By Vernon Smith | Friday October 6, 2017 at 8:25 AM PST | Comments Off on The Core of the Classical Liberal Tradition: Adam Smith’s Concept of Justice
One of the best-known quotations from Adam Smith’s The Wealth of Nations (1776) defines natural liberty: “Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of...
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Tags: Adam Smith, classical liberalism, Free Market, invisible hand, justice, Liberty, Natural Law, natural liberty, Nobel Prize, Scottish Enlightenment, The Wealth of Nations
By William Shughart | Sunday January 23, 2011 at 7:42 AM PST | 2 Comments
As Congress and the President consider yet another set of “reforms” for the federal income tax code, taxpayers should encourage them to heed the words of one of the first and greatest economists. In Book V, Chapter II, Part II of The Wealth of Nations (Modern Library, Cannan ed., p. 778), Adam Smith wrote...
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Tags: Adam Smith, Budget and Tax Policy, Corruption, Economics, Power, regime uncertainty, tax burden, tax reform, Taxation, The Wealth of Nations