Adam Smith Quotes

Philosopher

Adam Smith, a renowned philosopher and economist from Britain, was born on June 5, 1723, and died on July 17, 1790. Known as the father of modern economics, his work 'The Wealth of Nations' had a profound impact on the development of economics.

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Famous Adam Smith Quotes

“Every individual necessarily labors to render the annual revenue of society as great as he can. He generally neither intends to promote the public interest, nor knows how much he is promoting it. He intends only his own gain, and he is, in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention.”

“He is led by an invisible hand to promote an end which was no part of his intention”

Ends Hands Nations Ignorance Economics Intention Invisible Adam Self Interest Public Interest Protectionism Invisible Hand Wealth Of Nations Unintended Consequences

Author:Adam Smith

“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. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty or justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.”

People Ends Sometimes Would Be Together Law Justice Liberty Impossible Ought Conversation Raises Trade Meetings Consistent Conspiracy Assembly Hinder Facilitate Diversion Merriment Assembling

Author:Adam Smith

“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. The maxim is so perfectly self-evident that it would be absurd to attempt to prove it. But in the mercantile system the interest of the consumer is almost constantly sacrificed to that of the producer; and it seems to consider production, and not consumption, as the ultimate end and object of all industry and commerce.”

Source: An inquiry into the nature and causes of the wealth of nations

“As soon as government management begins it upsets the natural equilibrium of industrial relations, and each interference only requires further bureaucratic control until the end is the tyranny of the totalitarian state.”

Ends States Government Natural Relation Management Tyranny Upset Interference Equilibrium Government Bureaucracy Totalitarian State

Author:Adam Smith

“It appears, accordingly, from the experience of all ages and nations, I believe, that the work done by freemen comes cheaper in the end than that performed by slaves.”

Believe Ends Done Age I Believe Nations Slave Cheaper Work Done Freeman Wealth Of Nations

Book:Wealth of Nations (Abridged)

Source: Wealth of Nations (Abridged)

“Consumption is the sole end and purpose of all production.”

Ends Purpose Productions Sole Consumption Promoting Overconsumption Wealth Of Nations Small Is Beautiful

Author:Adam Smith

“In every part of the universe we observe means adjusted with the nicest artifice to the ends which they are intended to produce; and in the mechanism of a plant, or animal body, admire how every thing is contrived for advancing the two great purposes of nature, the support of the individual, and the propagation of the species.”

Mean Two Ends Body Purpose Universe Individual Animal Support Produce Plant Species Admire Mechanism Advancing Artifice Propagation

Book:The Essential Adam Smith

Source: The Essential Adam Smith

“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.”

May Ends Purpose Interest Ought Productions Producers Consumers Sole Consumption Promoting Wealth Of Nations

Author:Adam Smith

“Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society... He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention”

Ends Hands Individual Views Cases Study Gains Advantage Intention Invisible Command Employment Invisible Hand Wealth Of Nations

Book:The Wealth of Nations (illustrated)

Source: The Wealth of Nations (illustrated)

“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.”