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<blockquote data-quote="takethepoints" data-source="post: 926935" data-attributes="member: 265"><p>I;'m not sure about that. I think rather that Smith thought this was an inevitable consequence of widespread adoption of markets. This is one reason why he had no particular qualms about governments stepping in to keep hangs straight. <em>Wealth of Nations</em> is largely taken up with what the government needs to do - and not do - to keep markets functioning. Smith has all kinds of advice about that. My favorite = the way the Scots selected judges. The lawyers i9n a circuit were allowed to make the choice. As Smith says, that means the most qualified lawyers got on th3e bench. Why? The other lawyers tapped them to eliminate them from competition.</p></blockquote><p></p>
[QUOTE="takethepoints, post: 926935, member: 265"] I;'m not sure about that. I think rather that Smith thought this was an inevitable consequence of widespread adoption of markets. This is one reason why he had no particular qualms about governments stepping in to keep hangs straight. [I]Wealth of Nations[/I] is largely taken up with what the government needs to do - and not do - to keep markets functioning. Smith has all kinds of advice about that. My favorite = the way the Scots selected judges. The lawyers i9n a circuit were allowed to make the choice. As Smith says, that means the most qualified lawyers got on th3e bench. Why? The other lawyers tapped them to eliminate them from competition. [/QUOTE]
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