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What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.
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
Kingdom
Kingdoms
Folly
Private
Economic
Family
Scarce
Great
Prudence
Every
Conduct
More quotes by Adam Smith
It must always be remembered, however, that it is the luxuries, and not the necessary expense of the inferior ranks of people, that ought ever to be taxed.
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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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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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Upstart greatness is everywhere less respected than ancient greatness.
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The liberal reward of labor, therefore, as it is the necessary effect, so it is the natural symptom of increasing national wealth. The scanty maintenance of the laboring poor, on the other hand, is the natural symptom that things are at a stand, and their starving condition that they going backwards fast.
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The tolls for the maintenance of a high road, cannot with any safety be made the property of private persons.
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China is a much richer country than any part of Europe.
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It is not for its own sake that men desire money, but for the sake of what they can purchase with it.
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The machines that are first invented to perform any particular movement are always the most complex, and succeeding artists generally discover that, with fewer wheels, with fewer principles of motion, than had originally been employed, the same effects may be more easily produced. The first systems, in the same manner, are always the most complex.
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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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By pursuing his own interest (the individual) frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.
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It is the natural effect of improvement, however, to diminish gradually the real price of almost all manufactures.
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Men, like animals, naturally multiply in proportion to the means of their subsistence.
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Corn is a necessary, silver is only a superfluity.
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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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The importation of gold and silver is not the principal, much less the sole benefit which a nation derives from its foreign trade.
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On the road from the City of Skepticism, I had to pass through the Valley of Ambiguity.
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When the profits of trade happen to be greater than ordinary, over-trading becomes a general error both among great and small dealers.
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He is led by an invisible hand to promote an end which was no part of his intention
Adam Smith
Science is the great antidote to the poison of enthusiasm and superstition.
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