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Adam Smith

Date of Birth:

15-Sep-1723

Nationality:

United States

Profession:

Adam Smith FRSA (c. 16 June [O.S. c. 5 June] 1723[1] – 17 July 1790) was a Scottish[a] economist, philosopher, and author as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment,[6] also known as ''The Father of Economics''[7] or ''The Father of Capitalism''.[8] Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. In his work, Adam Smith introduced his theory of absolute advantage.[9]. See more on Wikipedia: https://en.wikipedia.org/wiki/Adam_Smith

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QUOTES BY Adam Smith

“The great source of both the misery and disorders of human life, seems to arise from over-rating the difference between one permanent situation and another. Avarice over-rates the difference between poverty and riches: ambition, that between a private and a public station: vain-glory, that between obscurity and extensive reputation. The person under the influence of any of those extravagant passions, is not only miserable in his actual situation, but is often disposed to disturb the peace of society, in order to arrive at that which he so foolishly admires. The slightest observation, however, might satisfy him, that, in all the ordinary situations of human life, a well-disposed mind may be equally calm, equally cheerful, and equally contented. Some of those situations may, no doubt, deserve to be preferred to others: but none of them can deserve to be pursued with that passionate ardour which drives us to violate the rules either of prudence or of justice; or to corrupt the future tranquillity of our minds, either by shame from the remembrance of our own folly, or by remorse from the horror of our own injustice.”
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Adam Smith

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“Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all.”
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“Science is the great antidote to the poison of enthusiasm and superstition.”
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“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.”
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“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 self-interest. We address ourselves not to their humanity but to their self-love, and never talk to them of our own necessities, but of their advantages”
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“Never complain of that of which it is at all times in your power to rid yourself.”
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“The man whose whole life is spent in performing a few simple operations, of which the effects are perhaps always the same, or very nearly the same, has no occasion to exert his understanding or to exercise his invention in finding out expedients for removing difficulties which never occur. He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. ”
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“Mercy to the guilty is cruelty to the innocent.”
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“No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable. ”
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“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.” ― Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations
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Adam Smith

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“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.”
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Adam Smith

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“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.”
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