Adam Smith is known as the father of economics. He taught the principles of free markets, free trade and the benevolence of the "invisible hand" that shapes most of our current global economic structure. Most would say his teachings have created a better society and allowed the upward mobility of billions of humans in the last two centuries.
And they would be right. But it seems the global economy has taken a turn for the worse since the global financial crisis of 2008-09. The current global economy is still recovering from the meltdown and is potentially on the brink of another crash triggered by Europe's massive sovereign debt problem.
Today's Daily Ticker guest Graeme Maxton, economist and author of "The End of Progress: How Modern Economics Has Failed Us," says it's because economists and market participants have neglected some of Smith's most important teachings, including that of social responsibility.
"The gap between rich and poor has gotten far bigger than it should have,"Read More »from Modern Economics Has Failed Us, Says Economist Graeme Maxton