Adam Smith critiques the Deficit Reduction Commission
comments powered by Disqus
Allan Walstad - 12/10/2010
Thanks. Sorry I didn't get back here earlier. I was not under the impression that Smith or the other classicals wanted to "free markets from rent and interest," either. Does that even make sense?
Mark Brady - 12/9/2010
Good question. Certainly, classical school economists disagreed vigorously among themselves over theory and policy, not least because their ideas evolved over the best part of a century from the Wealth of Nations to the eve of the Marginal Revolution. That said, they believed the state performed essential functions that would necessarily require taxation, and it was widely held that taxation of land rents would be the least harmful form of taxation. The reference to the "government power to ... regulate prices to keep them in line with socially necessary costs of production" is a mystery to me right now.
Allan Walstad - 12/8/2010
Hudson: "Their [classical economists'] idea was to free markets from rent and interest, not to dismantle government power to tax and regulate prices to keep them in line with socially necessary costs of production."
Is that correct?
- Decades After Trinity Nuclear Test in New Mexico, U.S. Studies Cancer Fallout
- Lawrence Of Arabia's Hand-Drawn, WWI Map Is Up for Auction
- Thousands Of FBI Documents About Civil Rights Era Destroyed By Flooding
- Ancient Egyptian Woman with 70 Hair Extensions Discovered
- Europeans drawn from three ancient 'tribes'
- Conservatives press the case against the new AP framework for US history
- Who wrote the new AP US History framework? Now we know.
- Pro-Israel groups going after federal support of Middle East Studies
- 100th Anniversary of Beard's 'An Economic Interpretation of the Constitution' commemorated
- University of Illinois Bigwig to Native American Studies scholar Jean O’Brien: Drop Dead