Thursday, May 17, 2018

Paul Krugman Finds an "Evil" Adam Smith Quote

Adam Smith
Of all the great things Adam Smith has written, Paul Krugman finds and pulls this quote to tweet, which can easily be misconstrued as being pro-government spending.

This Adam Smith quote puts things in perspective on Smith's thinking:
Most government is by the rich for the rich. Government comprises a large part of the organized injustice in any society, ancient or modern.Civil government, insofar as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, and for the defence of those who have property against those who have none
-Robert Wenzel  


  1. So long as the US government maintains is position of Israel first, I'm sure he's okay with it.

  2. After reading Rothbard's no-holds-barred take-down of much of Adam Smith's economic philosophy, and Smith's final vocation, in chapter 16 of "Economic Thought Before Adam Smith" (volume 1 of Rothbard's "An Austrian Perspective on the History of Economic Thought"), I have to say that Smith's lofty reputation in the history of free market economics is worth re-considering.

    "Perhaps most important of all, how do we square Smith's alleged role as
    champion of free trade and laissez-faire with his spending the last 12 years of his life as a commissioner of Scottish customs, cracking down on smugglers violating Britain's extensive mercantilist laws and evading import taxes?"