“The nation as such is not a large subject that has needs, that works, practices economy, and consumes. . . . Thus the phenomena of “national economy” . . . are, rather, the results of all the innumerable individual economic efforts in the nation and . . . must also be theoretically interpreted in this light. . . .Whoever wants to understand theoretically the phenomena of “national economy” . . . must for this reason attempt to go back to their true elements, to the singular economies in the nation, and to investigate the laws by which the former are built up from the latter.”
Quote by Ralph Raico
Author
Ralph Raico
Ralph Raico was a prominent American historian known for his research on liberalism and classical liberalism. His work covered political philosophy, economics, and intellectual history. Dr. Raico earned his Ph.D. from the University of Chicago and taught at several academic institutions, including New York University and George Mason University. His writings have had a profound impact on understanding the development of liberal thought. more
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Source: Capital in the Twenty-First Century