Letters | 21 February 2009

Hidden behind Smith

Sir: Matthew Parris (Another Voice, 14 February) correctly emphasised the cyclical pattern of economic markets in an optimistic tone that heralded a future recovery. As is almost always the case, writers from Adam Smith onwards are given the credit for the exposition of market theory.

However, it was Josiah Tucker (1713-1799), an Oxford-educated cleric, who first articulated such principles in his A brief essay on the advantages and disadvantages, which respectively attend France and Great Britain, published in 1749. Although Tucker firmly advocated free trade, he recommended prudent intervention by government in terms of legislation designed to ensure effective commerce for the benefit of society. It is known that Adam Smith owned a copy of A Brief Essay.

Professor Bleddyn Jones
Oxford

Unfair comparison

Sir: David Cameron is not the first politician to be compared to Flashman (‘Two years of recession’, 14 February). I remember George MacDonald Fraser strongly disagreeing when someone compared Tony Blair to him.