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That A Joint Stock Company Should Be Able To Carry On Successfully Any Branch Of Foreign Trade, When Private Adventurers Can Come Into Any Sort Of Open And Fair Competition With Them, Seems Contrary To All Experience.

-Adam Smith

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That A Joint Stock

Adam Smith

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That A Joint Stock Company Should Be Able To Carry On Successfully Any Branch Of Foreign Trade, When Private Adventurers Can Come Into Any Sort Of Open And Fair Competition With Them, Seems Contrary To All Experience.

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With The Greater Part Of Rich People, The Chief Enjoyment Of Riches Consists In The Parade Of Riches.

Mercantile Jealousy Is Excited, And Both Inflames, And Is Itself Inflamed, By The Violence Of National Animosity.

When The Profits Of Trade Happen To Be Greater Than Ordinary, Over-trading Becomes A General Error Both Among Great And Small Dealers.

We Rarely Hear, It Has Been Said, Of The Combinations [that Is, Unions Or Colluding Organizations] Of Masters, Though Frequently Of Those Of Workmen. But Whoever Imagines, Upon This Account, That Masters Rarely Combine, Is As Ignorant Of The World As Of The Subject. Masters Are Always And Everywhere In A Sort Of Tacit, But Constant And Uniform Combination, Not To Raise The Wages Of Labor Above Their Actual Price.

I Am A Beau In Nothing But My Books.

A Merchant, It Has Been Said Very Properly, Is Not Necessarily The Citizen Of Any Particular Country.

In The Long-run The Workman May Be As Necessary To His Master As His Master Is To Him, But The Necessity Is Not So Immediate.

Poor David Hume Is Dying Fast, But With More Real Cheerfulness And Good Humor And With More Real Resignation To The Necessary Course Of Things, Than Any Whining Christian Ever Dyed With Pretended Resignation To The Will Of God.

Problems Worthy Of Attacks, Prove Their Worth By Hitting Back

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.

Man Naturally Desires, Not Only To Be Loved, But To Be Lovely; Or To Be That Thing Which Is The Natural And Proper Object Of Love.

Thus The Labour Of A Manufacture Adds, Generally, To The Value Of The Materials Which He Works Upon, That Of His Own Maintenance, And Of His Masters Profits. The Labour Of A Menial Servant, On The Contrary, Adds To The Value Of Nothing.

The Retinue Of A Grandee In China Or Indostan Accordingly Is, By All Accounts, Much More Numerous And Splendid Than That Of The Richest Subjects Of Europe.

But Avarice And Ambition In The Rich, In The Poor The Hatred Of Labour And The Love Of Present Ease And Enjoyment, Are The Passions Which Prompt To Invade Property, Passions Much More Steady In Their Operation, And Much More Universal In Their Influence. Wherever There Is Great Property There Is Great Inequality. For One Very Rich Man There Must Be At Least Five Hundred Poor, And The Affluence Of The Few Supposes The Indigence Of The Many.

All Money Is A Matter Of Belief.

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.

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.

Man, An Animal That Makes Bargains.

Sugar, Rum And Tobacco Are Commodities Which Are Nowhere Necessaries Of Life, Which Are Become Objects Of Almost Universal Consumption, And Which Are Therefore Extremely Proper Subjects Of Taxation.

Men, Like Animals, Naturally Multiply In Proportion To The Means Of Their Subsistence.

Are You In Earnest Resolved Never To Barter Your Liberty For The Lordly Servitude Of A Court, But To Live Free, Fearless, And Independent? There Seems To Be One Way To Continue In That Virtuous Resolution; And Perhaps But One. Never Enter The Place From Whence So Few Have Been Able To Return; Never Come Within The Circle Of Ambition; Nor Ever Bring Yourself Into Comparison With Those Masters Of The Earth Who Have Already Engrossed The Attention Of Half Mankind Before You.

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

Nothing But The Most Exemplary Morals Can Give Dignity To A Man Of Small Fortune.

Happiness Never Lays Its Finger On Its Pulse.

Have Lots Of Experiments, But Make Sure They're Strategically Focused.

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.

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.

Wealth Of Nations

All For Ourselves, And Nothing For Other People, Seems, In Every Age Of The World, To Have Been The Vile Maxim Of The Masters Of Mankind.

It Is The Interest Of Every Man To Live As Much At His Ease As He Can; And If His Emoluments Are To Be Precisely The Same, Whether He Does Or Does Not Perform Some Very Laborious Duty, It Is Certainly His Interest, At Least As Interest Is Vulgarly Understood, Either To Neglect It Altogether, Or, If He Is Subject To Some Authority Which Will Not Suffer Him To Do This, To Perform It In As Careless And Slovenly A Manner As That Authority Will Permit.

