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I believe that competition, free markets, and deregulation are the best ways to create jobs and generate wealth for all. When the government cut’s spending and lowers the tax burden on hard-working families and entrepreneurs ... 5/36
we can establish a framework that empowers family farms and small businesses to succeed.” 6/36
Adam Smith “is perceived, through his best-known book, An Inquiry into the Nature and Causes of the Wealth of Nations, as the founder of economics as a science.” Ross, The Life of Adam Smith, 1995. Smith’s two-volume work was published in 1776. 7/36
Smith wrote of competition: “‘the rivalship of competitors, who are all endeavoring to justle one another out of employment, obliges every man to execute his work with a certain degree of exactness.’” Ross, pp. 86-87. 8/36
Capitalism works like a tournament in that every business seeks to drive its competitors out of business. From Smith’s perspective, in the early days of the Industrial Revolution, unfettered competition seemed good. 9/36
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