Quote by Vernon L. Smith

“Samuel Gregg: Smith underscores, however, that the Scots also focused on another form of rationality: the reasonableness that is embodied and conveyed through time by un-designed habits, customs, and rules. We often do not fully understand the importance of such traditions, as Edmund Burke noted, until we dispose of them. A hallmark of Smith’s work is his study of how such knowledge helps to mold political and economic outcomes. One Means by which such knowledge has been conveyed through time, Smith states, is religion. In a long footnote to his Nobel lecture, Smith stressed religion’s role in shaping the morality needed for cohesive social behavior.”

Quote by Vernon L. Smith