Adam Smith quotes - page 9
Each person, therefore, making a tenth part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day; that is, certainly, not the two hundred and fortieth, perhaps not the four thousand eight hundredth, part of what they are at present capable of performing, in consequence of a proper division and combination of their different operations.
Adam Smith
The directors of such [joint-stock] companies, however, being the managers rather of other people's money than of their own, it cannot well be expected, that they should watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own.... Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company.
Adam Smith
To desire you to read my book over and mark all the corrections you would wish me to make...would oblige me greatly: I know how much I shall be benefitted and I shall at the same time preserve the pretious right of private judgement for the sake of which our forefathers kicked out the Pope and the Pretender. I believe you to be much more infalliable than the Pope, but as I am a Protestant my conscience makes me scruple to submit to any unscriptural authority.
Adam Smith
I perfectly agree with your Lordship too, that to crush the Industry of so great and so fine a province of the empire, in order to favour the monopoly of some particular towns in Scotland or England, is equally unjust and impolitic. The general opulence and improvement of Ireland might certainly, under proper management, afford much greater resources to the Government, than can ever be drawn from a few mercantile or manufacturing towns.
Adam Smith
The wise and virtuous man is at all times willing that his own private interests should be sacrificed to the public interest of his own particular society--that the interests of this order of society be sacrificed to the greater interest of the state. He should therefore he equally willing that all those inferior interests should be sacrificed to the greater society of all sensible and intelligent beings.
Adam Smith
POLITICAL economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public services. It proposes to enrich both the people and the sovereign.
Adam Smith
When the happiness or misery of others depends in any respect upon our conduct, we dare not, as self–love might suggest to us, prefer the interest of one to that of many. The man within immediately calls to us, that we value ourselves too much and other people too little, and that, by doing so, we render ourselves the proper object of the contempt and indignation of our brethren. Neither is this sentiment confined to men of extraordinary magnanimity and virtue. It is deeply impressed upon every tolerably good soldier, who feels that he would become the scorn of his companions, if he could be supposed capable of shrinking from danger, or of hesitating, either to expose or to throw away his life, when the good of the service required it.
Adam Smith
The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be anything very unreasonable. It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
Adam Smith
[T]he simple fact is, of course, that in normal trade all parties gain; there exist mutual gains from trade. The great contribution of Adam Smith lay in his popularization of this simple point, but the full import of this conception for democratic political theory does not seem to have yet been appreciated.
Adam Smith
I have found one just man in Gomorrah-Adam Smith, author of the Wealth of Nations. He was the Duke of Buccleuch's tutor, is a wise and deep philosopher, and although made commissioner of the customs here by the Duke and Lord Advocate, is what I call an honest fellow. He wrote a most kind as well as elegant letter to Burke on his resignation, as I believe I told you before; and on my mentioning it to him, he told me he was the only man here who spoke out for the Rockinghams.
Adam Smith
Adam Smith was the first to perceive that we have stumbled upon methods of ordering human economic cooperation that exceed the limits of our knowledge and perception. His 'invisible hand' had perhaps better have been described as an invisible or unsurveyable pattern. We are led - for example by the pricing system in market exchange - to do things by circumstances of which we are largely unaware and which produce results that we do not intend. In our economic activities we do not know the needs which we satisfy nor the sources of the things which we get.
Adam Smith
The Wealth of Nations is in no sense a textbook. Adam smith is writing to his age, not to his classroom; he is expounding a doctrine that is meant to be of importance in running an empire, not an abstract treatise for academic distribution. The dragons that he slays (such as the Mercantilist philosophy, which takes over two hundred pages to die) were alive and panting, if a little tired, in his day. And finally, the book is a revolutionary one. To be sure, Smith would hardly have countenanced an upheaval that disordered the gentlemanly classes and enthroned the common poor. But the import of The Wealth of Nations is revolutionary, nonetheless.
Adam Smith
He now and then revisited London. The last time he was there, he had engaged to dine with Lord Melville, then Mr Dundas, at Wimbledon; Mr Pitt, Mr Grenville, Mr Addington, afterwards Lord Sidmouth, and some other of his lordship's friends were there. Dr Smith happened to come late, and the company had sat down to dinner. The moment, however, he came into the room, the company all rose up; he made an apology for being late, and entreated them to sit down. "No," said the gentlemen, "we will stand till you are seated, for we are all your scholars."
Adam Smith
Partisans of the free market invoke Adam Smith in order to lend the authority of his name to the case they themselves want to make: for the complete removal of the state from economic enterprise; for the economic sovereignty of the market; and for leaving all questions of production and distribution to the magic of the invisible hand... But...the reason Adam Smith wanted an end to government intervention in the market was that in his time (in contrast to today) it was only thanks to state intervention that what he called "the mean rapacity, the monopolising spirit of merchants and manufacturers" was able to dominate the economy, to the great detriment of the society as a whole.
Adam Smith
The one case in which he referred to the "invisible hand" was that in which private persons preferred the home trade to the foreign trade, and he held that such preference was in the national interest, since it replaced two domestic capitals while the foreign trade replaced only one. The argument of the two capitals was a bad one, since it is the amount of capital that matters, not its subdivision; but the invisible sanction was given to a Protectionist idea, not for defence but for employment. It is not surprising that Smith was often quoted in Parliament in support of Protection. His background, like ours today, was private enterprise; but any dogma of non-intervention by government has to make heavy weather in The Wealth of Nations.
Adam Smith