21 September 2009

Development Poll

AS asked me the other day if I agree with this Adam Smith quote: 
"little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things"
A few years ago I would probably have dismissed this neoliberal nonsense, but now I'm not so sure. I think I actually might agree.

Let me know what you think in the box on the right, or sound off in the comments if you have a better answer!


Alicia said...

What does he mean by "easy taxes"? Tax laws that are easy to understand? Or low tax rates? Does this apply to individuals only or include businesses? What is "all the rest"?

Hash said...

I agree. I'd like to define what "tolerable" means though... :)

Anonymous said...

Agreed, but only if "tolerable administration of justce" means "zero-tolerance on graft/corruption". Why? Because unpredictability is a huge hinderance to planning economic activity. This includes things like property and land rights, etc.

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