Author Archives: F. E. Guerra-Pujol

“There is no art which one government sooner learns of another than that of draining money from the pockets of the people.” (V.ii.h.12; my emphasis) At this point in The Wealth of Nations — i.e. between Articles 2 and 3 … Continue reading →

“In general there is not, perhaps, any one article of expence or consumption by which the liberality or narrowness of a man’s whole expence can be better judged of than by his house-rent.” (WN, V.ii.e.7) Thus far this week, we … Continue reading →

“The attention of the sovereign can be at best but a very general and vague consideration of what is likely to contribute to the better cultivation of the greater part of his dominions. The attention of the landlord is a … Continue reading →

Alternative title: Adam Smith’s Maxims of Taxation What does ICE and the IRS have in common? Broadly speaking, the main job of the IRS is to collect federal taxes; ICE’s job, by contrast, is to deport taxpayers! [1] For his … Continue reading →

We now turn to Part 1 of Chapter 2 of Book V of The Wealth of Nations. Here, Adam Smith surveys the two major “Sources of Revenue which may peculiarly belong to the Sovereign or Commonwealth” (WN, V.ii.a.1): capital and … Continue reading →

According to Wikipedia (links in the original), “Folded is a song by American singer Kehlani. It was released on June 13, 2025, via Atlantic Records as the lead single from her upcoming self-titled fifth studio album.”

Happy spring! We now turn to the next-to-last chapter of Adam Smith’s Wealth of Nations: Book V, Chapter 2, which is available here. This chapter has two parts. Part One, consisting of 21 paragraphs, surveys “the Funds or Sources of … Continue reading →

Chapter 1 of Book V of The Wealth of Nations (available here) contains a two-page conclusion consisting of six paragraphs (WN, V.i.i.1-6), but this short recap is pure gold. Here, Adam Smith lays down two general rules for public finance, … Continue reading →

Adam Smith concludes his general survey of public duties in Chapter 1 of Book V of The Wealth of Nations (available here; scroll down to “Part IV”) by pointing out one last major outlay or “expence” that every government must … Continue reading →

Nota bene: For my readers who are overseas, the “SAT” or “Scholastic Aptitude Test”, a rite of passage for most high school seniors in the U.S., is a high-stakes college entrance exam administered by a private company called the College … Continue reading →