Bonus Quotation of the Day…

by Don Boudreaux on May 26, 2019

in Adam Smith, Philosophy of Freedom

… is from page 13 of Edwin G. West’s 1990 book, Adam Smith and Modern Economics:

[Adam] Smith felt that the greatest aggregation of wisdom was contained in the decentralized decisions of individuals trying, under a system of what he called ‘natural liberty’, to obtain the most from their separate capitals. He believed, correspondingly, that this system of minimum government intervention, or laissez faire as it came to be known in a looser and more popular language, would lead to the highest level of national income or what Smith called ‘the annual revenue’.


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