A Power To Dispose Of Estates For Ever Is Manifestly Absurd. The Earth And The Fulness Of It Belongs To Every Generation, And The Preceding One Can Have No Right To Bind It Up From Posterity. Such Extension Of Property Is Quite Unnatural.

For A Very Small Expence The Public Can Facilitate, Can Encourage, And Can Even Impose Upon Almost The Whole Body Of The People, The Necessity Of Acquiring Those Most Essential Parts Of Education.

Progressive Taxation

Wherever There Is Great Property, There Is Great Inequality.

Nobody But A Beggar Chooses To Depend Chiefly Upon The Benevolence Of His Fellow-citizens.

Individual Ambition Serves The Common Good.

The Greatest Improvement In The Productive Powers Of Labour, And The Greater Part Of The Skill, Dexterity, And Judgment With Which It Is Anywhere Directed, Or Applied, Seem To Have Been The Effects Of The Division Of Labour.

Division Of Labor

A Gardener Who Cultivates His Own Garden With His Own Hands, Unites In His Own Person The Three Different Characters, Of Landlord, Farmer, And Labourer. His Produce, Therefore, Should Pay Him The Rent Of The First, The Profit Of The Second, And The Wages Of The Third.

Science Is The Great Antidote To The Poison Of Enthusiasm And Superstition.

Great Ambition, The Desire Of Real Superiority, Of Leading And Directing, Seems To Be Altogether Peculiar To Man, And Speech Is The Great Instrument Of Ambition.

We Are Delighted To Find A Person Who Values Us As We Value Ourselves, And Distinguishes Us From The Rest Of Mankind, With An Attention Not Unlike That With Which We Distinguish Ourselves.

What Can Be Added To The Happiness Of The Man Who Is In Health, Who Is Out Of Debt, And Has A Clear Conscience?

But Poverty, Though It Does Not Prevent The Generation, Is Extremely Unfavourable To The Rearing Of Children. The Tender Plant Is Produced, But In So Cold A Soil, And So Severe A Climate, Soon Withers And Dies.

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.

An English University Is A Sanctuary In Which Exploded Systems And Obsolete Prejudices Find Shelter And Protection After They Have Been . Hunted Out Of Every Corner Of The World.

Nothing Is More Graceful Than Habitual Cheerfulness.

Consumption Is The Sole End And Purpose Of All Production.

No Complaint... Is More Common Than That Of A Scarcity Of Money.

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.

By Pursuing His Own Interest (the Individual) Frequently Promotes That Of The Society More Effectually Than When He Really Intends To Promote It. I Have Never Known Much Good Done By Those Who Affected To Trade For The Public Good.

Ask Any Rich Man Of Common Prudence To Which Of The Two Sorts Of People He Has Lent The Greater Part Of His Stock, To Those Who, He Thinks, Will Employ It Profitably, Or To Those Who Will Spend It Idly, And He Will Laugh At You For Proposing The Question.

No Society Can Surely Be Flourishing And Happy, Of Which The Far Greater Part Of The Members Are Poor And Miserable.

The Cheapness Of Wine Seems To Be A Cause, Not Of Drunkenness, But Of Sobriety. ...people Are Seldom Guilty Of Excess In What Is Their Daily Fare... On The Contrary, In The Countries Which, Either From Excessive Heat Or Cold, Produce No Grapes, And Where Wine Consequently Is Dear And A Rarity, Drunkenness Is A Common Vice.

A Criminal Is A Person With Predatory Instincts Who Has Not Sufficient Capital To Form A Corporation.most Government Is By The Rich For The Rich. Government Comprises A Large Part Of The Organized Injustice In Any Society, Ancient Or Modern.civil Government, Insofar As It Is Instituted For The Security Of Property, Is In Reality Instituted For The Defence Of The Rich Against The Poor, And For The Defence Of Those Who Have Property Against Those Who Have None.

Every Man Is Rich Or Poor According To The Degree In Which He Can Afford To Enjoy The Necessaries, Conveniences, And Amusements Of Human Life.

Beneficence Is Always Free, It Cannot Be Extorted By Force.

Men Of The Most Robust Make, Observe That In Looking Upon Sore Eyes They Often Feel A Very Sensible Soreness In Their Own, Which Proceeds From The Same Reason; That Organ Being In The Strongest Man More Delicate, Than Any Other Part Of The Body Is In The Weakest.

