...principle of comparative advantage. Here is how the great economist Adam Smith put the argument: It is a maxim of every prudent master of a family, never to...shoemaker does not attempt to make his own clothes but employs a tailor. The fanner attempts to make neither the one nor the other, but employs those different...

...be used in them. Chapter 1.4 Business Outreach Beyond the State The taylor does not attempt to mend his own shoes, but buys them of the shoemaker. The...shoemaker does not attempt to make his own clothes, but employs a taylor. —Adam Smith, 1776 Shanghai's high taxes and credit crunch harmed efforts to develop...

...to employ their capitals, and must, in almost all cases, be either a useless or a hurtful regulation It is the maxim of every prudent master of a family,...what it will cost him more to make than to buy. The taylor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not...

...governments that restricted the free flow of international trade. His famous passage is as follows: "It is the maxim of every prudent master of a family,...what it will cost him more to make than to buy. The laylor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not...

...governments that restricted the free flow of international trade. His famous passage is as follows: "// is the maxim of every prudent master of a family,...what it will cost him more to make than to buy. The taylor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not...

...while selling there to the greatest advantage those things which it is exceptionally fitted to produce. "It is the maxim of every prudent master of a family...at home, what it will cost him more to make than to buy."1 In respect of the possibilities of practically applying these freetrade theories, however, Smith...

...at a great expense, when a similar eommodity might be supplied by a foreign eountry at less eost. " It is the maxim of every prudent master of a family, never to attempt to make at home what it will eost him more to make than to buy. . . . What is prudenee in the eonduet of every private family, ean...

...enunciator of the "dismal science" of economics saw it, the "maxim of every prudent householder [should be] never to attempt to make at home what it will cost him more to make [or process for himself] than to buy ... in every improved society, the farmer is generally nothing...

...question, then, is whether it is also applicable across national boundaries. Smith believes it is: It is the maxim of every prudent master of a family,...what it will cost him more to make than to buy. The taylor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not...

...the role of free trade among nations in increasing the wealth of all nations, stating 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. What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom'...