Posted on 04/23/2002 6:45:48 PM PDT by PsyOp
P.S. Does anyone know the code for making an indent after a break, or for inserting an extra space between characters? Please let me know.
Bump for Milton Friedman, greatest economist of the 20th century.
This sounds like socialist/communist crap! In a small "c" capitolist system, every wins! All boats get lifted, just some more than others.
Weren't we all. But it was a High School English Teacher by the name of Mr. O'Brien (a great Irishman felled by a brain tumor) who launched me on the collection of quotations- the best thing I ever got out the High School experience. Or as Winston would have said:
"It is a good thing for an uneducated man to read books of quotations." - Winston Churchill, My Early Life, 1930.
At first glance it appears to be. But This quote needs to be put in its larger context to be understood. He was citing the reasons that politicians often use to make their assaults on private property and for levying high-taxes, both of which he opposed.
In England in 1776 it was true that for every rich man there were 500 poor. As for the rest of the quote, it is merely an accurate observation of human nature, which Smith said had to be accounted for in economics and the policies governing them. By no means did he say these were justifications for any kind of socialist policy, though I can see why you might have thought that.
This sounds like socialist/communist crap! In a small "c" capitolist system, every wins! All boats get lifted, just some more than others.
You have to remember the time and place. That was a fair picture of late 18th century England. In his day young noble rakes would lose 10,000 pounds gambling in one night. They had wealth which would make Bill Gates look like a pauper. Smith would have never been read at that time if he had advocated radical Jacobin ideas like the poor getting a fair shot at anything.
"Those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments."
"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."
"Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all."
" Such regulations [banking regulations] may, no doubt, be considered as in some respect a violation of natural liberty. But those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments; of the most free, as well as of the most despotical. The obligation of building party walls, in order to prevent the communcation of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed."
"Whenever the legislature attempts to regulate the differences between masters and their workmen, its counsellors are always the masters. When the regulation, therefore, is in favour of the workmen, it is always just and equitable; but it is sometimes otherwise when in favour of the masters."
"The capricious ambition of kings and ministers has not, during the present and the preceding century, been more fatal to the repose of Europe, than the impertinent jealousy of merchants and manufacturers. The violence and injustice of the rulers of mankind is an ancient evil, for which, I am afraid, the nature of human affairs can scarce admit of a remedy. But the mean rapacity, the monopolizing spirit of merchants and manufacturers, who neither are, nor ought to be, the rulers of mankind, though it cannot perhaps be corrected, may very easily be prevented from disturbing the tranquillity of any body but themselves."
Best economist of the 20th century? Bullcrap.. (Norvokov)
Probably a better, or at least equal choice would be Freidrich Hayek, author of The Road to Serfdom
I'll copy that main quote from the web page:
A claim for equality of material position can be met only by a government with totalitarian powers
Adam Smith was the greatest economist of his time, but not for today.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.