Every Faculty In One Man Is The Measure By Which He Judges Of The Like Faculty In Another. I Judge Of Your Sight By My Sight, Of Your Ear By My Ear, Of Your Reason By My Reason, Of Your Resentment By My Resentment, Of Your Love By My Love. I Neither Have, Nor Can Have, Any Other Way Of Judging About Them.

Though The Profusion Of Government Must Undoubtedly Have Retarded The Natural Progress Of England To Wealth And Improvement, It Has Not Been Able To Stop It.

I Am Always Willing To Run Some Hazard Of Being Tedious, In Order To Be Sure That I Am Perspicuous; And, After Taking The Utmost Pains That I Can To Be Perspicuous, Some Obscurity May Still Appear To Remain Upon A Subject, In Its Own Nature Extremely Abstracted.

To Expect, Indeed, That The Freedom Of Trade Should Ever Be Entirely Restored In Great Britain, Is As Absurd As To Expect That An Oceana Or Utopia Should Never Be Established In It.

Wonder... And Not Any Expectation Of Advantage From Its Discoveries, Is The First Principle Which Prompts Mankind To The Study Of Philosophy, Of That Science Which Pretends To Lay Open The Concealed Connections That Unite The Various Appearances Of Nature.

The Liberal Reward Of Labor, Therefore, As It Is The Necessary Effect, So It Is The Natural Symptom Of Increasing National Wealth. The Scanty Maintenance Of The Laboring Poor, On The Other Hand, Is The Natural Symptom That Things Are At A Stand, And Their Starving Condition That They Going Backwards Fast.

Though The Principles Of The Banking Trade May Appear Somewhat Abstruse, The Practice Is Capable Of Being Reduced To Strict Rules. To Depart Upon Any Occasion From Those Rules, Is Consequence Of Some Flattering Speculation Of Extraordinary Gain, Is Almost Always Extremely Dangerous, And Frequently Fatal To The Banking Company Which Attempts It.

That The Chance Of Gain Is Naturally Over-valued, We May Learn From The Universal Success Of Lotteries.

The Man Whose Whole Life Is Spent In Performing A Few Simple Operations, Of Which The Effects Are Perhaps Always The Same, Or Very Nearly The Same, Has No Occasion To Exert His Understanding Or To Exercise His Invention In Finding Out Expedients For Removing Difficulties Which Never Occur. He Naturally Loses, Therefore, The Habit Of Such Exertion, And Generally Becomes As Stupid And Ignorant As It Is Possible For A Human Creature To Become.

The Annual Produce Of The Land And Labour Of Any Nation Can Be Increased In Its Value By No Other Means, But By Increasing Either The Number Of Its Productive Labourers, Or The Productive Powers Of Those Labourers Who Had Before Been Employed.

Defense Is Superior To Opulence.

Secrets In Manufactures Are Capable Of Being Longer Kept Than Secrets In Trade.

The Great Affair, We Always Find, Is To Get Money.

The First Thing You Have To Know Is Yourself. A Man Who Knows Himself Can Step Outside Himself And Watch His Own Reactions Like An Observer.

Nobody Ever Saw A Dog Make A Fair And Deliberate Exchange Of One Bone For Another With Another Dog.

How Selfish Soever Man May Be Supposed, There Are Evidently Some Principles In His Nature, Which Interest Him In The Fortune Of Others, And Render Their Happiness Necessary To Him, Though He Derives Nothing From It, Except The Pleasure Of Seeing It.

Man Is An Animal That Makes Bargains: No Other Animal Does This - No Dog Exchanges Bones With Another.

The Principle Which Prompts To Save Is The Desire Of Bettering Our Conditiona Desire Which?comes With Us From The Womb And Never Leaves Us Till We Go Into The Grave.

In This Consists The Difference Between The Character Of A Miser And That Of A Person Of Exact Economy And Assiduity. The One Is Anxious About Small Matters For Their Own Sake; The Other Attends To Them Only In Consequence Of The Scheme Of Life Which He Has Laid Down To Himself.

That Wealth And Greatness Are Often Regarded With The Respect And Admiration Which Are Due Only To Wisdom And Virtue; And That The Contempt, Of Which Vice And Folly Are The Only Proper Objects, Is Most Often Unjustly Bestowed Upon Poverty And Weakness, Has Been The Complaint Of Moralists In All Ages.

