The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
Milton FriedmanAbout author
- Author's profession: Economist
- Nationality: american
- Born: July 31, 1912
- Died: November 16, 2006
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There must be more equality established in society, or morality will never gain ground, and this virtuous equakity will not rest firmly even when founded on a rock, if one half of mankind be chained to its bottom by fate, for they will be continually undermining it through ignorance or pride
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