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That the chance of gain is naturally over-valued, we may learn from the universal success of lotteries.
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
Chance
Success
Lotteries
Learn
Valued
May
Lottery
Naturally
Gain
Gains
Universal
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Every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniences, and amusements of human life.
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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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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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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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The violence and injustice of the rulers of mankind is an ancient evil, for which, I am afraid, the nature of human affairs can scarce admit a remedy.
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Mercy to the guilty is cruelty to the innocent.
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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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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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All money is a matter of belief.
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In public, as well as in private expences, great wealth may, perhaps, frequently be admitted as an apology for great folly.
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Man is an animal that makes bargains: no other animal does this - no dog exchanges bones with another.
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Corn is a necessary, silver is only a superfluity.
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