In General, If Any Branch Of Trade, Or Any Division Of Labour, Be Advantageous To The Public, The Freer And More General The Competition, It Will Always Be The More So.

The Division Of Labour Was Limited By The Extent Of The Market

Little Else Is Requisite To Carry A State To The Highest Degree Of Opulence From The Lowest Barbarism But Peace, Easy Taxes, And A Tolerable Administration Of Justice: All The Rest Being Brought About By The Natural Course Of Things.

The Theory That Can Absorb The Greatest Number Of Facts, And Persist In Doing So, Generation After Generation, Through All Changes Of Opinion And Detail, Is The One That Must Rule All Observation.

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.

Whatever Work He Does, Beyond What Is Sufficient To Purchase His Own Maintenance, Can Be Squeezed Out Of Him By Violence Only, And Not By Any Interest Of His Own.

The Education Of The Common People Requires, Perhaps, In A Civilized And Commercial Society, The Attention Of The Public More Than That Of People Of Some Rank And Fortune.

All Registers Which, It Is Acknowledged, Ought To Be Kept Secret, Ought Certainly Never To Exist.

I Have Never Known Much Good Done By Those Who Affected To Trade For The Public Good.

The Great Secret Of Education Is To Direct Vanity To Proper Objects.

It Would Be Too Ridiculous To Go About Seriously To Prove That Wealth Does Not Consist In Money, Or In Gold And Silver; But In What Money Purchases, And Is Valuable Only For Purchasing. Money No Doubt, Makes Always A Part Of The National Capital; But It Has Already Been Shown That It Generally Makes But A Small Part, And Always The Most Unprofitable Part Of It.

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.

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.

That A Joint Stock Company Should Be Able To Carry On Successfully Any Branch Of Foreign Trade, When Private Adventurers Can Come Into Any Sort Of Open And Fair Competition With Them, Seems Contrary To All Experience.

Mercy To The Guilty Is Cruelty To The Innocent.

But Though Empires, Like All The Other Works Of Men, Have All Hitherto Proved Mortal, Yet Every Empire Aims At Immortality.

As We Have No Immediate Experience Of What Other Men Feel, We Can Form No Idea Of The Manner In Which They Are Affected, But By Conceiving What We Ourselves Should Feel In The Like Situation.

When We Have Read A Book Or Poem So Often That We Can No Longer Find Any Amusement In Reading It By Ourselves, We Can Still Take Pleasure In Reading It To A Companion. To Him It Has All The Graces Of Novelty.

The Liberal Reward Of Labour, Therefore, As It Is The Affect Of Increasing Wealth, So It Is The Cause Of Increasing Population. To Complain Of It, Is To Lament Over The Necessary Effect And Cause Of The Greatest Public Prosperity.

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.

The Man Of System Is Apt To Be Very Wise In His Own Conceit. In The Great Chess Board Of Human Society, Every Single Piece Has A Principle Of Motion Of Its Own Altogether Different From That Which The Legislature Might Choose To Impress Upon It

It Seldom Happens, However, That A Great Proprietor Is A Great Improver.

The Discipline Of Colleges And Universities Is In General Contrived, Not For The Benefit Of The Students, But For The Interest, Or More Properly Speaking, For The Ease Of The Masters. Its Object Is, In All Cases, To Maintain The Authority Of The Master, And Whether He Neglects Or Performs His Duty, To Oblige The Students In All Cases To Behave Toward Him As If He Performed It With The Greatest Diligence And Ability.

Virtue Is More To Be Feared Than Vice, Because Its Excesses Are Not Subject To The Regulation Of Conscience.

Labour Was The First Price, The Original Purchase - Money That Was Paid For All Things. It Was Not By Gold Or By Silver, But By Labour, That All Wealth Of The World Was Originally Purchased.

Labour Movement

In Public, As Well As In Private Expences, Great Wealth May, Perhaps, Frequently Be Admitted As An Apology For Great Folly.

The Mob, When They Are Gazing At A Dancer On The Slack Rope, Naturally Writhe And Twist And Balance Their Own Bodies, As They See Him Do.

Civil Government, So Far As It Is Instituted For The Security Of Property, Is In Reality Instituted For The Defense Of The Rich Against The Poor, Or Of Those Who Have Some Property Against Those Who Have None At All.

It Is Not From The Benevolence Of The Butcher, The Brewer, Or The Baker That We Expect Our Dinner, But From Their Regard To Their Own Interest.

