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Adam Smith – Not always made of fail

February 13, 2009

He of the much-misused “invisible hand” also pointed out that

People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.

An Inquiry into the Nature and Causes of the Wealth of Nations, v.1, bk. 1, Chapter 10 (1776). As appearing in the Yale Book of Quotations, edited by Fred R. Shapiro and Joseph Epstein, retrieved from Google Books 2/13/2009.

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