Bonus Quotation of the Day…

by Don Boudreaux on March 28, 2018

in Adam Smith, Balance of Payments, Myths and Fallacies, Trade

… is from page 473 of the 11th (2006) edition of one of greatest economics textbooks of all time: Paul Heyne’s, Peter Boettke’s, and David Prychitko’s The Economic Way of Thinking:

Adam Smith was no admirer of people who keep track of a nation’s exports and imports.  He thought their activities lent themselves to “absurd speculations,” and he ridiculed those who measured national prosperity by the excess of a nation’s exports over its imports.


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