If I were five-and-twenty or thirty, instead of, unhappily, twice that number of years, I would take Adam Smith in hand-I would not go beyond him, I would have no politics in it-I would take Adam Smith in hand, and I would have a League for free trade in Land just as we had a League for free trade in Corn. You will find just the same authority in Adam Smith for the one as for the other; and if it were only taken up as it must be taken up to succeed, not as a political, revolutionary, Radical, Chartist notion, but taken up on politico-economic grounds, the agitation would be certain to succeed; and if you apply free trade in land and to labour too-that is, by getting rid of those abominable restrictions in your parish settlements, and the like-then, I say, the men who do that will have done for England probably more than we have been able to do by making free trade in corn.
Richard CobdenRelated topics
able adam authority beyond certain corn done find free getting men land making number politics rid take thirty trade years labourRelated quotes
Economic theory, since the time of the Physiocrats, has endeavored to get rid of the human will and to explain economic phenomena in terms of physical and hedonic forces. The human will had been the main reliance of the Mercantilists and of the economic theory of the Church fathers. But the will was arbitrary, capricious and contrary to natural laws. There were two stages of these physical theories which attempted to get away from the will:-the natural rights arld physical equilibrium stage of foreordained evolution of Quesnay, Adam Smith and Karl Marx, and the natural selection stage of blind evolution that followed Darwin, whose distinguished exponent in economics is Veblen. The theorists of each stage attempted to get rid of the human will and to explain economic phenomena as the working out of natural forces, either foreordained or blind. It was a concept of society as the natural growth of a mechanistic equilibrium.
John R. Commons
The proposition that markets drive economic efficiency is central to much of economics. Adam Smith illustrated that the "invisible hand” of the market drives efficient allocation of resources in a system of division of labor. Friedrich Hayek illustrated the central importance of the price system as an information processing mechanism more powerful than any centrally planned system could ever be. Kenneth Arrow and Gerard Debreu illustrated that complete and perfect markets deliver a Pareto-efficient equilibrium, in which no one person can be made better off without making someone else worse off. And the development of the efficient- market and rational- expectations hypotheses suggested that financial markets are in fact efficient, and that the conditions required for efficiency and for rational and stable equilibria apply even in contracts between the present and the future, which financial markets provide.
Adair Turner, Baron Turner of Ecchinswell
Labour was different to other European Social Democratic Parties in that it was never aggressively secular and was not divided by confessional fissures. Its founding act, the Dock Strike of 1889 was brokered by the Salvation Army and Cardinal Manning. It was never a revolutionary party that became more peaceable but was, from the start, committed to extending democracy within the inherited constitution. It also had a base of support among the working class that secured British democracy from Fascism and Communism and that was because of its paradoxical nature, as conservative as it was radical, as patriotic as it was nationalist. The greatest failure of New Labour is that it led rather than resisted the definition of the European Union as a neo-liberal project and did not develop a constructive alternative to the status quo. It seemed incapable of distinguishing between internationalism and globalisation.
Maurice Glasman, Baron Glasman
The view has been gaining widespread acceptance that corporate officials and labor leaders have a "social responsibility"... beyond serving the interests of their stockholders or their members. This view shows a fundamental misconception of the character of a free economy. In such an economy there is one and only one social responsibility of business-to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception fraud. Similarly, the "social responsibility" of labor leaders is to serve the interests of the members of their unions. It is the responsibility of the rest of us to establish a framework of law such that an individual... is, to quote Adam Smith... "led by an invisible hand... I have never known much good done by those who affected to trade for the public good."
Milton Friedman
I thought Congress had taken their ground firmly for continuing their embargo till June, and then war. But a sudden and unaccountable revolution of opinion took place the last week, chiefly among the New England and New York members, and in a kind of panic they voted the 4th of March for removing the embargo, and by such a majority as gave all reason to believe they would not agree either to war or non-intercourse. This, too, was after we had become satisfied that the Essex Junto had found their expectation desperate, of inducing the people there either to separation or forcible opposition. The majority of Congress, however, has now rallied to the removing the embargo on the 4th March, non-intercourse with France and Great Britain, trade everywhere else, and continuing war preparations. The further details are not yet settled, but I believe it is perfectly certain that the embargo will be taken off the 4th of March.
Thomas Jefferson