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On Doing More Harm than Good

In: Adam Smith’s Lost Legacy

Author

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  • Gavin Kennedy

Abstract

By way of warning, Smith pointed to the deleterious effects on society of depending on ‘revenue’, i.e., the rich spending their stock on a society of ‘idle’ servants or anybody else who consumed but did not create a ‘revenue’ for them, instead of employing industrious labourers who did create such revenues. In some cases, these consumers of revenue were truly idle, in the common meaning of the term, but it is wrong to interpret Smith’s ‘unproductive’ labour as necessarily always ‘idle’ and ‘useless’. The criterion at the base of Smith’s concepts of productive and unproductive labour is whether the labour added to future revenue or merely spent current revenue, i.e., was it ‘re-productive’?1

Suggested Citation

  • Gavin Kennedy, 2005. "On Doing More Harm than Good," Palgrave Macmillan Books, in: Adam Smith’s Lost Legacy, chapter 49, pages 200-204, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51119-4_49
    DOI: 10.1057/9780230511194_49
    as

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