- Cafe Hayek - https://cafehayek.com -

Adam Smith on the President and the government running GM

Tweet [1]

From The Wealth of Nations [2]:

What is the species of domestic industry which his capital can employ,
and of which the produce is likely to be of the greatest value, every
individual, it is evident, can, in his local situation, judge much
better than any statesman or lawgiver can do for him. The statesman who
should attempt to direct private people in what manner they ought to
employ their capitals would not only load himself with a most
unnecessary attention, but assume an authority which could safely be
trusted, not only to no single person, but to no council or senate
whatever, and which would nowhere be so dangerous as in the hands of a
man who had folly and presumption enough to fancy himself fit to
exercise it.

Comments