The Necessaries Of Life Occasion The Great Expense Of The Poor. They Find It Difficult To Get Food, And The Greater Part Of Their Little Revenue Is Spent In Getting It. The Luxuries And Vanities Of Life Occasion The Principal Expense Of The Rich, And A Magnificent House Embellishes And Sets Off To The Best Advantage All The Other Luxuries And Vanities Which They Possess ... It Is Not Very Unreasonable That The Rich Should Contribute To The Public Expense, Not Only In Proportion To Their Revenue, But Something More Than In That Proportion.

Progressive Taxation

Capitals Are Increased By Parsimony, And Diminished By Prodigalityand Misconduct. By What A Frugal Man Annually Saves He Not Onlyaffords Maintenance To An Additional Number Of Productive Hands?but?he Establishes As It Were A Perpetual Fund For The Maintenance Of An Equal Number In All Times To Come.

Adventure Upon All The Tickets In The Lottery, And You Lose For Certain; And The Greater The Number Of Your Tickets The Nearer Your Approach To This Certainty.

The Problem With Fiat Money Is That It Rewards The Minority That Can Handle Money, But Fools The Generation That Has Worked And Saved Money.

It Is Not The Actual Greatness Of National Wealth, But Its Continual Increase, Which Occasions A Rise In The Wages Of Labour. It Is Not, Accordingly, In The Richest Countries, But In The Most Thriving, Or In Those Which Are Growing Rich The Fastest, That The Wages Of Labour Are Highest. England Is Certainly, In The Present Times, A Much Richer Country Than Any Part Of North America. The Wages Of Labour, However, Are Much Higher In North America Than In Any Part Of England.

This Is One Of Those Cases In Which The Imagination Is Baffled By The Facts.

It Is Unjust That The Whole Of Society Should Contribute Towards An Expence Of Which The Benefit Is Confined To A Part Of The Society.

The Uniform, Constant, And Uninterrupted Effort Of Every Man To Better His Condition . . . Is Frequently Powerful Enough To Maintain The Natural Progress Of Things Toward Improvement, In Spite Of The Extravagance Of Government, And Of The Greatest Errors Of Administration.

He Is Led By An Invisible Hand To Promote An End Which Was No Part Of His Intention

Every Man Lives By Exchanging.

I Have No Faith In Political Arithmetic.

To Subject Every Private Family To The Odious Visits And Examination Of The Tax-gatherers ... Would Be Altogether Inconsistent With Liberty.

It Is The Highest Impertinence And Presumption, Therefore, In Kings And Ministers To Pretend To Watch Over The Economy Of Private People, And To Restrain Their Expense. They Are Themselves, Always, And Without Any Exception, The Greatest Spendthrifts In The Society.

In A Militia, The Character Of The Laborer, Artificer, Or Tradesman, Predominates Over That Of The Soldier: In A Standing Army, That Of The Soldier Predominates Over Every Other Character.

A Nation Is Not Made Wealthy By The Childish Accumulation Of Shiny Metals, But It Enriched By The Economic Prosperity Of It's People.

It Is Not By Augmenting The Capital Of The Country, But By Rendering A Greater Part Of That Capital Active And Productive Than Would Otherwise Be So, That The Most Judicious Operations Of Banking Can Increase The Industry Of The Country.

It Is The Natural Effect Of Improvement, However, To Diminish Gradually The Real Price Of Almost All Manufactures.

This Great Increase Of The Quantity Of Work Which, In Consequence Of The Division Of Labour, The Same Number Of People Are Capable Of Performing, Is Owing To Three Different Circumstances; First, To The Increase Of Dexterity In Every Particular Workman; Secondly, To The Saving Of The Time Which Is Commonly Lost In Passing From One Species Of Work To Another; And Lastly, To The Invention Of A Great Number Of Machines Which Facilitate And Abridge Labour, And Enable One Man To Do The Work Of Many.

The Rate Of Profit... Is Naturally Low In Rich And High In Poor Countries, And It Is Always Highest In The Countries Which Are Going Fastest To Ruin.

A Very Poor Man May Be Said In Some Sense To Have A Demand For A Coach And Six; He Might Like To Have It; But His Demand Is Not An Effectual Demand, As The Commodity Can Never Be Brought To Market In Order To Satisfy It.

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.

There Is No Art Which Government Sooner Learns Of Another Than That Of Draining Money From The Pockets Of The People.

The World Neither Ever Saw, Nor Ever Will See, A Perfectly Fair Lottery.

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.

When Profit Diminishes, Merchants Are Very Apt To Complain That Trade Decays; Though The Diminution Of Profit Is The Natural Effect Of Its Prosperity, Or Of A Greater Stock Being Employed In It Than Before.

