Adam Smith Quotes - Sharp, serious, inspiring, exemplary thoughts of the famous Scottish policy maker, philosopher and political economist and theorist

If you have even a little sensitivity and you use common sense, then you cannot remain unaffected by the thoughts of Adam Smith. You may be forced to think about molding yourself into a better person. Adam Smith was born on 5 June 1723 in Kirkcaldy, British-ruled Scotland, but he was baptized on 16 June. He died on 17 July 1790 in Edinburgh, Scotland. Adam Smith was a British policy maker, philosopher and political economist and theorist. Adam Smith is also called the father of economics. He was also called the father of capitalism. Adam Smith's name comes first among the creators of modern economics. His book Wealth of Nations has greatly influenced historians and economists of the eighteenth century and thereafter. He advocated the free market and wrote extensively on inequality, exploitation, etc. He was a prominent figure during the Scottish Enlightenment. He wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The Wealth of Nations is considered his magnum opus and the first modern work that treats economics as a comprehensive system and an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God's will and instead brings forth natural, political, social, economic, legal, environmental and technological factors and the interactions between them. This means that wealth and poverty are not due to natural causes but due to the accumulation of power by the powerful and the dispossession, coercion and helplessness of the most impoverished. For example, in primitive tribal society, one tribe attacks another, the victorious tribe takes over the property of the defeated tribe and further increases its prosperity by enslaving the surviving people of the defeated tribe. These capitalists and the leaders, bureaucrats, mafia etc. associated with the governments mostly become rich by the hard work of the public.

According to Adam Smith- Increase in production is done by division of labour. Division of labour improves the productive powers of labour. Increase in productivity is possible only when the efficiency of each worker increases. The time taken in production of goods decreases and the invention of machines for saving labour becomes possible. Here are some sharp, serious, inspiring, interesting, exemplary statements of Adam Smith

No society can certainly be rich and happy, the bulk of whose members are poor and unhappy.

I have never known how well those who do business for the public good have done.

Labor was the first price, the original purchase - the money that was paid for all things. Not by gold or silver, but by labour, all the wealth of the world was originally purchased.

The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his reactions like an observer.

The increase of wages runs like simple interest, the growth of profits runs like compound interest.

Feeling more for others and less for oneself, restraining one's selfishness and exercising one's benevolent affections, constitutes the perfection of human nature.

A nation does not become rich by the childish accumulation of shiny metals, but it grows rich by the economic prosperity of its people.

People of the same trade seldom meet together, even for entertainment, but the conversation ends in a conspiracy against the public, or in some sort of plot to raise prices.

Each person is rich or poor according to the degree in which he can enjoy the necessities, conveniences, and amusements of human life.

Never complain of that which it is at all times in your power to get rid of.

Civil government, in so far as it is established for the protection of property, is really established to protect the rich against the poor, or to protect those who have some property, against those who have none.

Science is the greatest antidote to the poison of enthusiasm and superstition.

We expect our dinner not from the generosity of the butcher, the brewer, or the baker, but from their respect for their own selfishness. We address ourselves not to their humanity but to their selfishness, and never speak to them of our own needs but of their advantages.

Pity to the guilty is cruelty to the innocent.

People of the same occupation seldom meet together, even for merriment and amusement, but the conversation ends in some conspiracy against the public or some plot to raise prices.

It is not very unreasonable that the wealthy should contribute to the public expenditure, not only in proportion to their revenues, but even more.

Virtue is to be feared more than vice, because its excesses are not subject to the regulation of conscience.

Everything for oneself and nothing for others has been the abominable principle of the masters of mankind in all ages of the world.

Man is an animal who bargains, no other animal does this, no dog exchanges bones with another.

However selfish man may be supposed to be, there are evidently some principles in his nature which interest him in the fortunes of others and make their happiness essential to him though he derives nothing from it except the pleasure of observing it.

Problems worthy of attack prove their worth by being counter-attacked.

Scholars ignore the evidence of their senses in order to preserve the coherence of the ideas of their imagination.

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