On Warsh on Smith

by F.

David Warsh’s weekly Economic Principles is a treat generally, and his discussion of Duncan Foley’s Adam’s Fallacy is, as far as I can see, right on the money. Warsh also pulls this plumb out of Smith’s Theory of Moral Sentiments:

In ease of body and peace of mind, all the different ranks of life are nearly upon a level, and the beggar who suns himself by the side of the highway, possesses the same security which kings are fighting for.

Ah, the Scots. Best. Enlightenment. Ever.