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Adam Smith
A sketch of a man facing to the right
Full name Adam Smith
Born 16 June 1723
(OS: 5 June 1723)
Kirkcaldy, Fife, Scotland
Died 17 July 1790 (aged 67)
Edinburgh, Scotland
Era Classical economics
(Modern economics)
Region Western philosophy
School Classical economics
Main interests Political philosophy, ethics, economics
Notable ideas Classical economics,
modern free market,
division of labour,
the "invisible hand"
.Adam Smith (baptised 16 June 1723 – 17 July 1790 [OS: 5 June 1723 – 17 July 1790]) was a Scottish moral philosopher and a pioneer of political economics.^ Adam Smith died on July 17, 1790.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Yet there is nothing Adam Smith resented more strongly than any identification of his theory with the selfish system of morality.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Adam Smith says expressly indeed, that there is no other measure of moral conduct than the sympathetic approbation of each individual.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations.^ It is "net revenues" that are available for discretionary uses - either for investing or consuming - or for taxation that does not reach the level of capital levies - that is the measure of national wealth used by Smith.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ Smith goes on at some length explaining that it is the productivity of the nation and not its wealth in money that is the ultimate source of economic power.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ Smith was so opposed to Hobbes’s and Mandeville’s positions that the very first sentence of The Theory of Moral Sentiments begins with their rejection: .
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

.The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics.^ The Wealth of Nations is a work of political economy.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ The first is that scholars are interested in how The Theory of Moral Sentiments and The Wealth of Nations interconnect, not simply in his moral and economic theories as distinct from one another.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ The success of the latter soon eclipsed that of his first work, but the wide celebrity which soon attended the former is attested by the fact of.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.Smith is widely cited as the father of modern economics.^ Adam Smith is often identified as the father of modern capitalism.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ The fundamentals required for economic development are clearly identified by Smith - (fundamentals ignored for decades by supposedly knowledgeable modern economists).
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ As we have already seen, Smith was scarcely the founder of economic science, a science which existed since the medieval scholastics and, in its modern form, since Richard Cantillon.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.Smith studied moral philosophy at the University of Glasgow and Oxford University.^ At the age of fourteen he was sent to the University of Glasgow, where his favourite studies were mathematics and natural sciences, and where he attended the lectures of Dr. Hutcheson, who has been called "the father of speculative philosophy in Scotland in modern times," and whose theory of the Moral Sense had so much influence on Adam Smith's own later ethical speculations.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Smith also plunged into the social and educational associations that were beginning to be formed by the moderate Presbyterian clergy, university professors, literati, and attorneys in both Glasgow and Edinburgh.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Part VII., or Systems of Moral Philosophy, helps in the thirteenth chapter to throw into clear light the relation of Adam Smith's theory to other theories of moral philosophy.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.After graduating, he delivered a successful series of public lectures at Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment.^ Finally, in 1748, Henry Home, Lord Kames, a judge and a leader of the liberal Scottish Enlightenment and a cousin of David Hume, decided to promote a series of public lectures in Edinburgh to educate lawyers.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ However, focusing on Hume's observations also allow us to see certain other themes that Smith shares with his Scottish Enlightenment cohort: in particular, their commitment to empiricism.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ And while Smith's most famous follower, David Ricardo, was not a Calvinist, his leading immediate disciple, Dugald Stewart, was a Scottish Presbyterian, and the leading Ricardians John R. McCulloch and James Mill were both Scottish and educated in Dugald Stewart's University of Edinburgh.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments.^ Smith echoes these words throughout A Theory of Moral Sentiments .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ At the age of fourteen he was sent to the University of Glasgow, where his favourite studies were mathematics and natural sciences, and where he attended the lectures of Dr. Hutcheson, who has been called "the father of speculative philosophy in Scotland in modern times," and whose theory of the Moral Sense had so much influence on Adam Smith's own later ethical speculations.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ After Smith published his moral philosophy in his Theory of Moral Sentiments (1759), his increasing fame won him a highly lucrative position in 1764 as tutor to the young duke of Buccleuch.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day.^ They might have even been able to prevent the intial assasination of Shiite leaders which took place just days afer the collapse of the Saddam’s government.
  • HorsesAss.Org » Blog Archive » Rep. Adam Smith: “Troop surge is not the answer” 19 January 2010 9:51 UTC horsesass.org [Source type: Original source]

^ While he spoke very warmly of this period of his life, and while he took a deep interest in teaching and mentoring young minds, Smith resigned in 1764 to tutor the Duke of Buccleuch and accompany him on his travels.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

Smith returned home and spent the next ten years writing The Wealth of Nations, publishing it in 1776. He died in 1790.

