“Luddite reasoning rests on this assumption: individuals who act in their own self-interest to buy lower-cost goods are acting against the interests of the nation. This was the argument of the mercantilists in the late 17th century. It was this argument that Adam Smith criticized in The Wealth of Nations. This is the essence of all systems of government interference into the economy. It says that politicians know better what is good for the nation than individuals do. It says that customers, who act individually to pursue their own ends as inexpensively as they can, are totally misguided. As individuals, they are making decisions that undermine their own wealth.”

http://www.garynorth.com/public/10634.cfm

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