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Quote by Thomas Stephen Szasz

“Honoring the value of competence and steadfastness requires a generosity of spirit and a curbing of the passion for envy, traits that few people value and fewer still cultivate and acquire. Not until there is more of Smith and less of Hobbes in the human heart, will the majority of people prefer peaceful and boring market relations to the violent and exciting relations between coercer and coerced, predator and victim”

Quote by Thomas Stephen Szasz

Book:Cruel Compassion: Psychiatric Control of Society's Unwanted
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Cruel Compassion: Psychiatric Control of Society's Unwanted

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Thomas Stephen Szasz

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“(...) his (Adam Smith's) theory of sympathy rejected self-love as the basic motive for behaviour. He also defined virtue as consisting of three elements: propriety, prudence and benevolence. By this he meant propriety or the appropriate control and directing of our affections; prudence or the judicious pursuit of our private interests; and benevolence or the exercise of only those affections that encourage the happiness of others. How poor Adam Smith got stuck with disciples like the market economists and the neo-conservatives is hard to imagine. He is in profound disagreement with their view of society. (V - From Ideology Towards Equilibrium)”

Adam Smith
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“Yet economics purports to be strangely exempt from this fact of life. From Adam Smith's day to our own, the chief concern of the discipline has been to render economic events unsurprising...The discernment of orderly rules governing the apparent chaos of life was a remarkable achievement and continues to amaze.”

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Book:Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World
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“Throughout this book I have tried to point out why interest, especially as it has been used by people such as Hume, Smith, Tocqueville, and Weber, is still a very useful concept. One reason why the concept of interest imparts a distinct dynamic to the analysis is that it is mainly interest which makes people takes action. It supplies the force that makes people get up at dawn and work very hard throughout the day. Combined with interests of others, it is a force that can move mountains and create new societies.”

InterestAdam SmithDavid HumeEconomic SociologyMax WeberAlexis De Tocqueville
Book:Principles of Economic Sociology
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“As these contrasts show, capitalism has undergone enormous changes in the last two and a half centuries. While some of Smith’s basic principles remain valid, they do so only at very general levels. For example, competition among profit-seeking firms may still be the key driving force of capitalism, as in Smith’s scheme. But it is not between small, anonymous firms which, accepting consumer tastes, fight it out by increasing the efficiency in the use of given technology. Today, competition is among huge multinational companies, with the ability not only to influence prices but to redefine technologies in a short span of time (think about the battle between Apple and Samsung) and to manipulate consumer tastes through brand-image building and advertising.”

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Book:Economics: The User's Guide
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“However appealing it may be in theory, the benevolent design of Nature rarely works out in practice, requiring intellectual acrobatics on the part of those who invoke it. [Adam] Smith recognizes that a healthy economic circulatory system depends on some government interference. Complete freedom leads to monopolies, giving manufacturers outsize power over prices and politicians, which works to the detriment of the body politic. How to account for monopolies while maintaining an ideal of naturalness? Just call them unnatural. Monopolists, writes Smith, are guilty of selling their commodities "much above the natural price." To regulate them is to force them into accordance with nature—even though monopolies themselves naturally emerge in unregulated economies.”

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“Liberalism’s fatal hypocrisy […] was to rejoice in the virtuous Jills and Jacks, the neighborhood butchers, bakers and brewers, so as to defend the vile East India Companies, the Facebooks, the Amazons, which know no neighbors, have no partners, respect no moral sentiments [the other book by Adam Smith] and stop at nothing to destroy their competitors.”

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“Smith’s concept of the mercantile system evolved—completely out of context—into the modern concept of mercantilism: a simplistic, blanket economic term used to characterize early modern economic thinkers as proponents of an interventionist, taxing, subsidizing, and warring state whose goal was to simply hoard gold. In 1931, the Swedish economic historian Eli Heckscher, in his monumental study Mercantilism, juxtaposed Colbert’s “mercantile” economics with a pure, laissez-faire system, which he felt Smith embodied, that allowed for individual and commercial freedoms without state intervention. A powerful and simplistic binary continued thereafter, one that informs our own vision of the free market today. We can see it still in Friedman’s work.”

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Book:Free Market: The History of an Idea
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“[Adam Smith] was above all an ethical thinker. He wrote the two books, The Theory of Moral Sentiments (1759, finishing the much-amended sixth edition just before he died, in 1790) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776, with its own sixth edition, slightly amended, appearing in 1791). Such a meager output would make him a borderline case for tenure nowadays in many universities, and a sure-fire no in most departments of economics. “Good Lord,” the economists would say after a hurried look at his academic credentials, “he didn’t publish any articles in the American Economic Review reporting statistical tests or field experiments or mathematical proofs of existence!”

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“Smith's defence of the market, like Hume's defence of property systems in general, is primarily socially oriented. It is still a defence of the market: markets need not be opposed to broad community-focused social goals, as the idea of market-socialism makes clear. But it is a big mistake to see it as a right-wing defence of the importance to the individual of their own property. The defence of markets developed by Smith and Hume takes this nuanced view on which my property is justified primarily by what it can do for others. Getting this clear is an important step in our understanding of the contested value of markets.”

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“John Law’s role in resolving the Water Diamond Paradox has been largely forgotten. The name now associated with it is another Scottish economist, Adam Smith. Writing over seventy years after the publication of 'Money and Trade Considered', Smith’s celebrated restatement of the paradox of value, in 'An Inquiry into the Nature and Causes of the Wealth of Nations' is astonishing not for its originality, but for its similarity with John Law’s resolution decades before.”

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Book:John Law: The Lauriston Lecture and Collected Writings
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