ABSTRACT
Our thanks are due to Adam Smith and to Say because they have clearly laid down the principles of individual economics and cosmopolitan economics. These doctrines may be regarded as aims which nations should strive to achieve. But experience teaches us that Adam Smith and Say have not shown countries the right road to follow to achieve the noble ideal of world free trade. Their services are not diminished by the fact that - although they have developed the theory of value to its greatest extent - they have failed to appreciate the significance of the doctrine of productive power. And Adam Smith and Say have also attacked the policy of protection by mistaken arguments based upon erroneous principles.
