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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In public, as well as in private expences, great wealth may, perhaps, frequently be admitted as an apology for great folly.
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Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from those rules, is consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.
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That the chance of gain is naturally over-valued, we may learn from the universal success of lotteries.
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In the long-run the workman may be as necessary to his master as his master is to him, but the necessity is not so immediate.
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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.
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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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