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Miltamec Soundsquinaez · 06-24-2009, 07:42 PM

From Economics for Dummies:

'He believed in invisible hand yada yada...............But Smith was not naive. He believed that businnessmen prefer to collude rather than compete whenever possible, and that governments have a very important economic role to play in fostering the robust competition needed for the invisible hand to work its magic. He also believed that governments must provide essential public goods, like national defense, that aren't readily produced by the private sector.'

06-24-2009, 07:42 PM	#107 (permalink)
Miltamec Soundsquinaez Aural melody discerner Join Date: Jan 2008 Location: in a truck down by the interstate Posts: 347	From Economics for Dummies: 'He believed in invisible hand yada yada...............But Smith was not naive. He believed that businnessmen prefer to collude rather than compete whenever possible, and that governments have a very important economic role to play in fostering the robust competition needed for the invisible hand to work its magic. He also believed that governments must provide essential public goods, like national defense, that aren't readily produced by the private sector.' __________________ Hello, my name is Luka. I live on the 2nd floor.