Tag: Adam Smith

Who is King in Our Economy?

“They traded with you in choice garments, in clothes of blue and embroidered work, and in carpets of many colors and tightly wound cords, which were among your merchandise” (Ezekiel 27:24 New…

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Incentives are important, but…

Scripture: Psalm 24:1, 100:3; Luke 6:38; Rom. 14:12; 1 Cor. 4:2; Col. 1:16; Eph. 6:7 One of the first statements in most economics textbooks is that incentives are important for understanding behavior.…

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The Power of the Market

“The real and effectual discipline which is exercised over a workman is that of his customers.  It is the fear of losing their employment which restrains his frauds and corrects his negligence.”    …

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