Source: Law & Liberty
by Theodore Dalrymple
“Analogies between individual and governmental conduct are no doubt hazardous, and have often been deprecated, for example by the modern monetary theorists, who think they are wiser than Adam Smith when he said: ‘What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom.’ Of course, differences spring to mind. The credit of a family is unlikely to extend as far as that of a state …. No one, probably, would continue to lend to a family that had borrowed more than its annual income, mostly to continue to pay its current expenses, but there are large states where this has been the rule for many years. There is also a large difference between the virtues of individuals and the virtues of states.” (08/05/26)
https://lawliberty.org/the-bankruptcy-of-bureaucratic-benevolence/