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Adam Smith

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

“The subjects of every state ought to contribute toward the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state ....As Henry Home (Lord Kames) has written, a goal of taxation should be to 'remedy inequality of riches as much as possible, by relieving the poor and burdening the rich.'”

Should States Home Government Enjoy Goal Ability Poor Lord Support Rich Written Subjects Ought Economics Protection Libertarian Riches Inequality Proportion Remedy Taxation Revenue

Author:Adam Smith

“The interest of [businessmen] is always in some respects different from, and even opposite to, that of the public ... The proposal of any new law or regulation of commerce which comes from this order ... ought never to be adopted, till after having been long and carefully examined ... with the most suspicious attention. It comes from an order of men ... who have generally an interest to deceive and even oppress the public.”

Men Long Different Law Order Interest Attention Ought Opposites Regulation Deceiving Commerce Businessman Adopted Suspicious Proposal Wealth Of Nations

Author:Adam Smith

“The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities.”

States Government Ability Support Subjects Ought Proportion Wealth Of Nations Progressive Taxation

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

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

“Such regulations may, no doubt, be considered as in some respect a violation of natural liberty. But those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments; of the most free, as well as or the most despotical. The obligation of building party walls, in order to prevent the communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed.”

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

“It must always be remembered, however, that it is the luxuries, and not the necessary expense of the inferior ranks of people, that ought ever to be taxed.”

People Ought Luxury Remembered Expenses Inferiors

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

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

“Every tax ought to be so contrived as both to take out and to keep out of the pockets of the people as little as possible, over and above what it brings into the public treasury of the State.”

People Littles States Ought Taxes Pockets Treasury Wealth Of Nations

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

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

“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

“All registers which, it is acknowledged, ought to be kept secret, ought certainly never to exist.”

Secret Ought Register Kept Secrets

Book:The Wealth of Nations: An Inquiry Into the Nature and Causes of the Wealth of Nations: With an introduction by Jonathan B. Wight, University of Richmond

Source: The Wealth of Nations: An Inquiry Into the Nature and Causes of the Wealth of Nations: With an introduction by Jonathan B. Wight, University of Richmond

“To hinder, besides, the farmer from selling his goods at all times to the best market, is evidently to sacrifice the ordinary laws of justice to an idea of public utility, to a sort of reasons of state; an act of legislative authority which ought to be exercised only, which can be pardoned only in cases of the most urgent necessity.”

Ideas States Reason Law Justice Cases Sacrifice Ought Authority Ordinary Selling All Time Goods Farmers Urgent Utility Hinder

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

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

“Fear is in almost all cases a wretched instrument of government, and ought in particular never to be employed against any order of men who have the smallest pretensions to independency.”

Men Government Order Cases Particular Ought Instruments Smallest Employed Wretched Pretension

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

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

“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.”

Men Believe Enough Natural Teach He Man Ought Internet Free Speech Disposition Scarce Incredulity Wisdom And Experience

Book:The Theory of Moral Sentiments

Source: The Theory of Moral Sentiments

“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

“The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with most unnecessary attention but assume an authority which could safely be trusted to no council and senate whatever, and which would nowhere be so dangerous as in the hands of man who have folly and presumption enough to fancy himself fit to exercise it.”

Source: The Wealth of Nations: Representative Selections