Adam Smith Institute

Economics simply narrates how the humans are affected and affect the environment they find themselves in. The understanding of the most effective accumulation and distribution of same is crucial in the survival of all.

This interesting comment put me in mind of my own childhood.

I had a diabolical economics teacher at school (in fact, for a short period I had two diabolical economics teachers). It, like sociology, was one of those subjects that only became available come A Levels and which we approached with a combination of fascination and ignorance. It was a marvellous opportunity to open our minds to a fascinating and vital field of study.

Instead, I was thoroughly put off the subject by a teacher who would spend the first half of the class talking about the previous weekend's game of rugby and would then round upon me for reading a novel instead of listening to a class I had not noticed had eventually started. His teaching manner (when he bothered to teach) was dull and uninformative, and he utterly failed to make the subject come alive; to convey economics’ insight into individuals and society or how it explained the world around us.

Consequently, I went through my 20s convinced that economics was indeed the "Dismal Science" and treated it with disdain. It was only in my 30s that I decided to learn more about the subject for myself and realised that it was both powerful and enjoyable.

Sir John Cowperthwaite made Hong Kong the success story it is today because he was schooled in the Scottish Enlightenment and particularly in the economics of Adam Smith. I doubt there will be many Cowperthwaits in the next generation.