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Of Strawberries and Buttons

  • Gavin Kennedy

Abstract

Smith’s political economy is a study in contrast. A natural mechanism, operating under impartial competition and the total absence of monopoly, in the long run produces opulence beneficial to all mankind.1 In contrast, imperfect people populate a real world, where private monopolistic interests interfere in the natural order to produce above-optimal results for themselves and sub-optimal results for customers. Essentially, the contrast between what an economy could be and what it was in practice, informed his critique of a commercial society lumbered with the policy distortions of mercantile politics and the spirit of monopoly.

Keywords

Expected Profit Street Market Strawberry Production Simple Supply Policy Distortion 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Gavin Kennedy 2005

Authors and Affiliations

  • Gavin Kennedy
    • 1
  1. 1.EdinburghUK

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