Category Archives: Uncategorized

I am interrupting my Adam Smith series to confess that this song by Bad Bunny really resonates with me: I lived in Puerto Rico for many years (1993 to 2010), made many friends and lifelong memories along the way, and … Continue reading →

As I mentioned in a previous post, President Trump recently signed an official memorandum calling for “fair and reciprocal” trade tariffs on all major U.S. trading partners. Putting aside the constitutional question of whether the Congress can delegate this power … Continue reading →

“As there are two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry, so there are two others in which it may sometimes be a matter of deliberation ….” … Continue reading →

Adam Smith’s digression on “the necessaries of life” (his term), which occurs in paragraphs 32 to 36 of Book IV, Chapter 2 of The Wealth of Nations, presents one of his most original and compelling arguments in favor of free … Continue reading →

ADAM SMITH’S SECOND EXCEPTION TO FREE TRADE “The second case, in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry is, when some tax is imposed at home upon the produce … Continue reading →

ADAM SMITH’S FIRST EXCEPTION TO FREE TRADE “There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry.” (Wealth of Nations, IV.ii.23) As I mentioned … Continue reading →

President Trump signed an official memorandum on Thursday calling for “fair and reciprocal” trade tariffs on all major U.S. trading partners (you can read the presidential memo for yourself here), but as per my previous post, does Trump’s executive action … Continue reading →

(THE REAL ADAM SMITH PROBLEM) “There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon [imports] for the encouragement of domestic industry.” (Wealth of Nations, IV.ii.23) Thus far (see here, here, … Continue reading →

“Is any resentment so keen as what follows the quarrels of lovers, or any love so passionate as what attends their reconcilement?” (Adam Smith, The History of Astronomy, Section 1) Was Adam Smith speaking from personal experience when he posed … Continue reading →