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June 30, 2007
Demand curves are downward sloping c. 1907
The June 30, 1907 NYT has the following story: A newspaper published in Suffolk has somehow become the vehicle of a discussion of the Rev. Mr. Campbell's so-called new theology. It seemed as though every man and woman in England who could write had turned theologian and was sending letters for publication in this paper. The editor got very tired of these effusions, but did not dare say he would have no more of them. His wife told him what to do, and now there is a notice running in his paper that whoever wishes to express his opinions on the new theology must pay five shillings an opinion, the money to go to a local hospital. It is almost needless to say that the hospital is not getting rich.Now that's a smart wife... Posted by Craig Depken at 07:43 PM in Culture
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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