It is a bit weak on some of the more complex of economic issues, such as the role of contract law in the emergence and functioning of industrial societies.
Lawmakers are sort of masterminds, especially when defining the founding principles of the law. They don't have pencil production, and usually any particular production, in mind.
The beauty is that a general principle allows almost any business to flourish; the lawmakers need not know what specific business it might be. This makes such laws reasonably future-proof.
Well, the text makes visible an invisible machine, built by all but planned by none.
I don’t think the author wanted to write a reference work on all aspects of its subject :-)
Here’s what I personally get out of its perspective: contentment and inspiration. It provides glory to the seemingly mundane tasks of everyday economic life. Comparing prices, finding customers and suppliers, solving small problems, settling disputes. This is what the invisible machine is composed of.
It also shields my mind, like a lode star that guides me away from many popular beliefs about what “needs to be done to boost GDP”.
Well, You did call it one of the great economics texts... I agree that the topic is an important one (I have told a similar story about nuts and bolts), but its presentation here ends up in simplistic dogma that ignores several realities of industrial economies.
