Principium Volume II, Book 9, Quote 952

952. (10-30-2010) (Consider this next portion in context not just of land, but of business in general. In addition, consider “government” as sovereign and landlord as business owner.)ATJ No incitement to the attention of the sovereign can ever counterbalance the smallest discouragement to that of the landlord. The attention of the sovereign can be at best but a very general and vague consideration of what is likely to contribute to the better cultivation of the greater part of his dominions. The attention of the landlord is a particular and minute consideration of what is likely to be the most advantageous application of every inch of ground upon his estate. The principal attention of the sovereign ought to be to encourage, by every means in his power, the attention both of the landlord and the farmer, by allowing both to pursue their own interest in their own way and according to their own judgment; by giving to both the most perfect security that they shall enjoy the full recompense of their own industry; and by procuring to both the most extensive market for every part of their produce, in consequence of establishing the easiest and safest communications both by land and by water through every part of his own dominions as well as most unbounded freedom of exportations to the dominions of all other princes (foreign governments – markets)ATJ. If by such a system of administration a tax of this kind could be so managed as to give, not only no discouragement to the improvement of land (or business)ATJ, it does not appear likely to occasion any other inconveniency to the landlord, except always the unavoidable one of being obliged to pay the tax.

- Adam Smith – The Wealth of Nations, 1776

(Can you not just see how this type of behavior from the government would hugely spur the economy to expand as people rush to open businesses, compete for markets, and offer jobs, if they simply knew (trusted) that the government was working hard to protect and open new markets for their products, and that they would be safe and secure with their profits, only having to pay taxes on luxuries they might pursue, or might opt not to pursue. If people, businesses, or corporations felt secure from the threat of government confiscation of wealth, would they not be bold in expansion, exploration, and development of new products and services to sell, expanding employment and would that not also stimulate the income increase and improve the standard of living of all the workers as well? Of course it would, it has already been proven by history. Go back to the industrial revolution and the continual revolution growth and expansion that America experienced for over 150 years from her birth. Freedom, safety, and security, open markets and protection by government and from government intrusion and confiscatory taxations, stimulates an economic growth like no other mechanism can.)ATJ

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