Wednesday, November 01, 2006


The new British £20 banknotes will carry a portrait of Adam Smith, the "Godfather of free-market economics", together with an engraving illustrating Smith's notion of "the division of labour", and the words: "and the great increase in the quantity of work that results".

It's a pity they don't use a different Adam Smith quote. For example: "All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind." (Wealth of Nations, Book 3, Chapter 4)

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