Taught properly, economics provides a lens to understand the way the world works. It is about how humans interact and make choices, and how an undirected market process unleashes the forces of invention, innovation, imagination, and improvement. The result is nothing short of miraculous.

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Fund for American Studies president Roger Ream.

Photo: TFAS

From remarks by Fund for American Studies president Roger Ream, a recipient of the 2021 Bradley Prize, in Washington, Sept. 13:

Taught properly, economics provides a lens to understand the way the world works. It is about how humans interact and make choices, and how an undirected market process unleashes the forces of invention, innovation, imagination, and improvement. The result is nothing short of miraculous.

We ignite a spark in the minds of students when we show them how Adam Smith’s Invisible Hand motivates a self-interested individual to “promote an end which was no part of his intention” and thereby serve the needs of others. This seemingly simple concept explains why there was someone at your neighborhood coffee shop early this morning ready to serve you hot coffee, why a pilot spent years in training to fly you safely to Washington for this ceremony, and how something as simple as an ordinary lead pencil is the result of the peaceful cooperation of thousands upon thousands of individuals who will never meet.