Merriment and Diversion: Smith on Public Finance and Public Choice
The Wealth of Nations is many things, but two in particular: it is a treatise on economic theory and an economist’s advice on public policy. The treatise on economic theory, with many digressions into history and current affairs, occupies Books I, II and III. Books IV and V are predominantly advice on public policy, although again containing many digressions into history and current affairs. They cover two policy domains where Smith had been intimately involved: the treatment of colonies (WN IV.vii) and taxation, public expenditure, public works and public goods (the whole of WNV).
KeywordsPolitical Economy Public Choice North American Free Trade Agreement East India Company Labour Theory
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