...is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity...cheaper than we ourselves can make it. better buy it of (hem with some part of the produce of our own industry, employed in a way in which we have some advantage....

...with one another. In his book An Inquiry into the Nature and Causes of the Wealth of Nations he said, 'If a foreign country can supply us with a commodity cheaper than we ourselves can make it, (we had) better buy it of them with some part of our own industry, employed in a way in which we have...

...full. All that he could muster was a special case of comparative advantage called absolute advantage. "If a foreign country can supply us with a commodity cheaper than we ourselves can make it," Smith correctly argued, "better buy it of them with some part of the product of our own industry, employed...

...immediately manufacture again for ourselves. But this opinion of Adam Smith is at variance with aQ his general doctrines on this subject. "If a foreign...some advantage. The general industry of the country, being always in proportion to the capital which employs it, will not thereby be diminished, but only...

...is prudence in the conduct of every private family can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity...some advantage. The general industry of the country, being always in proportion to the capital which employs it, will not thereby be diminished, no more...

...cause of Free Trade back 30 years. DOCUMENT 20 Adam Smith, Wealth of Nations (ijjff'), Vol II, p 401-2 If a foreign country can supply us with a commodity...some advantage. The general industry of the country, being always in proportion to the capital which employs it, will not thereby be diminished; but only...

...cost than the other actor. Adam Smith (1723-1790) wrote in his famous book. The Wealth of Nations: "if a foreign country can supply us with a commodity...employed in a way in which we have some advantage." (Book 4: Systems of Political Economy, Chapter II). Modern arguments in favor of international trade...

...further behind the rest of the world. 7. On Subsidies, Tariffs, and Wholesale Madness Mario Ghossoub "If a foreign country can supply us with a commodity...cheaper than we ourselves can make it, better buy it off them with some part of the produce of our own industry, employed in a way in which we have some...

...What is prudence in the conduct ofevery private family can scarce befolly in that ofa great kingdom. If a foreign country can supply us with a commodity cheaper than we ourselves can make it, heiter buy it ofthem with some part ofthe produce ofour own industry, employed in a way in which we...

...that they shall be imposed exclusively for revenue and not at all for protection. Adam Smith wrote: "If a foreign country can supply us with a commodity cheaper than we ourselves can produce, better buy it from them with some part of the produce of our own industry, employed in a way...