The Man Of System, On The Contrary, Is Apt To Be Very Wise In His Own Conceit; And Is Often So Enamoured With The Supposed Beauty Of His Own Ideal Plan Of Government, That He Cannot Suffer The Smallest Deviation From Any Part Of It... He Seems To Imagine That He Can Arrange The Different Members Of A Great Society With As Much Ease As The Hand Arranges The Different Pieces Upon A Chess-board. He Does Not Consider That...in The Great Chess-board Of Human Society, Every Single Piece Has A Principle Of Motion Of Its Own, Altogether Different From That Which The Legislature Might Choose To Impress Upon It.

The Property Which Every Man Has In His Own Labour, As It Is The Original Foundation Of All Other Property, So It Is The Most Sacred And Inviolable.

The Natural Effort Of Every Individual To Better His Own Condition Is So Powerful That It Is Alone, And Without Any Assistance, Capable Not Only Of Carrying On The Society To Wealth And Prosperity, But Of Surmounting 100 Impertinent Obstructions With Which The Folly Of Human Laws Too Often Encumbers Its Operations.

As Soon As The Land Of Any Country Has All Become Private Property, The Landlords, Like All Other Men, Love To Reap Where They Never Sowed, And Demand A Rent Even For Its Natural Produce.

Economic Inequality

The Emotions Of The Spectator Will Still Be Very Apt To Fall Short Of The Violence Of What Is Felt By The Sufferer. Mankind, Though Naturally Sympathetic, Never Conceive, For What Has Befallen Another, That Degree Of Passion Which Naturally Animates The Person Principally Concerned.

Now Many Such Things May Be Done Without Intitling The People To Rise In Arms. A Gross, Flagrant, And Palpable Abuse No Doubt Will Do It, As If They Should Be Required To Pay A Tax Equal To Half Or Third Of Their Substance.

Men Desire To Have Some Share In The Management Of Public Affairs Chiefly On Account Of The Importance Which It Gives Them.

The Man Who Barely Abstains From Violating Either The Person, Or The Estate, Or The Reputation Of His Neighbours, Has Surely Very Little Positive Merit. He Fulfils, However, All The Rules Of What Is Peculiarly Called Justice, And Does Every Thing Which His Equals Can With Propriety Force Him To Do, Or Which They Can Punish Him For Not Doing. We May Often Fulfil All The Rules Of Justice By Sitting Still And Doing Nothing.

Among Civilized And Thriving Nations, On The Contrary, Though A Great Number Of People Do No Labor At All, Many Of Whom Consume The Produce Of Ten Times, Frequently Of A Hundred Times More Labour Than The Greater Part Of Those Who Work; Yet The Produce Of The Whole Labour Of The Society Is So Great, That All Are Often Abundantly Supplied, And A Workman, Even Of The Lowest And Poorest Order, If He Is Frugal And Industrious, May Enjoy A Greater Share Of The Necessaries And Conveniencies Of Life Than It Is Possible For Any Savage To Acquire.

It May Indeed Be Doubted Whether Butchers' Meet Is Anywhere A Necessary Of Life. Grain And Other Vegetables, With The Help Of Milk, Cheese, And Butter, Or Oil Where Butter Is Not To Be Had, Afford The Most Plentiful, The Most Wholesome, The Most Nourishing, And The Most Invigorating Diet. Decency Nowhere Requires That Any Man Should Eat Butchers' Meat.

The Violence And Injustice Of The Rulers Of Mankind Is An Ancient Evil, For Which, I Am Afraid, The Nature Of Human Affairs Can Scarce Admit A Remedy.

By Nature A Philosopher Is Not In Genius And Disposition Half So Different From A Street Porter, As A Mastiff Is From A Greyhound

The Subjects Of Every State Ought To Contribute Towards The Support Of The Government, As Nearly As Possible, In Proportion To Their Respective Abilities.

Progressive Taxation

We Are But One Of The Multitude, In No Respect Better Than Any Other In It.

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.

Division Of Labor

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.

The Importation Of Gold And Silver Is Not The Principal, Much Less The Sole Benefit Which A Nation Derives From Its Foreign Trade.

That This Is The Source Of Our Fellow-feeling For The Misery Of Others, That It Is By Changing Places In Fancy With The Sufferer, That We Come Either To Conceive Or To Be Affected By What He Feels, May Be Demonstrated By Many Obvious Observations, If It Should Not Be Thought Sufficiently Evident Of Itself. When We See A Stroke Aimed And Just Ready To Fall Upon The Leg Or Arm Of Another Person, We Naturally Shrink And Draw Back Our Own Leg Or Our Own Arm; And When It Does Fall, We Feel It In Some Measure, And Are Hurt By It As Well As The Sufferer.

