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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
Universal
Chance
Success
Lotteries
Learn
Valued
May
Lottery
Naturally
Gain
Gains
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Consumption is the sole end and purpose of all production.
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Good roads, canals, and navigable rivers, by diminishing the expence of carriage, put the remote parts of the country more nearly upon a level with with those of the neighbourhood of the town. They are upon that the greatest of all improvements.
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The principle which prompts to save is the desire of bettering our conditiona desire which?comes with us from the womb and never leaves us till we go into the grave.
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When profit diminishes, merchants are very apt to complain that trade decays though the diminution of profit is the natural effect of its prosperity, or of a greater stock being employed in it than before.
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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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In a militia, the character of the laborer, artificer, or tradesman, predominates over that of the soldier: in a standing army, that of the soldier predominates over every other character.
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It is unjust that the whole of society should contribute towards an expence of which the benefit is confined to a part of the society.
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The liberal reward of labour, therefore, as it is the affect of increasing wealth, so it is the cause of increasing population. To complain of it, is to lament over the necessary effect and cause of the greatest public prosperity.
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Man, an animal that makes bargains.
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To hinder, besides, the farmer from selling his goods at all times to the best market, is evidently to sacrifice the ordinary laws of justice to an idea of public utility, to a sort of reasons of state an act of legislative authority which ought to be exercised only, which can be pardoned only in cases of the most urgent necessity.
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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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Ask any rich man of common prudence to which of the two sorts of people he has lent the greater part of his stock, to those who, he thinks, will employ it profitably, or to those who will spend it idly, and he will laugh at you for proposing the question.
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Thus the labour of a manufacture adds, generally, to the value of the materials which he works upon, that of his own maintenance, and of his masters profits. The labour of a menial servant, on the contrary, adds to the value of nothing.
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The man scarce lives who is not more credulous than he ought to be... The natural disposition is always to believe. It is acquired wisdom and experience only that teach incredulity, and they very seldom teach it enough.
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All money is a matter of belief.
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As we have no immediate experience of what other men feel, we can form no idea of the manner in which they are affected, but by conceiving what we ourselves should feel in the like situation.
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Corn is a necessary, silver is only a superfluity.
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Secrets in manufactures are capable of being longer kept than secrets in trade.
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