Contents

Biography

Early life

.Smith was born to Margaret Douglas at Kirkcaldy, Fife, Scotland.^ His father, also Adam Smith (1679-1723), who died shortly before he was born, was a distinguished judge advocate for Scotland and later comptroller of customs at Kirkcaldy, who had married into a well-to-do local landowning family.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Adam Smith was born in June, 1723, in Kirkcaldy, a port town on the eastern shore of Scotland; the exact date is unknown.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Adam Smith was born in 1723 in the small town of Kirkcaldy, near Edinburgh.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.His father, also named Adam Smith, was a lawyer, civil servant, and widower who married Margaret Douglas in 1720 and died six months before Smith was born.^ Self-interest before Adam Smith .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Finally, still another cousin named Adam Smith later served as customs collector at Alloa.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ But as, of all Adam Smith's critics, Jouffroy has been the one who has urged this argument with the greatest force, it will be best to follow his reasoning, before considering the force of the objection.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[1] .Although the exact date of Smith's birth is unknown, his baptism was recorded on 16 June 1723 at Kirkcaldy.^ Adam Smith was born in June, 1723, in Kirkcaldy, a port town on the eastern shore of Scotland; the exact date is unknown.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[2] .Though few events in Smith's early childhood are known, Scottish journalist and Smith's biographer John Rae recorded that Smith was abducted by gypsies at the age of four and released when others went to rescue him.^ However, focusing on Hume's observations also allow us to see certain other themes that Smith shares with his Scottish Enlightenment cohort: in particular, their commitment to empiricism.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ As with most of the other Scottish philosophers, Hume and Smith held that knowledge is acquired through the senses rather than through innate ideas, continuing the legacy of John Locke more so than René Descartes .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ However, focusing on Hume’s observations also allow us to see certain other themes that Smith shares with his Scottish Enlightenment cohort: in particular, their commitment to empiricism.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[N .1] Smith was close to his mother, who likely encouraged him to pursue his scholarly ambitions.^ Durable consumer goods, like houses, were again, for Smith, 'unproductive', although he grudgingly conceded that a house 'is no doubt extremely useful' to the person who lives in it.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Even though an inveterate plagiarist, Smith had a Columbus complex, accusing close friends incorrectly of plagiarizing him.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ In contrast, then, to those historians who praise Smith for his empirical grasp of contemporary economic and industrial affairs, Adam Smith was oblivious to the important economic events around him.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[4] .He attended the Burgh School of Kirkcaldy—characterised by Rae as "one of the best secondary schools of Scotland at that period"—from 1729 to 1737.[3] While there, Smith studied Latin, mathematics, history, and writing.^ But as, of all Adam Smith's critics, Jouffroy has been the one who has urged this argument with the greatest force, it will be best to follow his reasoning, before considering the force of the objection.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The town of Kirkcaldy was militantly Presbyterian, and in the Burgh School in the town he met many young Scottish Presbyterians, one of whom, John Drysdale, was to become twice moderator of the general assembly of the Church of Scotland.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ As a young philosopher, Smith experimented with different topics, and there is a collection of writing fragments to compliment his lecture notes and early essays.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[4]
A plaque of Smith
A commemorative plaque for Smith is located at Smith's home town of Kirkcaldy.

