A collaborative blog for Principles of Microeconomics taught by Edward Millner @ Virginia Commonwealth University.
Tuesday, November 3, 2015
Rule of Law
http://www.wsj.com/articles/rule-of-law-is-necessary-for-capitalist-prosperity-1446231687
This letter to the editor of the WSJ does a good job stating that Adam Smith's statement that 'By pursuing his own interest [an individual] frequently promotes that of the society more effectually than when he really intends to promote it' "really only works in societies that are dominated by a 'rule of law' mindset."
I am not sure if I agree with the writer's statements about the cultural divide between rule of men and rule of law. They are intriguing.
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