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April 2

perhaps the most important quote on economics

According to an article in the German Wikipedia, Adam Smith says in the Wealth of Nations (on p. 452 of a 2003 German translation) that a market economy can only work if the government engages in some regulation, namely regulation that ensures that the market works and that competition is not stifled. I was not able to find this statement by Smith on https://en.m.wikisource.org/wiki/The_Wealth_of_Nations. Any idea how to find it? --Espoo (talk) 04:48, 2 April 2018 (UTC)[reply]

Smith's belief in the role of government is famously expounded on in the the Wealth of Nations, Book V, Chapter 1, where he outlines 3 roles for the government (that he calls "The Sovereign"). This is often reduced to the pithy statement "The role of the government is to a) defend the nation b) protect people from harm from each other and c) handle those public works projects the markets would not otherwise produce." He never said exactly that, but many summaries of Book V, Chapter 1 will read similarly. I don't know anywhere where he discusses the role of government in the actual regulation of markets; merely that the government's role is to provide those things that people need, but for which there is no market mechanism to produce equitably. --Jayron 32 12:43, 2 April 2018 (UTC)[reply]

Yes, those are the parts that are often quoted, but it seems he also had very strong opinions about the need to protect competition and prevent monopolies and that this is a very important role of government. Any idea how to find that info online? --Espoo (talk) 19:23, 3 April 2018 (UTC)[reply]

See here for some of his thoughts. He mostly saw monopolies as government enforced monopolies, where the Sovereign granted the right of monopoly to home-grown industries, either as part of mercantile theory embargoes; or through the use of protective tariffs. I'm not sure he deals with so-called "natural monopolies", that is those that occur through the market without government intervention. --Jayron 32 13:21, 4 April 2018 (UTC)[reply]

Thanks! I don't understand how to make the search function work; I would like to search for "competition" and "regulation". --Espoo (talk) 20:49, 5 April 2018 (UTC)[reply]

These are the two Adam Smith quotes I know. They aren't directly about government intervention, but discuss some of the factors which might make it necessary in the eyes of some: AnonMoos (talk) 08:56, 4 April 2018 (UTC)[reply]

"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."

"The proposal of any new law or regulation of commerce which comes from this order [merchants and master manufacturers] ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it."

Thanks! Do you know what the page numbers are? --Espoo (talk) 20:49, 5 April 2018 (UTC)[reply]

"The Wealth of Nations" has been reprinted so many times down the centuries that I'm not sure page numbers mean much. The first quote is from Book I, Chapter X. You can probably find the location of the second quote with a little searching. AnonMoos (talk) 23:25, 5 April 2018 (UTC)[reply]

Identity of background music in YouTube video

Can anybody identify the music in the background? And another example. Bus stop (talk) 21:52, 2 April 2018 (UTC)[reply]

Cute - the same actress doing different accents. Trying to figure out the song is another story - just trying to figure out the words would be a challenge. I think I heard "London, Paris, we all can pass for..." but that's all I can make out. ←Baseball Bugs ^{What's up, Doc?} carrots→ 11:00, 3 April 2018 (UTC)[reply]

I think it's "London, Paris, New York, and Moscow". Bus stop (talk) 12:06, 3 April 2018 (UTC)[reply]

You may try asking her at her own site Chameleon Voices. There's an email address listed there. Since the music of her videos is always the same she shouldn't have any trouble knowing what you mean. (You can also try sending a message through her YouTube channel here or leave a comment with a question here but it doesn't look like she ever answers those). Basemetal 11:09, 3 April 2018 (UTC)[reply]

Yes, maybe I will do that. I will see if other answers come up. Thank you, Basemetal, for those links. Bus stop (talk) 12:58, 3 April 2018 (UTC)[reply]