Formal education

.Smith entered the University of Glasgow when he was fourteen and studied moral philosophy under Francis Hutcheson.^ At the age of fourteen he was sent to the University of Glasgow, where his favourite studies were mathematics and natural sciences, and where he attended the lectures of Dr. Hutcheson, who has been called "the father of speculative philosophy in Scotland in modern times," and whose theory of the Moral Sense had so much influence on Adam Smith's own later ethical speculations.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ From 1737 to 1740, Adam Smith studied at Glasgow College, where he fell under the spell of Francis Hutcheson, and imbibed the excitement of the ideas of classical liberalism, natural law and political economy.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Smith also plunged into the social and educational associations that were beginning to be formed by the moderate Presbyterian clergy, university professors, literati, and attorneys in both Glasgow and Edinburgh.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[4] .Here, Smith developed his passion for liberty, reason, and free speech.^ Yet here Smith fell into an iron trap of circular reasoning.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.In 1740, Smith was awarded the Snell exhibition and left to attend Balliol College, Oxford.^ Smith was sent to Balliol College, Oxford, on a scholarship designed to nurture future Episcopalian clerics, but he was unhappy at the wretched instruction in the Oxford of his day, and returned after six years, at the age of 23, without having taken holy orders.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[5]
.Smith considered the teaching at Glasgow far superior to that at Oxford, which he found intellectually stifling.^ Why then were these preceding economists, analytically far superior to Smith and also in the laissez-faire framework, so readily forgotten?
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ The superiority of market mechanisms over administered alternatives - whether directed by government, private associations, experts or intellectuals - is set forth by Smith with classic clarity.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ So far are we from doing this, that we consider it our first duty to stifle our emotions of sympathy or antipathy, in order to arrive at an impartial judgment.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[6] .In Book V, Chapter II of The Wealth of Nations, Smith wrote: "In the University of Oxford, the greater part of the public professors have, for these many years, given up altogether even the pretence of teaching."^ It is "net revenues" that are available for discretionary uses - either for investing or consuming - or for taxation that does not reach the level of capital levies - that is the measure of national wealth used by Smith.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ Smith goes on at some length explaining that it is the productivity of the nation and not its wealth in money that is the ultimate source of economic power.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ In the Wealth of Nations, Adam Smith delivered the following encomium to the Presbyterian clergy: 'There is scarce, perhaps, to be found anywhere in Europe, a more learned, decent, independent, and respectable set of men than the greater part of the Presbyterian clergy of Holland, Geneva, Switzerland, and Scotland.'
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.Smith is also reported to have complained to friends that Oxford officials once discovered him reading a copy of David Hume's Treatise on Human Nature, and they subsequently confiscated his book and punished him severely for reading it.^ Smith's suggestion, then, is to have faith in the unfolding of nature, and in the principles that govern human activity—moral, social, economic, or otherwise.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ The term "sympathy" is Hume's, but Smith's friend gives little indication as to how it was supposed to work or as to its limits.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ His friend David Hume (1752) had called for the radical repudiation of this institution on behalf of 100 per cent specie-reserve banking.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[3][7][8] .According to William Robert Scott, "The Oxford of [Smith's] time gave little if any help towards what was to be his lifework."^ It is true that Smith spent little time or energy on scholarship and writing after his appointment; but there were leaves of absence available which Smith showed no interest in pursuing.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Scott , William Robert.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[9] .Nevertheless, Smith took the opportunity while at Oxford to teach himself several subjects by reading many books from the shelves of the large Oxford library.^ By reference to his own experience, every reader may easily test for himself the truth or falsity of Adam Smith's argument upon this subject.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ To the first time reader, therefore, it may seem more daunting than Smith’s earlier work, but in many ways, it is actually a simpler read.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[10] .When Smith was not studying on his own, his time at Oxford was not a happy one, according to his letters.^ Leaving Oxford, which for most men means an entire change of life, meant for him simply a change in the scene of his studies; a transfer of them from one place to another.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The sense of the propriety or impropriety of a moral action or sentiment is, according to Adam Smith, only one side of the fact of moral approbation, a sense of their merit or demerit constituting the other side.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Adam Smith's own theory differed from all these, in that it took account of all these three different aspects of virtue together, and gave no exclusive preference to any one of them.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[11] .Near the end of his time at Oxford, Smith began suffering from shaking fits, probably the symptoms of a nervous breakdown.^ It was perhaps by reason of this attraction that at the end of seven years at Oxford Adam Smith declined to take orders.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[12] He left Oxford University in 1746, before his scholarship ended.[12][13]
.In Book V of The Wealth of Nations, Smith comments on the low quality of instruction and the meager intellectual activity at English universities, when compared to their Scottish counterparts.^ It is "net revenues" that are available for discretionary uses - either for investing or consuming - or for taxation that does not reach the level of capital levies - that is the measure of national wealth used by Smith.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ Smith goes on at some length explaining that it is the productivity of the nation and not its wealth in money that is the ultimate source of economic power.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ At the bicentennial of his magnum opus , An Inquiry into the Nature and the Causes of the Wealth of Nations (1776), a veritable flood of books, essays, and memorabilia poured forth about the quiet Scottish professor.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.He attributes this both to the rich endowments of the colleges at Oxford and Cambridge, which made the income of professors independent of their ability to attract students, and to the fact that distinguished men of letters could make an even more comfortable living as ministers of the Church of England.^ The opening of new trade routes to Asia could have been even more important if the various trading nations had not restricted the East Indies trade to great monopolies.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ The many complicating factors make judgments based on payments balances even more impossible.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ The consciousness of an inability to sympathize with his distress, if we think his grief excessive, gives us even more pain than the sympathetic sorrow which the most complete accordance with him could make us feel.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[8]

