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Quote by Adam Smith

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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

Written by Adam Smith, 'The Wealth of Nations' is a foundational text in the field of economics. It delves into the nature and causes of wealth, offering insights into the development of economies. The book is accompanied by an introduction by Jonathan B. Wight, providing additional context and analysis. more

Author

Adam Smith
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

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“The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniencies of life which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.”

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Book:An inquiry into the nature and causes of the wealth of nations
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“The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities. The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.”

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Book:The Wealth of Nations
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“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.”

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Book:An inquiry into the nature and causes of the wealth of nations
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“When the toll upon carriages of luxury, upon coaches, post-chaises, etc. is made somewhat higher in proportion to their weight, than upon carriages of necessary use, such as carts, wagons, etc. the indolence and vanity of the rich is made to contribute in a very easy manner to the relief of the poor, by rendering cheaper the transportation of heavy goods to all the different parts of the country.”

MadeDifferentCountryUseEasyPoorRichHigherWeightHeavyCoachesLuxuryVanityPostsProportionReliefEtcGoodsTransportationCheaperTollsCartsCarriagesRenderingIndolenceWagonsNecessary Use
Book:An inquiry into the nature and causes of the wealth of nations
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“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.”

IndividualNaturalSecretCompanyEffectsDemandRaisesTradeSellsCompetitionRateProfitGrantedCommodityWagesTradingMonopoly
Book:Adam Smith: Selected Philosophical Writings
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