Adam Smith: The Wealth of Nations - Who Knew?

While I am on the topic of Laissez-Faire economics that Ms. Rand is so fond of espousing, everyone should also consider reading The Wealth of Nations.

Why? Well, it is one of the first set of books to really talk about free trade and division of labor for higher productivity in a comprehensive and easy to understand way.

But Smith is much smarter than that. Yes, he was the first proponent for free trade and open markets.

BUT, did you know that Adam Smith himself also felt there were very good reasons to have government spending and that government should do some specific roles? The rule of law is one, the second is for education and the third is for infrastructure development.

Very interesting, no? Enjoy!