“The factors that led to Turkey’s economic success, have run their course, and Erdogan’s management will be a major, in fact disastrous, drag going forward.”
* Smith’s dry response to that acquaintance’s work re the Sabbath is a classic:
“He (the acquaintance) was busy with his History of the Public Revenue, in which Smith gave him every assistance in his power, and he had actually finished a treatise on the Christian Sabbath, which, in deference to Smith’s advice, he never gave to the press. The object of this treatise was to show that the puritanical Sabbath observance of Scotland had no countenance in Holy Scripture, and that, while part of the day ought certainly to be devoted to divine service, the rest might be usefully employed in occupations of a character not strictly religious without infringing any divine law. When the work was completed, Sinclair showed the manuscript to Smith, who dissuaded him strongly from printing it. “Your work, Mr. Sinclair,” said he, “is very ably written, but I advise you not to publish it, for rest assured that the Sabbath as a political institution is of inestimable value independently of its claim to divine authority.”*44”
What’s your point? (re: Adam Smith)
“Erdogan Is Failing Economics 101” (Foreign Policy magazine)
http://foreignpolicy.com/2018/05/25/erdogan-is-a-mad-economist-and-turkey-is-his-laboratory/