William Watson: The Growth Advisory Council: Folly and presumption from the nicest people

Earlier this week in my history of economic doctrines class we got to Chapter 2 of Book IV of The Wealth of Nations. It contains some of my favourite Adam Smith quotes. My very favourite in this chapter, even more favourite than “the invisible hand,” is the following:The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would

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