Commentary: Advice from Adam Smith still rings true today

Why do they call economics “the dismal science”?

What’s dismal about a new car?

Many people think that economics is something for fancy people, “fancy” meaning they have a degree in economics from New York University, they have a big house in Greenwich, Conn., and they can do all the crosswords in the New York Times.

But it’s not necessarily so. Steve Jobs was a kind of economist, a very good one, really, which is to say he made a lot of money for a lot of people. And he went to Reed College in Oregon, and not for too long, either. So, there can be very good economists in jeans and black turtlenecks.

Sometimes people wonder, “Where does economics come from, and what is it, anyhow?”

Once upon a time a Scotsman, Adam Smith by name, helped to popularize capitalism. And he put what he discovered into a book, “The Wealth of Nations.”

Now, Smith was no Tom Wolfe or Hunter S. Thompson, so “The Wealth of Nations” isn’t what most people would think of as a “riotous good read.”

Nonetheless, Smith seems perfectly clear. Here is what he said, more or less, about getting rich:

1.) Get a good education. You can’t do what you don’t know.

2.) Get into a profitable business.

3.) Then work hard. Profit won’t deliver itself.

4.) Save and invest your money. Without money, you can’t advance in life.

5.) Get along with other people, trust them and believe in them. If you are always in conflict, you are wasting time and money. Make a fair compromise and move on.

6.) Be an energetic, ambitious, organized person. Intend to succeed.

7.) Constantly improve yourself. The competition is doubtless doing so.

8.) Contribute to everyone’s progress. That makes the world a better place for you too.

9.) Live a good, honest, healthy life.

10.) Then enjoy your luxuries!

STEVE DAVIDSON is Newport Beach psychologist.