Tag Archives | division of labor

Adam Smith

The Adam Smith Illusion

“The problem is not simply that Smith was not the founder of economics.The problem is that he originated nothing that was true, and that whatever he originated was wrong.” -Murray Rothbard Adam Smith (1723-1790), author of the iconic Wealth of Nations, is widely regarded as the “founder of modern economics”. His name is revered by…
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Buy American

Buy American! Or Not.

We hear it all the time: “Buy American”. Indeed, presidential candidate Rick Santorum (who semi-won the Iowa caucuses last night) just received the endorsement of the Conservative Party USA because he apparently “understands that ‘Buy American’ is the key to reviving the US economy”. I am not going to guess as to Mr. Santorum’s motives…
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