Adam Smith was an 18th-century philosopher renowned as the father of modern economics, and a major proponent of laissez-faire economic policies.After two centuries, Adam Smith remains a towering figure in the history of economic thought.Smith is more properly regarded as a social philosopher whose economic writings constitute only the capstone to an overarching view of political and social evolution.
To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.
Labour was the first price, the original purchase - money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased.
The real tragedy of the poor is the poverty of their aspirations.
Science is the great antidote to the poison of enthusiasm and superstition.
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
All money is a matter of belief.
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
In regards to the price of commodities, the rise of wages operates as simple interest does, the rise of profit operates like compound interest. Our merchants and masters complain much of the bad effects of high wages in raising the price and lessening the sale of goods. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.
The discipline of colleges and universities is in general contrived, not for the benefit of the students, but for the interest, or more properly speaking, for the ease of the masters. Its object is, in all cases, to maintain the authority of the master, and whether he neglects or performs his duty, to oblige the students in all cases to behave toward him as if he performed it with the greatest diligence and ability.
Never complain of that of which it is at all times in your power to rid yourself.
The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence.
What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?
The propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals.
Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.
Happiness never lays its finger on its pulse.
Science is the great antidote to the poison of enthusiasm and superstition.
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
All money is a matter of belief.
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
In regards to the price of commodities, the rise of wages operates as simple interest does, the rise of profit operates like compound interest. Our merchants and masters complain much of the bad effects of high wages in raising the price and lessening the sale of goods. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.
The discipline of colleges and universities is in general contrived, not for the benefit of the students, but for the interest, or more properly speaking, for the ease of the masters. Its object is, in all cases, to maintain the authority of the master, and whether he neglects or performs his duty, to oblige the students in all cases to behave toward him as if he performed it with the greatest diligence and ability.
Never complain of that of which it is at all times in your power to rid yourself.
The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence.
What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?
The propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals.
Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.
Happiness never lays its finger on its pulse.
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition.
The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.
Man is an animal that makes bargains: no other animal does this - no dog exchanges bones with another.
The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
With the great part of rich people, the chief employment of riches consists in the parade of riches.
I have never known much good done by those who affected to trade for the public good.
The mind is so rarely disturbed, but that the company of friend will restore it to some degree of tranquility and sedateness.
Every man lives by exchanging.
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.
The learned ignore the evidence of their senses to preserve the coherence of the ideas of their imagination.
Problems worthy of attacks, prove their worth by hitting back.
This is one of those cases in which the imagination is baffled by the facts.
The theory that can absorb the greatest number of facts, and persist in doing so, generation after generation, through all changes of opinion and detail, is the one that must rule all observation.
With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches.
How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it.
Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition.
The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.
Man is an animal that makes bargains: no other animal does this - no dog exchanges bones with another.
The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
With the great part of rich people, the chief employment of riches consists in the parade of riches.
I have never known much good done by those who affected to trade for the public good.
The mind is so rarely disturbed, but that the company of friend will restore it to some degree of tranquility and sedateness.
Every man lives by exchanging.
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.
The learned ignore the evidence of their senses to preserve the coherence of the ideas of their imagination.
Problems worthy of attacks, prove their worth by hitting back.
This is one of those cases in which the imagination is baffled by the facts.
The theory that can absorb the greatest number of facts, and persist in doing so, generation after generation, through all changes of opinion and detail, is the one that must rule all observation.
With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches.
How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it.
No complaint... is more common than that of a scarcity of money.
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