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« Budget Priorities | Main | The legacy of racism »

Tuesday, February 07, 2006

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coturnix

Oh, but Mr. Smith was not too bad considering it was 19th century and he played in the vaccum. It is the guys who came after and misinterpreted what Mr.Smith wrote that are to be faulted. Ever check his book in the bookstore? Notice two things: first, the title is "Wealth of Nations" (not wealth of individuals, i.e., it is about the ways for countries to beat the crap out of competition in a non-globalized 19th century economy), and second, the book is abridged - what is missing are chapters in which Mr.Smith persuasively argues why his system will not work in practice, especially due to inheritance. In other words, his system works well for one cycle, or one generation. Once that first iteration is over, the system is stuck - it hardens and a new hierarchy is cemented in place.

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