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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
Economics
Effectual
Discipline
Negligence
Losing
Workmen
Fear
Exercised
Real
Hype
Restrains
Fraud
Corrects
Employment
Frauds
Customers
Workman
More quotes by Adam Smith
When we have read a book or poem so often that we can no longer find any amusement in reading it by ourselves, we can still take pleasure in reading it to a companion. To him it has all the graces of novelty.
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The division of labour was limited by the extent of the market
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Every faculty in one man is the measure by which he judges of the like faculty in another. I judge of your sight by my sight, of your ear by my ear, of your reason by my reason, of your resentment by my resentment, of your love by my love. I neither have, nor can have, any other way of judging about them.
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Have lots of experiments, but make sure they're strategically focused.
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To expect, indeed, that the freedom of trade should ever be entirely restored in Great Britain, is as absurd as to expect that an Oceana or Utopia should never be established in it.
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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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Wonder... and not any expectation of advantage from its discoveries, is the first principle which prompts mankind to the study of Philosophy, of that science which pretends to lay open the concealed connections that unite the various appearances of nature.
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I am a beau in nothing but my books.
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Men desire to have some share in the management of public affairs chiefly on account of the importance which it gives them.
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As soon as government management begins it upsets the natural equilibrium of industrial relations, and each interference only requires further bureaucratic control until the end is the tyranny of the totalitarian state.
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Men of the most robust make, observe that in looking upon sore eyes they often feel a very sensible soreness in their own, which proceeds from the same reason that organ being in the strongest man more delicate, than any other part of the body is in the weakest.
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Beneficence is always free, it cannot be extorted by force.
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For a very small expence the public can facilitate, can encourage, and can even impose upon almost the whole body of the people, the necessity of acquiring those most essential parts of education.
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An English university is a sanctuary in which exploded systems and obsolete prejudices find shelter and protection after they have been . hunted out of every corner of the world.
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Wherever there is great property, there is great inequality.
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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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A merchant, it has been said very properly, is not necessarily the citizen of any particular country.
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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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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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In general, if any branch of trade, or any division of labour, be advantageous to the public, the freer and more general the competition, it will always be the more so.
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