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Posts Tagged ‘Adam Smith’


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The Wrath of Keynes


Wednesday November 16th, 2011   •   Posted by Emily Skarbek at 7:45am PST   •   4 Comments

James Buchanan and Richard Wagner begin their book Democracy in Deficit by explaining that prior to the absorption of Keynesian economics, the conventional wisdom of Adam Smith prevailed. Adam Smith had observed that: “What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom.” This…
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Gang of Six Plan


Friday July 22nd, 2011   •   Posted by Emily Skarbek at 6:55am PDT   •   0 Comments

The latest effort coming out of Capitol Hill to reduce the debt and avoid default is called the “Gang of Six Plan”, named after its three Democrats and three Republican authors. The plan includes $500 billion in immediate “budget savings”, reductions in marginal income tax rates, and the abolition of the alternative minimum tax….
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