Quotation of the Day…

by Don Boudreaux on June 22, 2015

in Adam Smith, Economics, Myths and Fallacies

… is from page 201 of Walter Lippmann’s at-times-brilliant and at-times-maddening 1937 book, The Good Society:

Instead of the classical economics being an apologetic explanation of the existing order, it is, when properly understood, a searching criticism of that order.

Yes.  Adam Smith & Co. masterfully busted many myths (mostly mercantilist) that were used to reinforce the power and privilege of elites at the expense of ordinary people.


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