...foreign industry, the regulation is evidently useless. If it cannot, it must generally be hurtful. It is the maxim of every prudent master of a family never...attempt to make his own clothes, but employs a tailor. The farmer attempts to make neither the one nor the other, but employs those different artificers....

...the importance of free trade in increasing the wealth of all trading nations. He stated that "it is a maxim of every prudent master of a family never to...home what it will cost him more to make than to buy." He later continued that What is prudence in the conduct of every private family, can scarce be folly...

...told us in the 1770s about the nature of the gains from trade: "It is a maxim of every prudent master, never to attempt to make at home what it will cost him more to make than to buy" (Smith 1937, 422). Cost savings in individual countries on producing any given output level necessarily...

...Länder Anreiz genug, innerhalb der rasch expandierenden Weltwirtschaft zu bleiben. Schlußfolgerungen The tailor does not attempt to make his own shoes, but buys them ofthe shoemaker. The shoemaker does not attempt to make his own clothes, but employs a tailor. The...

...foreign industry, the regulation is evidently useless. If it can not, it must generally be hurtful. It is the maxim of every prudent master of a family never...The tailor does not attempt to make his own shoes, bat buys them of the shoemaker. The shoemaker does not attempt to make his own clothes, but employs...

...specialization in domestic economic activity could be extended to international economic activity:1 The tailor does not attempt to make his own shoes,...attempt to make his own clothes, but employs a tailor . . . What is prudence in the conduct of every private family, can scarcely be folly in that of a great...

...will depend on the net benefits; in such a time frame, we expect Adam Smith's maxim to apply: "It is the maxim of every prudent master of a family, never...home what it will cost him more to make than to buy" (Smith 1976, 456). For example, when Bethlehem Steel filed for bankruptcy in October 15, 2001, no one...

...some areas rather others and began to engage in more extensive specialization. As Smith state It is the maxim of every prudent master of a family, never...home what it will cost him more to make than to buy ... If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better...

...foreign industry, the regulation is evidently useless. If it cannot, it must generally be hurtful. It is extermination, sickly seasons, epidemics, pestilence,...incomplete, gigantic inevitable famine stalks in the The farmer attempts to make neither the one nor the other, but employs those different artificers....

...level, 95 Ricardo (1817/1973); see also Adam Smith (1776/1976: Vol. I, Book IV, Ch. II 422) ('It is the maxim of every prudent master of a family, never...home what it will cost him more to make than to buy . . . What is prudence in the conduct of every private family, can scarce be folly in that of a great...