Quote of the Day — Adam Smith
August 30, 2023
As soon as government management begins, it upsets the natural equilibrium of industrial relations, and each interference only requires further bureaucratic control until the end is the tyranny of the totalitarian state. — Adam Smith
1723–1790
View All Quotes by Adam Smith →Adam Smith
1723–1790
Adam Smith was a Scottish philosopher and economist whose 1776 masterwork ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ established the foundation of free-market economics and classical liberalism. Born in 1723, Smith pioneered revolutionary concepts including division of labor, productivity gains from specialization, and the self-regulating nature of competitive markets. His famous ‘invisible hand’ metaphor—used only once in the Wealth of Nations—described how individuals pursuing their own economic interests inadvertently promote the public good more effectively than central planning. Smith demonstrated that prosperity arises not from government direction but from voluntary exchange, property rights, and the…
View All Quotes by Adam Smith →From the Show
Adam Smith’s warning about the cascading nature of government interference resonated throughout the episode’s discussions on tax policy and CO2 pipeline regulations. Brian Domitrovic explained how the income tax led to prohibition and other progressive amendments, while Trent Loos detailed how government incentives created a $17.6 billion annual subsidy scheme. Hear the full context in Listen to the full episode.
From the Same Day
August 30, 2023
Today’s Episode
Tax Policy Consequences and the CO2 Pipeline Land Grab
Brian Domitrovic on income tax history and Trent Loos on CO2 pipeline land grabs. The Kim Monson Show, August 30, 2023.
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