Adam Smith would be a socialist today?!?

Posted: 2013/03/07 by Punkonomics (@dearbalak) in Links/Articles/Video
Tags: , , , , , , ,

Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods both at home and abroad. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.

The Wealth of Nations (1776, Chapter IX, p. 117)

Comments
  1. dearbalak says:

    And here’s another:
    “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty or justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.”
    Wealth of Nations, Chapter X, Part II, p. 152

    Like

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    Like

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