...the importance of free trade in increasing the wealth of all trading nations. He stated that "it is a maxim of every prudent master of a family never to...home what it will cost him more to make than to buy." He later continued that What is prudence in the conduct of every private family, can scarce be folly...

...told us in the 1770s about the nature of the gains from trade: "It is a maxim of every prudent master, never to attempt to make at home what it will cost him more to make than to buy" (Smith 1937, 422). Cost savings in individual countries on producing any given output level necessarily...

...survival will depend on the net benefits; in such a time frame, we expect Adam Smith's maxim to apply: "It is the maxim of every prudent master of a family,...home what it will cost him more to make than to buy" (Smith 1976, 456). For example, when Bethlehem Steel filed for bankruptcy in October 15, 2001, no one...

...lay in some areas rather others and began to engage in more extensive specialization. As Smith state It is the maxim of every prudent master of a family,...home what it will cost him more to make than to buy ... If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better...

...'must, in almost all cases, be either a useless or a hurtful regulation. If the .produce of domestic can be brought there as cheap as that of foreign industry, the regulation is evidently useless. If rt cannot, it must generally be hurtful. It is the maxim of every prudent master of a family, never...

...international level, 95 Ricardo (1817/1973); see also Adam Smith (1776/1976: Vol. I, Book IV, Ch. II 422) ('It is the maxim of every prudent master of a family,...home what it will cost him more to make than to buy . . . What is prudence in the conduct of every private family, can scarce be folly in that of a great...