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The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.
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
Money
Minorities
Problem
Rewards
Handle
Saved
Generation
Worked
Fiat
Fool
Minority
Generations
Fools
More quotes by Adam Smith
Humanity is the virtue of a woman, generosity that of a man.
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The interest of the dealers, however, in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public. To widen the market and to narrow the competition, is always the interest of the dealers.
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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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Secrets in manufactures are capable of being longer kept than secrets in trade.
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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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How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it.
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Defense is superior to opulence.
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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 for its own sake that men desire money, but for the sake of what they can purchase with it.
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Though the profusion of Government must undoubtedly have retarded the natural progress of England to wealth and improvement, it has not been able to stop it.
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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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The property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable.
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Goods can serve many other purposes besides purchasing money, but money can serve no other purpose besides purchasing goods.
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All jobs are created in direct proportion to the amount of capital employed.
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Avarice and injustice are always shortsighted, and they did not foresee how much this regulation must obstruct improvement, and thereby hurt in the long-run the real interest of the landlord.
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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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The cheapness of wine seems to be a cause, not of drunkenness, but of sobriety. ...People are seldom guilty of excess in what is their daily fare... On the contrary, in the countries which, either from excessive heat or cold, produce no grapes, and where wine consequently is dear and a rarity, drunkenness is a common vice.
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In every part of the universe we observe means adjusted with the nicest artifice to the ends which they are intended to produce and in the mechanism of a plant, or animal body, admire how every thing is contrived for advancing the two great purposes of nature, the support of the individual, and the propagation of the species.
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I have no great faith in political arithmetic, and I mean not to warrant the exactness of either of these computations.
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To found a great empire for the sole purpose of raising up a people of customers, may at first sight appear a project fit only for a nation of shopkeepers. It is, however, a project altogether unfit for a nation of shopkeepers but extremely fit for a nation whose government is influenced by shopkeepers.
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