Teaching career

.Smith began delivering public lectures in 1748 at Edinburgh under the patronage of Lord Kames.^ After nearly two years spent at home, Adam Smith removed to Edinburgh, where, under the patronage of Lord Kames, so well known in connexion with the Scotch literature of the last century, he delivered lectures on rhetoric and belles lettres ; and the same subject formed the greater part of his lectures as Professor of Logic at Glasgow, to which post he was elected in 1751, at the age of twenty-eight.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Finally, in 1748, Henry Home, Lord Kames, a judge and a leader of the liberal Scottish Enlightenment and a cousin of David Hume, decided to promote a series of public lectures in Edinburgh to educate lawyers.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Shortly after graduating from Oxford, Smith presented public lectures on moral philosophy in Edinburgh, and then, with the assistance of the literati, he secured his first position as the Chair of Logic at Glasgow University.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[14] .His lecture topics included rhetoric and belles-lettres, and later the subject of "the progress of opulence". On this latter topic he first expounded his economic philosophy of "the obvious and simple system of natural liberty". While Smith was not adept at public speaking, his lectures met with success.^ The success of the latter soon eclipsed that of his first work, but the wide celebrity which soon attended the former is attested by the fact of.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Smith's suggestion, then, is to have faith in the unfolding of nature, and in the principles that govern human activity—moral, social, economic, or otherwise.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ There is a collection of student lecture notes that recount Smith’s discussions of style, narrative, and moral propriety in rhetorical contexts.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[15]
A man posing for a painting
David Hume was a friend and contemporary of Smith.
.In 1750, he met the philosopher David Hume, who was his senior by more than a decade.^ As with most of the other Scottish philosophers, Hume and Smith held that knowledge is acquired through the senses rather than through innate ideas, continuing the legacy of John Locke more so than René Descartes .
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Indeed, while David Hume knew nothing of utility and spoke of labour as the source of value, he was far sounder on value theory than his close friend Adam Smith.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ By the circumstances of his birth, his education, like that of David Hume, devolved in his early years upon his mother, of whom one would gladly know more than has been vouchsafed by her son's biographer.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.In their writings covering history, politics, philosophy, economics, and religion, Smith and Hume shared closer intellectual and personal bonds than with other important figures of the Scottish Enlightenment.^ Smith’s discussion of history illustrates two other important points.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Smith's discussion of history illustrates two other important points.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ "History and thoery in the Scottish Enlightenment."

[16]
.In 1751, Smith earned a professorship at Glasgow University teaching logic courses.^ After holding the chair of logic at Glasgow for only one year (1751–1752), Smith was appointed to the Chair of Moral Philosophy, the position originally held by Hutcheson.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Shortly after graduating from Oxford, Smith presented public lectures on moral philosophy in Edinburgh, and then, with the assistance of the literati, he secured his first position as the Chair of Logic at Glasgow University.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ While Smith held the chair of logic at Glasgow University, he lectured more on rhetoric than on traditional Aristotelian forms of reasoning.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

.When the head of Moral Philosophy died the next year, Smith took over the position.^ Smith was so opposed to Hobbes’s and Mandeville’s positions that the very first sentence of The Theory of Moral Sentiments begins with their rejection: .
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Smith was so opposed to Hobbes's and Mandeville's positions that the very first sentence of The Theory of Moral Sentiments begins with their rejection: .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ In Smith’s case, this position took him to France where he spent two years engaged with the philosophes —a tight-knit group of French philosophers analogous to Smith’s own literati—in conversations that would make their way into The Wealth of Nations.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[15] He worked as an academic for the next thirteen years, which he characterized as "by far the most useful and therefore by far the happiest and most honourable period [of his life]".[17]
.Smith published The Theory of Moral Sentiments in 1759, embodying some of his Glasgow lectures.^ It was to have been an improvement on the work of Grotius on the same subject, and the Theory of Moral Sentiments concludes with a promise which, unfortunately, was never fulfilled.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ But although this disposition to sympathize with the rich is conducive to the good order of society, Adam Smith admits that it to a certain extent tends to corrupt moral sentiments.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ This part of the theory may claim, therefore, not only to be as good as any other theory, but to be in strict keeping with the vast amount of variable moral sentiment which actually exists in the world.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.This work was concerned with how human morality depends on sympathy between agent and spectator, or the individual and other members of society.^ The term "sympathy" is Hume's, but Smith's friend gives little indication as to how it was supposed to work or as to its limits.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ According to Hutcheson, a sense of unity among human beings allows for the possibility of other-oriented actions even though individuals are often motivated by self-interest.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Conscience, ac- cording to Butler, was a faculty natural to man, in virtue of which he was a moral agent; a faculty or principle of the human heart, in kind and nature supreme over all others, and bearing its own authority For being so.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.Smith defined "sympathy" as the feeling of moral sentiments.^ Smith was so opposed to Hobbes’s and Mandeville’s positions that the very first sentence of The Theory of Moral Sentiments begins with their rejection: .
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ According to Smith, our sentiments give rise to approval or condemnation of a moral act.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Smith was so opposed to Hobbes's and Mandeville's positions that the very first sentence of The Theory of Moral Sentiments begins with their rejection: .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

