Bernstein: Adam Smith's "Wealth of Nations" Outdated As Robots Take Over World

As US President-elect Donald Trump threatens tariffs strategically targeted when semi-skilled manufacturing jobs leave the US, it might be a time to consider Adam Smith’s “Wealth of Nations.” Analysis from A|B Bernstein, however, notes that Smith’s economic classic may have outlived his usefulness in the era of robots and automation that know no national boundaries. Adam Smith’s book was a benchmark for making capital allocation decisions When it was published in 1776, when Englishman Adam Smith published his benchmark book, “Wealth of Nations,” his island nation was starting the process of a great industrial revolution. This took place from 1760…