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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.
Adam Smith
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Adam Smith
Age: 67 †
Born: 1723
Born: June 16
Died: 1790
Died: July 17
Economist
Non-Fiction Writer
Philosopher
University Teacher
Writer
Lang Toun
Employment
Frauds
Customers
Workman
Economics
Effectual
Discipline
Negligence
Losing
Workmen
Fear
Exercised
Real
Hype
Restrains
Fraud
Corrects
More quotes by Adam Smith
Beneficence is always free, it cannot be extorted by force.
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I am a beau in nothing but my books.
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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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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.
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To subject every private family to the odious visits and examination of the tax-gatherers ... would be altogether inconsistent with liberty.
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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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Adventure upon all the tickets in the lottery, and you lose for certain and the greater the number of your tickets the nearer your approach to this certainty.
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The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities.
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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.
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It is the highest impertinence and presumption, therefore, in kings and ministers to pretend to watch over the economy of private people, and to restrain their expense. They are themselves, always, and without any exception, the greatest spendthrifts in the society.
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The rate of profit... is naturally low in rich and high in poor countries, and it is always highest in the countries which are going fastest to ruin.
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It seldom happens, however, that a great proprietor is a great improver.
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To feel much for others and little for ourselves, that to restrain our selfish, and to indulge our benevolent affections, constitutes the perfection of human nature.
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Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog.
Adam Smith
Poor David Hume is dying fast, but with more real cheerfulness and good humor and with more real resignation to the necessary course of things, than any whining Christian ever dyed with pretended resignation to the will of God.
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The retinue of a grandee in China or Indostan accordingly is, by all accounts, much more numerous and splendid than that of the richest subjects of Europe.
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That wealth and greatness are often regarded with the respect and admiration which are due only to wisdom and virtue and that the contempt, of which vice and folly are the only proper objects, is most often unjustly bestowed upon poverty and weakness, has been the complaint of moralists in all ages.
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It appears, accordingly, from the experience of all ages and nations, I believe, that the work done by freemen comes cheaper in the end than that performed by slaves.
Adam Smith
Whenever the legislature attempts to regulate differences between masters and their workmen, its counsellors are always the masters. When the regulation, therefore, is in favor of the workmen, it is always just and equitable but it is sometimes otherwise when in favor of the masters.
Adam Smith
Have lots of experiments, but make sure they're strategically focused.
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