.He bases his explanation not on a special "moral sense", as the third Lord Shaftesbury and Hutcheson had done, nor on utility as Hume did, but on sympathy.^ The term “moral sense” was first coined by Sir Anthony Ashley Cooper, Third Earl of Shaftesbury , whose work Smith read and who became a focal point in the Scots’ discussion, although he himself was not Scottish.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Before proceeding with this development of his theory, it is worth noticing again its close correspondence with that of Hume, who likewise traced moral sentiments to a basis of physical sympathy.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Thus Lord Shaftesbury postulated the existence of a moral sense, sufficient of itself to make us eschew vice and follow after virtue; and this moral sense, or primitive instinct for good, was implanted in us by nature, and carried its own authority with it.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.Following the publication of The Theory of Moral Sentiments, Smith became so popular that many wealthy students left their schools in other countries to enroll at Glasgow to learn under Smith.^ Smith echoes these words throughout A Theory of Moral Sentiments .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Smith was so opposed to Hobbes’s and Mandeville’s positions that the very first sentence of The Theory of Moral Sentiments begins with their rejection: .
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ According to Smith, our sentiments give rise to approval or condemnation of a moral act.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[18] .After the publication of The Theory of Moral Sentiments, Smith began to give more attention to jurisprudence and economics in his lectures and less to his theories of morals.^ For Smith not only contributed nothing of value to economic thought; his economics was a grave deterioration from his predecessors: from Cantillon, from Turgot, from his teacher Hutcheson, from the Spanish scholastics, even oddly enough from his own previous works, such as the Lectures on Jurisprudence (unpublished, 1762-63, 1766) and the Theory of Moral Sentiments (1759).
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ It was to have been an improvement on the work of Grotius on the same subject, and the Theory of Moral Sentiments concludes with a promise which, unfortunately, was never fulfilled.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ But although this disposition to sympathize with the rich is conducive to the good order of society, Adam Smith admits that it to a certain extent tends to corrupt moral sentiments.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[19] .For example, Smith lectured that labor—rather than the nation's quantity of gold or silver—is the cause of increase in national wealth.^ Labor brings wealth, Smith argues.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ "'Less Abused than I had reason to Expect': The reception of The Wealth of Nations in Britain 1776-90."

^ Free trade, Smith argues, rather than diminishing the wealth of the nation, increases it because it provides more occasion for labor and therefore more occasion to create more wealth.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[18]
A drawing of a man sitting down
François Quesnay, one of the leaders of the Physiocratic school of thought
.In 1762, the academic senate of the University of Glasgow conferred on Smith the title of Doctor of Laws (LL.D.).^ Smith also plunged into the social and educational associations that were beginning to be formed by the moderate Presbyterian clergy, university professors, literati, and attorneys in both Glasgow and Edinburgh.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ In 1740, Smith earned an MA with great distinction at the University of Glasgow.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ While Smith held the chair of logic at Glasgow University, he lectured more on rhetoric than on traditional Aristotelian forms of reasoning.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

.At the end of 1763, he obtained a lucrative offer from Charles Townshend (who had been introduced to Smith by David Hume) to tutor his stepson, Henry Scott, the young Duke of Buccleuch.^ There are many who challenge its assertions, of course, but it is hard to deny that Smith’s positions in WN are defensible even if, in the end, some may conclude that he is wrong.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Indeed, while David Hume knew nothing of utility and spoke of labour as the source of value, he was far sounder on value theory than his close friend Adam Smith.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ With this in mind, there are certainly readers who will argue that Smith, despite his rejection of Hobbes and Mandeville, ends up offering no universally binding moral principles.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

