363 364 of restraints upon importation from foreign countries of such goods as

363 364 of restraints upon importation from foreign

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363-364: of restraints upon importation from foreign countries of such goods as can be produced at home - Inhabitants of a country always pursue his/her own interests, which promotes that of the society (invisible hand) - If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage 560-561: sovereignty has only three duties to attend to: - first, the duty of protecting the society from the violence and invasion of other independent societies - secondly, the duty of protecting every member of the society from the injustice or oppression of every other member of it, or the duty of establishing an exact administration of justice - thirdly, the duty of erecting and maintaining certain public works, and certain public institutions, which it can never be for the interest of any individual, or small number of individuals to erect and maintain 667-668: THE EXPENSE of defending the society, and that of supporting the dignity of the chief magistrate, are both laid out for the general benefit of the whole society.
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- The expense of maintaining good roads and communications is, no doubt, beneficial to the whole society, and may, therefore, without any injustice, be defrayed by the general contributions of the whole society. - This expense, however, is most immediately and directly beneficial to those who travel or carry goods from one place to another, and to those who consume such goods - the deficiency must, in most cases, be made up by the general contribution of the whole society. The general revenue of the society, over and above defraying the expense of defending the society, and of supporting the dignity of the chief magistrate, must make up for the deficiency of many particular branches of revenue 752-753: Commerce and manufactures can seldom flourish long in any state which does not enjoy a regular administration of justice The merchant or monied man makes money by lending money to government, and instead of diminishing In a rude state of society, there are no great mercantile or manufacturing capitals → 都不愿 意借 government ,因 没有法律的保 Lecture 4: Nathaniel Keohane and Sheila Olmstead, "Market Failures in the Environmental Realm" from Keohane and Olmstead, Markets and the Environment (Island Press, 2007); Externalities - Economic activity often gives rise to unwanted by-products, such as water and air pollution, that impose indirect costs on consumers or firms downstream or downwind - Negative externality; externality results when the actions of one individual (or firm) have a direct, unintentional, and uncompensated effect on the well-being of other individuals or the profits of other firms - In the absence of regulation, each steel producer will ignore the damages caused by its pollution when deciding how much to produce, and consider only its own costs.
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