Charles Davenant on the Need for Humility in Policymaking

Douglas Irwin, on page 53 of his 1996 book Against the Tide: An Intellectual History of Free Trade, quotes from page 32 of Charles Davenant’s 1696 Essay on the East India Trade:

“Wisdom is most commonly in the wrong, when it pretends to direct nature.”

This wisdom applies to much more than trade restrictions and government-granted monopolies.

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