Δαφνη Ευτυχια Αρθουρος

From the Quotation of the day mailing list, 2011-10-12:

"Such regulations may, no doubt, be considered as in some respect a violation of natural liberty. But those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments; of the most free, as well as or the most despotical. The obligation of building party walls, in order to prevent the communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed." -- Adam Smith, on the need for banking regulations.

[ http://krugman.blogs.nytimes.com/2011/10/09/financial-romanticism/]

(submitted to the mailing list by Reddy, Michael)

[I expect most folks here to recognize Smith's name, at least in context, but Just In Case (and because at least one relative did not know who Smith was recently): Adam Smith (b. 1723, d. 1790-07-17) was the famous economist who wrote The Wealth of Nations, is often referred to as the father of capitalism, gave us the phrase (and concept) "the invisible hand of the market", and gets mentioned frequently by proponents of free markets.]