that's a company that big guys were married to the government. the government was sending the military around the world to protect resources and they were off shooting via and taking care of problems in the colonies to protect it for big business. and those two entities were married. and what it did was surprised to eliminate it for broad economic opportunities that adam smith actually sat with boost and nations production and resources and laughing as. and though, in his book, he talks about how do we expand that opportunity for everyone and headline big warnings. watch out for the concentration of wealth and power into a small, elite class because that in fact is as destructive of capitalism as an overbearing tyrannical government. he calls -- i'll use the term corporations, but he called the big corporations unaccountable sovereign. and my conversation here is not class warfare. it does not denounce corp

many people at a gop debate think adam smith should be present. [laughter] off florida native, a political reporter at the miami herald for many years. but senator santorum, i did not get you in on the iran round. you have talked about this a lot. you have said, taking out iran's nuclear program. the problem is that so many in the military telesis the target list. where do you limit it? the air strikes that some estimates would begin at 30-60 days sustain, taking out air defenses, all of that familiar language that the american people have just been through for a decade. >> the contrast is what happens if iran gets a nuclear weapon and the entire world changes. iran is not just another country or a little small country as president obama classically said during the campaign. iran -- obama's iran policy has been a classic the year. he is not been true to the american people about the threat iran poses to the world, not just israel, but the world and the united states. the theocracy their runs iran is the equivalent of having al qaeda in charge of t

so i went back to adam smith, wealth of nations. interesting published in 1776 right along with the declaration of independence. and i thought i want to go back to the principles of capitalism because my gut is telling me that has gotten really skewed in this country. and that may be part of the big problem we are having with creating jobs, with expanding economic opportunity, and with the growing disparity between the well-to-do and even the middle class, and certainly the poor in this country. and in reviewing him, it was like a lightbulb coming up. it was adam smith wrote wealth of nations in response to the events in britain, he was british. i was going on over there, the big corporations, the dutch in the cup because of the customary to government. the government was in the military around the world to protect resources, they were off to india or taking care of problems in the colony to protect it for big business. and those two entities were married, and what it did was suppressed or eliminated the broad economic opportunity t

discuss who has the best chance at florida's 29 electoral votes in november, john heilemann and adam smith tampa bay times." adam, to what's happening in florida, as it stands today with that 49% to 41% obama lead and florida with still a very high unemployment rate, 9.9%, what does the president have to do to hold onto that kind of lead going into november? >> well, we had a poll out with "the miami herald" that showed romney up a few points. this is going to be a tough race. obama can win the electoral votes. but it's not going to be easy. >> john, to go back to what we were talking about before, how the republican primary campaign is not helping whoever the republican nominee is in florida, this is that moment where the romney campaign could start to get a much more solid footing for november. but they're just not going to get that opportunity this time around. >> yeah, i think -- they've unfortunately ended up with a challenge in newt gingrich here that ended up being much stiffer than they expected. the romney campaign had planned for a long time on the possibility of losing south car

(aplausos). >>> de vauelta esta noche desde k tam tampa, adams smith. >>> seÑor santorum 2005 la floridaicial fuera correcto y lo harÍa nuevamente. >>> la instrucciÓn de no resucitar cree que es inmoral. >>> no, no creo que sea inmoral es una decisiÓn que las personas deben poder tomar y yo ap wle la legislaciÓn en el pasado. >>> portavoz gingrich tribunales han dicta minado cuÁl es su posiciÓn. >>> bueno, yo creo que nos esforzamos mucho con la gente que es asesino, ellos tienen derecho a apelaciones y hemos escuchado de alguien que estaba en coma y por su parte su esposo decÍa que debia morir y sus padres que debÍa vivir y creo que, yo estoy cerca de la vida y creo que si fuera un criminal bajo pena capital funcionaria automÁtica en ciertas circunstancias los derechos como estadounidense deberÍan ser escuchado y permitir que las personas mueran y no tiene nada que ver que alguien como ciudadano decida que pasarÁ despuÉs de su vida algo apropiado y depende de los valores que cada quien tenga. >>> con ggresista paul usted co mÉdico que piensa usted. >>> lo encuentro desafortunado e inusu

