Julian, as I recall, we dealt with this issue before on this list. 
The question before, as I recall, was not what Smith actually said 
but how what he said should be interpreted by economists today. The 
fact that a prominent economist misquotes Smith is, it seems to me, a 
much less important issue than the question of correct meaning.

Regarding your comment on Gavin Kennedy, capital is a pretty 
important concept in Smith's vision, isn't it? What more important 
"item," in the classical view, is involved in a businessperson's 
pursuit of profit?


Pat Gunning