[lbo-talk] profits

[Michael Perelman]

Smith was always very critical of business, which he identified with undue 
influence.  His preference was for small, independent, craft-like 
operations.  William Baumol once published a short piece with passages from 
Marx and Smith side by side.  Marx, as you know, still praised 
accomplishments of capitalism, while Smith was critical in many ways.

At the same time, he was hypocritical, angling for a job with the East 
India company and relying on business contacts to help him get his early 
academic position.

 -- 
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
michaelperelman.wordpress.com