Adam Smith
Adam Smith
Adam Smith– 17 July 1790) was a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment...
NationalityScottish
ProfessionEconomist
Date of Birth5 June 1723
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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.
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But poverty, though it does not prevent the generation, is extremely unfavourable to the rearing of children. The tender plant is produced, but in so cold a soil, and so severe a climate, soon withers and dies.
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A power to dispose of estates for ever is manifestly absurd. The earth and the fulness of it belongs to every generation, and the preceding one can have no right to bind it up from posterity. Such extension of property is quite unnatural.
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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.
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Mankind are animals that makes bargains, no other animal does this.
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Such is the delicacy of man alone, that no object is produced to his liking. He finds that in everything there is need for improvement.... The whole industry of human life is employed not in procuring the supply of our three humble necessities, food, clothes and lodging, but in procuring the conveniences of it according to the nicety and delicacy of our tastes.
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Labor was the first price, the original purchase-money that was paid for all things.
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