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Michael Kochin

Smith's critique of mercantilists and mercantilist politicians would be more persuasive if The Wealth of Nations had considered fiscal questions such as how: How do tariffs contribute to revenue? What costs of collection and externalities do tariffs impose compared with other taxes? Do measures to route trade or protect local industry increase or decrease TAXABLE wealth? Smith's defense of the Navigation Acts can be reframed in fiscal terms: more efficient to protect the British Merchant fleet from foreign competition and impress sailors than tax foreign shipping and hire sailors. But Wealth of Nations never does that.

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Here's a link to my past blogging (and discussions involving me) at: New APPS.


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