Quotation of the Day…

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… is from page 164 of Dennis Rasmussen’s marvelous 2017 book, The Infidel and the Professor: David Hume, Adam Smith, and the Friendship that Shaped Modern Thought [footnote deleted]:

In commercial societies governed by the rule of law, Smith holds, the rich may have a great deal of purchasing power, but their wealth does not lead to direct authority over others since everyone stands in a market relationship with everyone else and there are generally a multitude of potential buyers, sellers, and employers.

DBx: Adam Smith died on this date, July 17th, in 1790. He was 67 years old.