All Jobs Are Created In Direct Proportion To The Amount Of Capital Employed.

In Ease Of Body, Peace Of Mind, All The Different Ranks Of Life Are Nearly Upon A Level And The Beggar Who Suns Himself By The Side Of The Highway, Possesses That Security Which Kings Are Fighting For.

Avarice And Injustice Are Always Shortsighted, And They Did Not Foresee How Much This Regulation Must Obstruct Improvement, And Thereby Hurt In The Long-run The Real Interest Of The Landlord.

Labor Was The First Price, The Original Purchase - Money That Was Paid For All Things.

Labour Movement

It Is Not From The Benevolence Of The Butcher, The Brewer, Or The Baker, That We Expect Our Dinner, But From Regard To Their Own Interest. We Address Ourselves, Not To Their Humanity But To Their Self-love, And Never Talk To Them Of Our Own Necessities But Of Their Advantages. Nobody But A Beggar Chooses To Depend Chiefly Upon The Benevolence Of His Fellow Citizens.

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.'

Corn Is A Necessary, Silver Is Only A Superfluity.

I Have No Great Faith In Political Arithmetic, And I Mean Not To Warrant The Exactness Of Either Of These Computations.

The Natural Price, Therefore, Is, As It Were, The Central Price, To Which The Prices Of All Commodities Are Continually Gravitating.

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.

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.

Justice, However, Never Was In Reality Administered Gratis In Any Country. Lawyers And Attornies, At Least, Must Always Be Paid By The Parties; And, If They Were Not, They Would Perform Their Duty Still Worse Than They Actually Perform It.

In Raising The Price Of Commodities, The Rise Of Wages Operates In The Same Manner As Simple Interest Does In The Accumulation Of Debt. Our Merchants And Master Manufacturers Complain Much Of The Bad Effects Of High Wages In Raising The Price, And Thereby Lessening The Sale Of Their Goods, Both At Home And Abroad. They Say Nothing Concerning The Bad Effects Of High Profits; They Are Silent With Regard To The Pernicious Effects Of Their Own Gains. They Complain Only Of Those Of Other People.

Upstart Greatness Is Everywhere Less Respected Than Ancient Greatness.

On The Road From The City Of Skepticism, I Had To Pass Through The Valley Of Ambiguity.

An Instructed And Intelligent People Are Always More Decent And Orderly Than An Ignorant And Stupid One.

China Is A Much Richer Country Than Any Part Of Europe.

Masters Are Always And Everywhere In A Sort Of Tacit, But Constant And Uniform Combination, Not To Raise The Wages Of Labor.

The Machines That Are First Invented To Perform Any Particular Movement Are Always The Most Complex, And Succeeding Artists Generally Discover That, With Fewer Wheels, With Fewer Principles Of Motion, Than Had Originally Been Employed, The Same Effects May Be More Easily Produced. The First Systems, In The Same Manner, Are Always The Most Complex.

The Tolls For The Maintenance Of A High Road, Cannot With Any Safety Be Made The Property Of Private Persons.

The Disposition To Admire, And Almost To Worship, The Rich And The Powerful, And To Despise, Or, At Least, To Neglect Persons Of Poor And Mean Condition Is The Great And Most Universal Cause Of The Corruption Of Our Moral Sentiments.

The Proprietor Of Stock Is Necessarily A Citizen Of The World, And Is Not Necessarily Attached To Any Particular Country.

The Game Women Play Is Men.

Whenever The Legislature Attempts To Regulate Differences Between Masters And Their Workmen, Its Counsellors Are Always The Masters. When The Regulation, Therefore, Is In Favor Of The Workmen, It Is Always Just And Equitable; But It Is Sometimes Otherwise When In Favor Of The Masters.

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.

The Interest Of The Dealers, However, In Any Particular Branch Of Trade Or Manufactures, Is Always In Some Respects Different From, And Even Opposite To, That Of The Public. To Widen The Market And To Narrow The Competition, Is Always The Interest Of The Dealers.

The Learned Ignore The Evidence Of Their Senses To Preserve The Coherence Of The Ideas Of Their Imagination.

