Galt's Gulch
16

"I think all the world would gain by setting commerce at perfect liberty." - Thomas Jefferson

Posted by awebb 9 years ago to Pics
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Quote for the day.

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  • Posted by MinorLiberator 9 years ago
    This is a great quote, and too bad it didn't make it into The Constitution or Bill of Rights. Think of how the US, and the world, may have turned out differently.

    Unfortunately, and ironically, Adam Smith's "Wealth of Nations" was just published in 1776. As Mises has said, Economics is one of the youngest sciences, and even Smith had to be corrected on many points by the subsequent classical, Austrian and neoclassical economists.

    Had The Founders known modern economics as they knew Locke and other Enlightenment philosophers, I'm certain there would have been as strong a separation of government from the economy and there is now for religion. A tragedy in dire need of correcting.
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  • Posted by coaldigger 9 years ago
    Thomas Jefferson is my favorite founding father. I recently read his biography by Jon Meacham which portrayed him as a very human and brilliant person. He would be the first to admit that the republic that he and his peers created was not perfect but was intended to be revised as times required. Despite those that thought that the revolution was simply a method of getting a better deal from the King, he thought that by reason future leaders would chose more freedom instead of less but was sadly mistaken.
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  • Posted by Herb7734 9 years ago
    It was a bold statement considering when it was made. But in those days, the spirit of freedom was strong in the land as America was setting example after example of government letting people alone. While freedom and capitalism wasn't complete, what there was of it, set the young country on a road to prosperity hitherto unknown.
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  • Posted by waytodude 9 years ago
    Happy belated birthday to Thomas Jefferson sorry so many are trying to mess up all the good you and the rest of our fore father's worked so hard to create. We here will try to set it back like you intended.
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  • Posted by Jer 9 years ago
    Some comments here about "Wealth of Nations". I am very impressed. Am still trying to get through "The Road To Serfdom" by Hayek. That's is tough enough.
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  • Posted by Jer 9 years ago
    Great quote but as stated it is merely an opinion, albeit an enlightened opinion. In order to be pat of a constitution it would have to be a restriction or an enumeration of authority.
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  • Posted by $ blarman 9 years ago
    In order to have perfect liberty in commerce, one would have to be totally unconstrained by outside influences when making decisions. That would mean no corporate taxes. It would mean no rules about with whom I choose to do business or how. I would be the ultimate decider of my choices and the ultimate recipient of the consequences - either positive or negative.

    I'm not sure I can even imagine such a world. It seems a little bit too rainbows and unicorns. Nice though... ;)
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  • Posted by XenokRoy 9 years ago
    What does perfect liberty mean to you?
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    • Posted by MinorLiberator 9 years ago
      And old French term: Laissez-Faire!, from the Physiocrats ("from nature"), another very early group of economists who predated, but inspired, Adam Smith.
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      • Posted by XenokRoy 9 years ago
        Thanks.

        I was sure that was what Jefferson meant, but I am one that likes to understand the context or the quote is often meaningless.

        Will have to look up "Physiocrats" as its a term I have not heard. I have read wealth of nations and listened to the audiobook a couple of times while driving to and from work. Kinda boring but each time there are a few good incites that make it worth while.
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        • Posted by MinorLiberator 9 years ago
          "Wealth" is a classic, although certainly not a stimulating or exciting read. As far as writers who do "get me going, when the going get tough", I re-read some Rand or Mises. While Rand is far more important as she dealt with the most fundamental issues, I consider Mises almost her equal in terms of no-nonsense, straightforward, this is what I think and here's the proof, writing. I've heard that Rand was referred to by someone in her "circle" as "Mrs. Logic". If that's true, then Mises is "Mr. Logic".

          Oh, and I'm sure you'll find something about the French Physiocrats online, but if you have "Wealth", Smith deals with their theories in great detail in Chapter IX, Book 4, although he doesn't use the term Physiocrat. (I wish I could be a little more specific, but I have Wealth as an e-book...no page numbers.) He calls it "the best theory to date as far as economics", and then shows some of the errors. However "primitive" by today's standards, they did make a compelling case for the government not interfering with the economy, including foreign trade. Way ahead of their time.
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