I actually don't think this could make things worse, but ... there's still more that needs to be released about how this will work and what the risks are if you get it wrong. Adam Smith More Quotes by Adam Smith More Quotes From Adam Smith It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow citizens. Adam Smith libertyhumanityself 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. Adam Smith wisdom-and-experiencemenbelieve 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. Adam Smith hypedisciplinereal A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures. The monopolists, by keeping the market constantly understocked, by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate. Adam Smith demandcompetitionsecret Beneficence is always free, it cannot be extorted by force. Adam Smith beneficenceforce The greatest improvement in the productive powers of labour, and the greater part of the skill, dexterity, and judgment with which it is anywhere directed, or applied, seem to have been the effects of the division of labour. Adam Smith dexteritydivision-of-laborskills Justice, however, never was in reality administered gratis in any country. Lawyers and attornies, at least, must always be paid by the parties; and, if they were not, they would perform their duty still worse than they actually perform it. Adam Smith partycountryreality Happiness never lays its finger on its pulse. Adam Smith pulsehappyhappiness The man of system, on the contrary, is apt to be very wise in his own conceit; and is often so enamoured with the supposed beauty of his own ideal plan of government, that he cannot suffer the smallest deviation from any part of it... He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chess-board. He does not consider that...in the great chess-board of human society, every single piece has a principle of motion of its own, altogether different from that which the legislature might choose to impress upon it. Adam Smith wisemenhands 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. Adam Smith justicelittlespeace No complaint... is more common than that of a scarcity of money. Adam Smith scarcitymoneyreality The uniform, constant, and uninterrupted effort of every man to better his condition . . . is frequently powerful enough to maintain the natural progress of things toward improvement, in spite of the extravagance of government, and of the greatest errors of administration. Adam Smith errorspowerfulmen Capitals are increased by parsimony, and diminished by prodigalityand misconduct. By what a frugal man annually saves he not onlyaffords 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. Adam Smith numbersmenhands In raising the price of commodities, the rise of wages operates in the same manner as simple interest does in the accumulation of debt. Our merchants and master manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods, both at home and abroad. They say nothing concerning the bad effects of high profits; they are silent with regard to the pernicious effects of their own gains. They complain only of those of other people. Adam Smith simplephilosophypeople It is the interest of every man to live as much at his ease as he can; and if his emoluments are to be precisely the same, whether he does or does not perform some very laborious duty, it is certainly his interest, at least as interest is vulgarly understood, either to neglect it altogether, or, if he is subject to some authority which will not suffer him to do this, to perform it in as careless and slovenly a manner as that authority will permit. Adam Smith sufferingdoemen 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. Adam Smith purposeendsmay 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. Adam Smith prosperitydecaycomplaining People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. Adam Smith invisible-handcompetitionpeople Every man lives by exchanging. Adam Smith economicstrademen 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. Adam Smith machinesprinciplesartist
