ABSTRACT

Understanding America's rise as the dominating economic power of the twentieth century requires a sense of its economics. While one must plunge into economic theory, even into its depths, it is less difficult than it appears. One can avoid the rébarbative mathematics and specialized language economists like to employ today. Plain English is enough, as shown by Adam Smith, moral philosopher and founder of classical economics. Moreover, of the three great theorists of its completion as neoclassical economics, only one used mathematics in his discussion, but he accompanied it with comprehensible verbal analysis. Economics addresses the elemental needs of existence: every person is a practicing economist and possesses the practical experience and capacity to think about his or her economic actions.