The Directors Of Such Companies, However, Being The Managers Rather Of Other People's Money Than Of Their Own, It Cannot Well Be Expected, That They Should Watch Over It With The Same Anxious Vigilance With Which The Partners In A Private Copartnery Frequently Watch Over Their Own.... Negligence And Profusion, Therefore, Must Always Prevail, More Or Less, In The Management Of The Affairs Of Such A Company.

Never Complain Of That Of Which It Is At All Times In Your Power To Rid Yourself.

Though Our Brother Is Upon The Rack, As Long As We Ourselves Are At Ease, Our Senses Will Never Inform Us Of What He Suffers. They Never Did And Never Can Carry Us Beyond Our Own Persons, And It Is By The Imagination Only That We Form Any Conception Of What Are His Sensations...his Agonies, When They Are Thus Brought Home To Ourselves, When We Have This Adopted And Made Them Our Own, Begin At Last To Affect Us, And We Then Tremble And Shudder At The Thought Of What He Feels.

Resentment Seems To Have Been Given Us By Nature For A Defense, And For A Defense Only! It Is The Safeguard Of Justice And The Security Of Innocence.

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.

Great Nations Are Never Impoverished By Private, Though They Sometimes Are By Public Prodigality And Misconduct.

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.

Wisdom And Experience

It Is Not For Its Own Sake That Men Desire Money, But For The Sake Of What They Can Purchase With It.

A Man Must Always Live By His Work, And His Wages Must At Least Be Sufficient To Maintain Him. They Must Even Upon Most Occasions Be Somewhat More; Otherwise It Would Be Impossible For Him To Bring Up A Family, And The Race Of Such Workmen Could Not Last Beyond The First Generation.

The Sneaking Arts Of Underling Tradesmen Are Thus Erected Into Political Maxims For The Conduct Of A Great Empire; For It Is The Most Underling Tradesmen Only Who Make It A Rule To Employ Chiefly Their Own Customers. A Great Trader Purchases His Good Always Where They Are Cheapest And Best, Without Regard To Any Little Interest Of This Kind.

Wherever There Is Great Property There Is Great Inequality. For One Very Rich Man There Must Be At Least Five Hundred Poor, And The Affluence Of The Few Supposes The Indigence Of The Many. The Affluence Of The Rich Excites The Indignation Of The Poor, Who Are Often Both Driven By Want, And Prompted By Envy, To Invade His Possessions.

To Found A Great Empire For The Sole Purpose Of Raising Up A People Of Customers, May At First Sight Appear A Project Fit Only For A Nation Of Shopkeepers. It Is, However, A Project Altogether Unfit For A Nation Of Shopkeepers; But Extremely Fit For A Nation Whose Government Is Influenced By Shopkeepers.

It Is Not Very Unreasonable That The Rich Should Contribute To The Public Expense, Not Only In Proportion To Their Revenue, But Something More Than In That Proportion.

Progressive Taxation

But What All The Violence Of The Feudal Institutions Could Never Have Effected, The Silent And Insensible Operation Of Foreign Commerce And Manufactures Gradually Brought About.

No Society Can Surely Be Flourishing And Happy, Of Which The Far Greater Part Of The Members Are Poor And Miserable. It Is But Equity, Besides, That They Who Feed, Clothe And Lodge The Whole Body Of The People, Should Have Such A Share Of The Produce Of Their Own Labour As To Be Themselves Tolerably Well Fed, Clothed And Lodged.

To Feel Much For Others And Little For Ourselves, That To Restrain Our Selfish, And To Indulge Our Benevolent Affections, Constitutes The Perfection Of Human Nature.

The Propensity To Truck, Barter And Exchange One Thing For Another Is Common To All Men, And To Be Found In No Other Race Of Animals.

The Ancient Egyptians Had A Superstitious Antipathy To The Sea; A Superstition Nearly Of The Same Kind Prevails Among The Indians; And The Chinese Have Never Excelled In Foreign Commerce.

A True Party-man Hates And Despises Candour.

Humanity Is The Virtue Of A Woman, Generosity That Of A Man.

The Real And Effectual Discipline Which Is Exercised Over A Workman Is That Of His Customers. It Is The Fear Of Losing Their Employment Which Restrains His Frauds And Corrects His Negligence.

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.

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.

A Sketch Of A Man Facing To The Right.

Good Roads, Canals, And Navigable Rivers, By Diminishing The Expence Of Carriage, Put The Remote Parts Of The Country More Nearly Upon A Level With With Those Of The Neighbourhood Of The Town. They Are Upon That The Greatest Of All Improvements.

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.

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Gabriela Sabatini

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