transform the system what i would hope for is that you know everyone would start actually reading adam smith. you know you have on the one hand these these free marketers you know sort of quote unquote fundamentalists who who have this imagination of what smith was about and who want this unfettered global capitalism which clearly has produced an incredible amount of wealth and growth but at incredible cost to most of the people on the planet and what we what we really need is a kind of capitalism which is again much more localized which is what smith was always talking about not the not monopolistic where the cost of production are internalized to the products and not externalized on society where corporations make their profits but society as a whole has to pay the price of what is what we've seen with these banking crises and what this is going to take however is a lot of honesty it takes governments and people and corporate elites looking at each other in the face and having a conversation what do we want what matters most is it just the unfettered acquisition of more and more wealth no

one thing, even the founder of capitalism -- adam smith -- touted -- [tone] as the free enterprise man, said "no civilization should allow the poor is to go without the basics of food, -- poorest to go without the basics of food, clothing, and shelter." i am here to do whatever i can to help, along with these people, right now. [applause] >> [speaking foreign language] >> hello, my name is juan. >> [speaking foreign language] >> i speak for all of my family. >> [speaking foreign language] >> under the condition -- >> [speaking foreign language] >> that we are homeless right now. >> [speaking foreign language] >> we live in a shelter. let's [speaking foreign language] >> but it is temporary. >> [speaking foreign language] >> because they closed next year, i do not know what will happen with my family. >> [speaking foreign language] >> we are all here to ask for your support. >> and we ask for a mayor -- a meeting with the mayor as soon as possible. we need a solution to this problem. >> [speaking foreign language] supervisor avalos: gracias. next speaker, please. [applause] >> my name i

read mansion and adam smith and my dismissal of him. but i am a great admirer. if you go back to the original text, you will find rebuttals to the popular portrayal of the invisible hand mechanism that they never thought it was the last word on this subject and the free marketeers say get government out of the way tin of by market forces and smith did not believe that. and often to get good results behavior by individuals the entreprenuership is not as trying to make life better for consumers the most of the time trying to steal business and that it succeeds in the short run if he has a good idea but the dynamic that unfolds is what the predecessors did not see clearly everybody rushes to restore their market share and competition and drives the price down to the new lower-cost and when the dust settles the beneficiaries are the consumers, not those introduced the innovations and that consumers get better products which is a steady advance over time. it is a great story. i bemoan the fact they graduate from college not understanding what an incredibly rich miles

when adam smith wrote wealth of nations, he had the mafia in mind. lace aye [bleep] faire. >> amazingly bureaucrats like former mob prosecutor want to stand in the way of lasissez [bleep] faire economic. >> it is a per version of capitalism because it involves bid-rigging, corruption, bribery, extortion. >> the mafia is supply and demand. they need more supply. they demand it, you give it to them. >> come on-- the mob demands tribute. and if you don't pay the mob tax you get your legs broken. >> reporter: that is a misunderstanding of a successful business model wall street can learn from. >> when the recession hit, mafia wasn't looking for bailout money. >> reporter: you didn't pay your bets, you got a baseball bat in the face. >> at the worst. >> the mob is weaker today because of rico and that's a good thing. >> i see you're wearing a wire. you hear me you [bleep] pition, huh? you ain't got [bleep] on me. >> your staff gave me this microphone. >> so they did. you were saying rico law, their effectiveness, continue. >> in essence, the success of ri

