A post on the Economist’s Free Exchange blog - about Adam Smith’s house in Edinburgh going on sale - reminded me of a childhood fantasy, and caused me to think how it could be brought up to date.
Adam Smith (and many other free-marketers since) have had a lot to say about the ingenuity of the human spirit and the market’s ability to do a better job of enriching humans than central planning. Nevertheless, I sometimes still wonder about the extent to which new ideas are sometimes missed, even in strong market arenas, because existing ones are taken for granted.
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