Adam Smith

Profession : Economist ,Philosopher
Nationality : Scottish
Birth : 5th June, 1723
Death : 17th July, 1790
About : Adam Smith was a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Adam Smith is best known for two classic works: The Theory of Moral Sentiments, and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the father of modern economics and is still among the most influential thinkers in the field of economics today. In 2009, Smith was named among the 'Greatest Scots' of all time, in a vote run by Scottish television channel STV. After graduating, he delivered a successful series of public lectures at Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith then returned home and spent the next ten years writing The Wealth of Nations, publishing it in 1776. He died in 1790 at the age of 67.

Adam Smith Quotes

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.
Tags : School Topics : Uncategorized
All money is a matter of belief.
Tags : Matter Topics : Money
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
Tags : Natural Topics : Country , Love
Capitals are increased by parsimony, and diminished by prodigality and misconduct. By what a frugal man annually saves he not only affords maintenance to an additional number of productive hands…but…he establishes as it were a perpetual fund for the maintenance of an equal number in all times to come.
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Consumption is the sole end and purpose of all production.
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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.
Defense is superior to opulence.
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Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition.
Happiness never lays its finger on its pulse.
Tags : Happiness Topics : Uncategorized
Humanity is the virtue of a woman, generosity that of a man.
Tags : Generosity Topics : Humanity
I have never known much good done by those who affected to trade for the public good.
Tags : Affected , Good , Public Topics : Uncategorized
In ease of body, peace of mind, all the different ranks of life are nearly upon a level and the beggar who suns himself by the side of the highway, possesses that security which kings are fighting for.
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It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.
Tags : Active , Banking , Capital , Industry , Productive Topics : Country
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Labor was the first price, the original purchase – money that was paid for all things.
Tags : Labor Topics : Money
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.
Tags : Labour , Purchase Topics : Money
Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.
Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.
Tags : Men Topics : Business
No complaint… is more common than that of a scarcity of money.
Tags : Common Topics : Money
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
Tags : Miserable Topics : Society
On the road from the City of Skepticism, I had to pass through the Valley of Ambiguity.
Poor David Hume is dying fast, but with more real cheerfulness and good humor and with more real resignation to the necessary course of things, than any whining Christian ever dyed with pretended resignation to the will of God.
Tags : Necessary , Poor Topics : God , Humor
Resentment seems to have been given us by nature for a defense, and for a defense only! It is the safeguard of justice and the security of innocence.
Science is the great antidote to the poison of enthusiasm and superstition.
Tags : School , Science Topics : Uncategorized
The common wages of labour depends every where upon the contract usually made between those two parties whose interests are by no means the same… Masters are always and every where in a sort of tacit, but constant and uniform combination, not to raise the wages of labour above their actual rate.
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The difference between the most dissimilar characters, between a philosopher and a common street porter, seems to arise not so much from nature, as from habit, custom and education.
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The greatest improvement in the productive powers of labour, and the greater part of the skill, dexterity and judgement with which it is any where directed, as applied, seem to have been the effects of the division of labour.
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The man whose life is spent in performing a few simple operations of which the effects too are, perhaps, always the same or very nearly the same, has no occasion to exert his understanding, or to exercise his invention. He generally becomes as stupid and ignorant as it is possible for a human creature to become.
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The principle which prompts to save is the desire of bettering our condition – a desire which…comes with us from the womb and never leaves us till we go into the grave.
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The propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals.
Tags : Common , Found Topics : Uncategorized
The propensity to truck, barter and exchange one thing for another…is common to all men, and to be found in no other race of animals.
Topics : Business
The rate of profit does not, like rent and wages, rise with the prosperity, and fall with the declension, of the society. On the contrary, it 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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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.
Tags : Discipline Topics : Fear
The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. Labour was the first price, the original purchase money that was paid for all things.
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The real tragedy of the poor is the poverty of their aspirations.
Tags : Aspiration Topics : Uncategorized
The theory that can absorb the greatest number of facts, and persist in doing so, generation after generation, through all changes of opinion and detail, is the one that must rule all observation.
The world is ultimately ruled by justice, fairness, & value.
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There is a great deal of ruin in a nation.
Tags : Hope Topics : Uncategorized
There is no art which one government sooner learns of another than that of draining money from the pockets of the people.
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This is one of those cases in which the imagination is baffled by the facts.
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To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.
Tags : Mankind Topics : Uncategorized
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 that is governed by shopkeepers.
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Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.
Tags : Virtue Topics : Uncategorized
What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?
Tags : Happiness Topics : Uncategorized
With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches.

Quote Of the Day

Anger and hatred lead to fear; compassion and concern for others allow us to develop self-confidence, which breeds trust and friendship.

Dalai Lama