May 2019

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« Some Weekend (and Beyond) Reading Recommendations | Main | That's Interesting, But Does It Pass The Alchian Test? »

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Just read Nicholas Phillipson's bio of Adam Smith and he showed how Smith was obsessed with the implications of tax laws, the laws of inheritance and property, and tariff rules, in addition to the nature of value and the overwhelming importance of good manners. It is strange that the usual take-home message about Smith is the division of labour and the hidden hand (which is mentioned about once). He could be seen as a great pioneer in institutional (rules of the game) analysis.

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