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Tuesday, November 24, 2015

Adam Smith on the “Innumerable Delusions” of Economic Planning

Quote of the day

The sovereign is completely discharged from a duty, in the attempting to perform which he must always be exposed to innumerable delusions, and for the proper performance of which no human wisdom or knowledge could ever be sufficient; the duty of superintending the industry of private people, and of directing it towards the employments most suitable to the interest of the society.
– Adam Smith, The Wealth of Nations

Hat tip to Matt Ridley and his wonderful new book The Evolution of Everything: How New Ideas Emerge. You can watch a forum for Ridley’s book here.

  • Daniel Bier is the executive editor of The Skeptical Libertarian.