Smith subsequently resigned from his professorship to take the tutoring position. .Because he resigned in the middle of the term, Smith attempted to return the fees he had collected from his students, but they refused.^ There is a collection of student lecture notes that recount Smith’s discussions of style, narrative, and moral propriety in rhetorical contexts.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ There is a collection of student lecture notes that recount Smith's discussions of style, narrative, and moral propriety in rhetorical contexts.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

[20]

Tutoring and travels

.Smith's tutoring job entailed touring Europe with Henry Scott while teaching him subjects including proper Polish.^ While he spoke very warmly of this period of his life, and while he took a deep interest in teaching and mentoring young minds, Smith resigned in 1764 to tutor the Duke of Buccleuch and accompany him on his travels.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

[20] .Smith was paid £300 per year plus expenses along with £300 per year pension, which was roughly twice his former income as a teacher.^ 'Cost of production' is defined by Adam Smith as total expenses paid to factors of production, that is, wages, profits and rent.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ For three years of tutoring, which he spent with the young duke in France, Smith was awarded a lifetime annual salary of £300, twice his annual salary at Glasgow.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[20] .Smith first traveled as a tutor to Toulouse, France, where he stayed for a year and a half.^ His tutorial task accomplished, Smith returned to his home town of Kirkcaldy, where, secure in his lifetime stipend, he worked for ten years to complete the Wealth of Nations, which he had started at the beginning of his stay in France.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ For three years of tutoring, which he spent with the young duke in France, Smith was awarded a lifetime annual salary of £300, twice his annual salary at Glasgow.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[20] .According to accounts, Smith found Toulouse to be very boring, and he wrote to Hume that he "had begun to write a book in order to pass away the time".[20] After touring the south of France, the group moved to Geneva.^ Then a tour in the South of France was followed by two months at Geneva; and from Christmas, 1765, to the following October the travellers were in Paris, this latter period being the only one of any general interest, on account of the illustrious acquaintances which the introductions of Hume enabled Adam Smith to make in the French capital.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ As Smith himself admitted, in addition to labour time, 'the different degrees of hardship endured or ingenuity exercised must likewise be taken into account'.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Very good wines from hothouse grapes can be made in Scotland, Smith notes, but it costs 30 times more than similar imports.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

While in Geneva, Smith met with the philosopher Voltaire.[21]
.After staying in Geneva, the party went to Paris, where Smith came to know intellectual leaders such as Benjamin Franklin,[22] Turgot, Jean D'Alembert, André Morellet, Helvétius and, in particular, Francois Quesnay, the head of the Physiocratic school, whose academic products he respected greatly.^ "The house which we have long lived in, the tree whose verdure and shade we have long enjoyed, are both looked upon with a sort of respect which seems due to such benefactors.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[23] .The physiocrats believed that wealth came from production and not from the attainment of precious metals, which was adverse to mercantilist thought.^ Smith calls this “stock.” Mercantilists sought to restrict trade because this increased the assets within the borders which, in turn, were thought to increase wealth.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Here, Smith is indebted to the physiocrats, French economists who believed that agricultural labor was the primary measure of national wealth.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Mercantilists sought to restrict trade because this increased the assets within the borders which, in turn, were thought to increase wealth.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

.They also believed that agriculture tended to produce wealth and that merchants and manufacturers did not.^ Here, Smith is indebted to the physiocrats, French economists who believed that agricultural labor was the primary measure of national wealth.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ The physiocrats did not see that the husbandman was maintained by the manufacturing industries of thrashing, milling, and baking, just as much as the millers or the tailors are maintained by the agricultural industries of ploughing and reaping.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ One of the concerns that is most pervasive in The Wealth of Nations is the extent to which the private interests of merchants and manufacturers are contrary to the national interest.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

[22] While Smith did not embrace all of the physiocrats' ideas, he did say that physiocracy was "with all its imperfections [perhaps] the nearest approximation to the truth that has yet been published upon the subject of political economy".[24]

