Quotation of the Day…

by Don Boudreaux on July 18, 2014

in Adam Smith, Crony Capitalism, Seen and Unseen

… is from page 135 of my GMU Econ and Mercatus Center colleague Pete Boettke’s excellent 2012 book, Living Economics:

Adam Smith detailed the power of invisible hand processes to channel self-interest into public benefits.  But he also recognized that the hidden hand of the sophistry of the merchants can, in concert with government officials, result in special privileges for a few that undermine the prosperity of the general population.

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