Thursday :: Sep 29, 2011

Adam Smith Wrote About the Need for Financial Regulations

by Mary

Such regulations may, no doubt, be considered as in some respects a violation of natural liberty. But these exertions of the natural liberty of a few individuals, which might endanger the security of the whole society are, and ought to be, restrained by the laws of all governments…[T]he obligation of building party walls, in order to prevent the communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed.

(h/t Jared Bernstein)

Mary :: 12:00 AM :: Comments (0) :: Digg It!