Later years

.In 1766, Henry Scott's younger brother died in Paris, and Smith's tour as a tutor ended shortly thereafter.^ It is likely that David Hume attended Smith's Edinburgh lectures in 1752, for the two became fast friends shortly thereafter.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[24] .Smith returned home that year to Kirkcaldy, and he devoted much of the next ten years to his magnum opus.^ Suddenly, only ten or a dozen years after the lectures, Smith finds himself unable to solve the value paradox.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ After his travels, Smith returned to his home town of Kirkcaldy to complete The Wealth of Nations .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ The next ten years of his life Adam Smith spent at home with his mother and cousin, preparing the work on which his fame now chiefly rests.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[25] .There he befriended Henry Moyes, a young blind man who showed precocious aptitude.^ In Rome there was a law which compelled any one who, by reason of his horse taking fright and becoming unmanageable, rode over another man's slave, to compensate the loss.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The man himself who thus unintentionally hurts another shows some sense of his own demerit by at least offering an apology.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.As well as teaching Moyes himself, Smith secured the patronage of David Hume and Thomas Reid in the young man's education.^ Indeed, while David Hume knew nothing of utility and spoke of labour as the source of value, he was far sounder on value theory than his close friend Adam Smith.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Such is Adam Smith's account of the character of the Prudent Man, a character which he himself admits commands rather a cold esteem than any very ardent love or admiration.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ It is likely that David Hume attended Smith's Edinburgh lectures in 1752, for the two became fast friends shortly thereafter.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[26] .In May 1773, Smith was elected fellow of the Royal Society of London,[27] and was elected a member of the Literary Club in 1775.[28] The Wealth of Nations was published in 1776 and was an instant success, selling out the first edition in only six months.^ The book was first published in 1776.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ It is "net revenues" that are available for discretionary uses - either for investing or consuming - or for taxation that does not reach the level of capital levies - that is the measure of national wealth used by Smith.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ Smith goes on at some length explaining that it is the productivity of the nation and not its wealth in money that is the ultimate source of economic power.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

[29]
.In 1778, Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother in Panmure House in Edinburgh's Canongate.^ Eventually, Smith moved to Edinburgh with his mother and was appointed commissioner of customs in 1778; he did not publish anything substantive for the remainder of his life.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ The fame of the Wealth of Nations led his proud erstwhile pupil, the Duke of Buccleuch, to help secure for Smith in 1778 the highly paid post of commissioner of Scottish customs at Edinburgh.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Durable consumer goods, like houses, were again, for Smith, 'unproductive', although he grudgingly conceded that a house 'is no doubt extremely useful' to the person who lives in it.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[30] .Five years later, he became one of the founding members of the Royal Society of Edinburgh,[31] and from 1787 to 1789 he occupied the honorary position of Lord Rector of the University of Glasgow.^ Smith also plunged into the social and educational associations that were beginning to be formed by the moderate Presbyterian clergy, university professors, literati, and attorneys in both Glasgow and Edinburgh.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Five years ago I had to remember a lyric or two and use Google searches later to find the song title.

^ Individuals may prefer, say, one unit of a consumption good now to two or even five units of the good next year.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[32] .He died in the northern wing of Panmure House in Edinburgh on 17 July 1790 after a painful illness and was buried in the Canongate Kirkyard.^ Adam Smith died on July 17, 1790.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

[33] On his death bed, Smith expressed disappointment that he had not achieved more.[34]
.Smith's literary executors were two friends from the Scottish academic world: the physicist and chemist Joseph Black, and the pioneering geologist James Hutton.^ The two years after the publication of his greatest work Adam Smith spent in London, in the midst of that literary society which we know so well through the pages of Boswell.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ It is likely that David Hume attended Smith's Edinburgh lectures in 1752, for the two became fast friends shortly thereafter.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[35] .Smith left behind many notes and some unpublished material, but gave instructions to destroy anything that was not fit for publication.^ There are many who challenge its assertions, of course, but it is hard to deny that Smith’s positions in WN are defensible even if, in the end, some may conclude that he is wrong.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ If, for example, as in the case of Smith, the government is supposed to supply public works, how many should it provide and how much should be spent?
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[36] .He mentioned an early unpublished History of Astronomy as probably suitable, and it duly appeared in 1795, along with other material such as Essays on Philosophical Subjects.^ Yet in his Essay on the External Senses , of which the date is uncertain, and in his History of Astronomy, which he certainly wrote before 1768, mention is made by Adam Smith of the association of ideas.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ In an unpublished essay on the history of astronomy, Smith writes that Newton's system, had "gained the general and complete approbation of mankind," and that it ought to be considered "the greatest discovery that ever was made by man."
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ As a young philosopher, Smith experimented with different topics, and there is a collection of writing fragments to compliment his lecture notes and early essays.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

[35]

Personality and beliefs

Character

An enamel paste medallion, depicting a man's head facing the right
.
James Tassie's enamel paste medallion of Smith provided the model for many engravings and portraits which remain today.
^ To investigate Smith's work, therefore, is to ask many of the great questions that we all struggle with today, including those that emphasize the relationship of morality and economics.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ To investigate Smith’s work, therefore, is to ask many of the great questions that we all struggle with today, including those that emphasize the relationship of morality and economics.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Smith provides a sketch of centuries of government stupidity in what today would be called "industrial policy."
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

