----------------- HES POSTING ----------------- I think Larry and Humberto are both on the right track. My impression is that Smith distinguishes between projector and venturer on the basis of risk. Hence his bias against visionary types, whose utopian projects do undermine the prudential values Smith deems important. This will often look like an ex post perspective. Nevertheless, (an estimate of) risk is reflected in the rate of interest at which the project is financed, and this is available from the start. If I am not mistaken Smith's discussion is motivated, too, by concerns about how projectors -- borrowing at high rates --displace more viable and productive investments. Bentham's letter on Usury should be mentioned as an insightful early response to Adam Smith, especially for those interested in the early recognition of the importance of entrepeneurs. Eric Schliesser Department of Philosophy University of Chicago ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]