“Smith’s Travels on the Ship of State”

Stigler, George J. “Smith’s Travels on the Ship of State.” History of Political Economy 3, no. 2 (September 21, 1971): 265–277. doi:10.1215/00182702-3-2-265.

Excerpt:

“THE Wealth of Nations is a stupendous palace erected upon the granite of self-interest. It was not a narrow foundation: “though the principles of common prudence do not always govern the conduct of every individual, they always influence that of the majority of every class or order.”l The immensely powerful force of self-interest guides resources to their most efficient uses, stimulates laborers to diligence and inventors to splendid new divisions of labor-in short, it orders and enriches the nation which gives it free rein.”

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