"To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith’s invisibl…"

"What Galbraith understood, and what later researchers (including this author) have proved, is that Adam Smith's "invi…"

"Writers after Coase have referred to the authority structure of the firm as a "visible hand" that works in combinatio…"

"...that every individual spontaneously tries to find the place and the trade in which he can best increase National g…"

"A man is of no use to this world, of no use to society or the neighborhood in which he lives, who has no other object…"

"The net effect of increasing scale, centralization of capital, vertical integration and diversification within the co…"

"Adam Smith was the first to perceive that we have stumbled upon methods of ordering human economic cooperation that e…"

"When the classical worldview was applied to social science, the dominant notions turned out to be struggle for surviv…"

"Suppose our social planner tried to choose an efficient allocation of resources on his own, instead of relying on mar…"

"I am very liberal on social issues, but I don’t believe we can have personal liberty, which is what that means, witho…"