remaking the the economy, retiring adam smith. i won't go into it in detail tonight, but our economic theory is moribund because it's based on metaphors at the beginning of the enlightenment. but newtonian principles don't tell us anything about economic activity. it's all governed by the thermodynamic law, but those laws weren't discovered until the last part of 19th sent, well after economics had already put itself together. so what's interesting is engineers, chemists, biologists, architects, urban planners know more about economics than economists because they study the laws of energy which govern how all economic activity flows, and that's what economic life is about. so we're going to see a complete, fundamental shift in the economic profession. we're going to have to rethink all the basic postulates and assumptions so that we can create an economic theory that's modeled to a sustainable world and to a biosphere we live in. these are big challenges. so i wasn't just attempting to be dplib when i said that -- glib when i said

adam smith of the "tampa bay times." >> thank you. senator santorum in 2005 florida was in the middle of a huge national debate over terri terri schiavo whether her feeding tubes should be removed after the courts ruled she was in a vegetative state. you were at the front of advocating to keep her alive. you came to her bedside after a fund-raiser. why should the government have more say in medical decisions like that than a spouse? >> well, number one, i department come to her bedside but i came to tampa. i was scheduled to come down for the event. so it happened that this situation was going on. i didn't call for congressional intervention. i called for a judicial hearing by an impartial judge at the federal level to review a case in which you had parents and a spouse on different sides of the issue. and these were constituents of mine -- the parents happen to live in pennsylvania. they came to me and made a very strong case that they would like to see some other pair of judicial eyes look at it. i agreed to advocate for those const

i think adam smith was right, and i'm going to stand and defend capitalism across this country, throughout this campaign. i know we're going to get hit hard from president obama, but we're going to stuff it down his throat and point out it is capitalism and freedom that makes america strong! ( cheers and applause ) >> pelley: we wondered what bob schieffer thinks of all of this. he's our chief washington correspondent and anchor of "face the nation" in florida tonight. bob, it seems like it's not a democratic or republican issue but a question of how the office of the president is treated. >> reporter: well, i think that's right, scott. i mean, this is just another sign of the growing incivility and really vulgarity of our modern american politics in campaigns. these campaigns have gotten so ugly and so nasty that they're now tarnishing the whole system. i think it also underlines the coarseness of our culture in this age of social media, when it is so easy to say anything about anybody and... and get no penalty for saying it. but the thing that has always made our system so strong, scott,

i think there's a lot of ruin in the nation as adam smith said and the country will somehow get by, but i think the government is ignoring an at its peril the fact that the consumers are just furious about the grocery prices, especially when they see their home prices collapsing or they can't sell the house at all. i think this grocery price thing is it a big, big issue, and i think whichever republican gloms onto it is going to make a lot of progress with it. >> like a shopping court. >> right, or right around it in a bus with the price of gasoline on the side. >> it could be. thanks, a quick break here, forget about mitt being it in new hampshire and it is kim who is in. kim kardasian is more popular than mitt romney in new hampshire, we did not make this up in order to show the video. that would be cheap, sleazy. >> we're not above that. >> neil: we're not above that. >> but guess what, she's not outpolling me because everyone, including kim, will be-- and our nonstop coverage of the presidential race, kicking it off on fox business, a complete coverage of the new hampshire results a

must say that i'm smith and and i'm sort of sort of ironic that they're using they're claiming adam smith in the classical of the most and they're paid the same obviously what we have when people have been dating the future of capitalism and you're having it everywhere in the financial plans to the region it wasn't there what they should be discussing is what type of capitalism are we talking about when you're right it's not the old fashioned industrial capitalism but. even when you say finance capitalism which it's evolved into finance capitalism is the whole family. pension fund capitalism is super sort of military and carry alyssum in the air and say you. see you know capitalism and the end product as well as it's like a radioactive if process it resolves and do what if lation and get in age ending up in the you know feudalism exactly what industrial capitalism was supposed to replace and and let's talk a little bit further about this because it isn't what we're doing capitalism and doesn't capitalism allows to do this we meaning us here doing the show we love to compete we love to put

market with the classical small you know the sort of ironic that they're using they're claiming adam smith in the classical.