...support of industry; and he will always, therefore, endeavor to employ it in the support of that industry of which the produce is likely to be of the greatest value." Generally, indeed, he neither intends to promote the public interest, nor knows how much he is promoting...

...industry," he says, "which his capital can employ, and of which the produce is lifcely to be of greater value, every individual, it is evident, can, in his...judge much better than any statesman or lawgiver can for him. The statesman who should attempt to direct people in what manner they ought to direct their...

...liberty and selfreliance of every individual who, in matters of his trade, as Adam Smith said, can judge much better than any statesman or lawgiver can do for him. We seem in danger of forgetting that free trade meant not only the free importation of the necessaries...

...indeed, not very common among merchants, and very few words need be employed in dissuading them from it. What is the species of domestic industry which his capital can employ, He c»n and of which the produce is likely to be of the greatest value, every ^t*h hfttcr individual,...

...§ 17). 31 TMS, vi, ii, 2, § 17. 32 See eg WN, iv, ii, 10: 'What is the species of domestic luxury which his capital can employ, and of which the produce...better than any statesman or lawgiver can do for him.' And ibid.: 'the law ought always to trust people with the care of their own interest, as in their local...

...Production Section I The Functions of the Market The Merits of a Free Economy Adam Smith 1776 [. . .] Every individual, it is evident, can in his local...statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary...

..."best interests" principle. The most notable concluded his famous reference to the "invisible hand": "every individual, it is evident, can, in his local...much better than any statesman or lawgiver can do for him."4 The clearest statement of the principle occurred when Smith defined the system of natural liberty:...

...and presumption enough to fancy himself fit to exercise it. (456) What is the species of domestick industry which his capital can employ, and of which...better than any statesman or lawgiver can do for him. (456) As well as lacking the knowledge of entrepreneurs, Smith also believed that statesmen were by...

...support of industry; and he will always, therefore, endeavor to employ it in the support of that industry of which the produce is likely to be of the greatest value. ... As every individual, therefore, endeavors as much as he can both to employ his capital . . . and...

...let alone Milton Friedman, can feel content with Smith's dictum on sectoral investment planning:123 What is the species of domestic industry which his...statesman, who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary...