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Quote by Adam Smith

“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.”

Quote by Adam Smith

Book:Adam Smith: Selected Philosophical Writings

Work

Adam Smith: Selected Philosophical Writings

Adam Smith: Selected Philosophical Writings is a compilation of key essays and treatises by the renowned economist and philosopher Adam Smith. The book delves into Smith's influential theories on economics, including the concept of the invisible hand, and his moral philosophy, which laid the groundwork for modern capitalism. more

Author

Adam Smith

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. more

“Both ground- rents and the ordinary rent of land are a species of revenue which the owner, in many cases, enjoys without any care or attention of his own. The annual produce of the land and labour of the society, the real wealth and revenue of the great body of the people, might be the same after such a tax as before. Ground-rents, and the ordinary rent of land are, therefore, perhaps the species of revenue which can best bear to have a peculiar tax imposed upon them.”

Source: An Inquiry into the Nature and Causes of the Wealth of Nations, Volume 2

“The difference between the most dissimilar characters, between a philosopher and a common street porter, for example, seems to arise not so much from nature, as from habit, custom, and education.”

Character Seems Differences Common Streets Example Habit Philosopher Arise Customs Wealth Of Nations Division Of Labor

Book:An Inquiry Into the Nature and Causes of the Wealth of Nations With a Life of the Author: Also a View of the Doctrine of Smith, Compared with that of the French Economists, with a Method of Facilitating the Study of His Works, from the French of M. Jariner

Source: An Inquiry Into the Nature and Causes of the Wealth of Nations With a Life of the Author: Also a View of the Doctrine of Smith, Compared with that of the French Economists, with a Method of Facilitating the Study of His Works, from the French of M. Jariner

“Every tax, however, is to the person who pays it a badge, not of slavery but of liberty. It denotes that he is a subject to government, indeed, but that, as he has some property, he cannot himself be the property of a master.”

Persons Government Pay Liberty Subjects Masters Taxes Slavery Property Badges

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

“Defense is superior to opulence.”

Economy Defense Superiors Opulence

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.”