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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 →

🍀 Happy Saint Patrick’s Day! 🍀 I concluded my previous post with the following observation: “Although Adam Smith is a champion of religious liberty …, he identifies one major downside of allowing people the freedom to choose their own religion.” … Continue reading →

“The institutions for the instruction of people of all ages are chiefly those for religious instruction. This is a species of instruction of which the object is not so much to render the people good citizens in this world, as … Continue reading →

“For a very small expense the public can facilitate, can encourage and can even impose upon almost the whole body of the people the necessity of acquiring those most essential parts of education.” (WN, V.i.f.54, my emphasis) Happy Pi Day … Continue reading →

“In the university of Oxford, the greater part of the public professors have, for these many years, given up altogether even the pretence of teaching.” (WN, V.i.f.8) If Adam Smith were alive today, what would he have to say about … Continue reading →

The second half of Article 1 of Part 3 of Chapter 1 of Book V of The Wealth of Nations (WN, V.i.e.1-40) is ostensibly about “Public Works and Institutions [that] are necessary for facilitating particular Branches of Commerce”, such as … Continue reading →

“That the erection and maintenance of the public works which facilitate the commerce of any country, such as good roads, bridges, navigable canals, harbours, &c. must require very different degrees of expence in the different periods of society is evident … Continue reading →