[37]
.Not much is known about Smith's personal views beyond what can be deduced from his published articles.^ Echoing but tempering Mandeville's claim about private vices becoming public benefits, Smith illustrates that personal needs are complementary and not mutually exclusive.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ (Smith's views about money are scattered widely throughout his book.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

His personal papers were destroyed after his death, at his own request.[36] .He never married[38] and seems to have maintained a close relationship with his mother, with whom he lived after his return from France and who died six years before his own death.^ He survived his mother only six years, his cousin about two; and he had passed sixty when the former died.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Seven years later, 1776, the Wealth of Nations appeared, and Hume, who was then dying, again wrote his friend a congratulatory letter.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Despite his baptism and his mother's pressure, Smith remained an ardent Presbyterian, and returning to Edinburgh in 1746, he remained unemployed for two years.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[39]
.Contemporary accounts describe Smith as an eccentric but benevolent intellectual, comically absent minded, with peculiar habits of speech and gait and a smile of "inexpressible benignity".[40] He was known to talk to himself, and had occasional spells of imaginary illness.^ As Smith himself admitted, in addition to labour time, 'the different degrees of hardship endured or ingenuity exercised must likewise be taken into account'.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Among Smith's contemporaries, Gibbon is well-known for the care with which he provided references and the same is true of the best-known agricultural writer of Smith's day, Arthur Young.'
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Such is Adam Smith's account of the character of the Prudent Man, a character which he himself admits commands rather a cold esteem than any very ardent love or admiration.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[34] Smith is often described as a prototypical absent-minded professor.[41] He is reported to have had books and papers stacked up in his study, with a habit he developed during childhood of speaking to himself and smiling in rapt conversation with invisible companions.[41]
Various anecdotes have discussed his absentminded nature. .In one story, Smith took Charles Townshend on a tour of a tanning factory and while discussing free trade, Smith walked into a huge tanning pit from which he had to be removed.^ Perhaps but it also means that Smith was not content to abide by free market choices between growth on the one hand, and consumption on the other.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Adam Smith's own theory differed from all these, in that it took account of all these three different aspects of virtue together, and gave no exclusive preference to any one of them.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ But for Smith the division of labour took on swollen and gigantic importance, putting into the shade such crucial matters as capital accumulation and the growth of technological knowledge.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[42] Another episode records that he put bread and butter into a teapot, drank the concoction, and declared it to be the worst cup of tea he ever had. .In another example, Smith went out walking and daydreaming in his nightgown and ended up 15 miles (24 km) outside town before nearby church bells brought him back to reality.^ Hence it is that we often feel for another what he cannot feel him- self, that passion arising in our own breast from the mere imagination which even the reality fails to arouse in his.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ When Smith upbraided Ferguson for not acknowledging Smith's precedence in the pin-factory example, Ferguson replied that he had borrowed nothing from Smith, but indeed that both had taken the example from a French source 'where Smith had been before him'.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Another terrible loss inflicted on economic thought by Adam Smith was his dropping out of the concept of the entrepreneur, so important to the contributions of Cantillon and Turgot.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[41][42]
A drawing of a man standing up, with one hand holding a cane and the other pointing at a book
Portrait of Smith by John Kay, 1790
Smith is reported to have been an odd-looking fellow. One author stated that Smith "had a large nose, bulging eyes, a protruding lower lip, a nervous twitch, and a speech impediment".[8] Smith is reported to have acknowledged his looks at one point saying, "I am a beau in nothing but my books."[8] Smith "never" sat for portraits [43], so depictions of him created during his lifetime were drawn from memory, with rare exceptions. .The most famous examples were a profile by James Tassie and two etchings by John Kay.^ And while Smith's most famous follower, David Ricardo, was not a Calvinist, his leading immediate disciple, Dugald Stewart, was a Scottish Presbyterian, and the leading Ricardians John R. McCulloch and James Mill were both Scottish and educated in Dugald Stewart's University of Edinburgh.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ For in the Principles, Ferguson summed up the pin-factory example that constituted the single most famous passage in the Wealth of Nations.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[44] .The line engravings produced for the covers of 19th century reprints of The Wealth of Nations were based largely on Tassie's medallion.^ "Genius versus Capital: Eighteenth Century theories of Genius and Adam Smith's Wealth of Nations ."

[45]

Religious views

.There has been considerable scholarly debate about the nature of Smith's religious views.^ While there is also evidence that Smith allowed students to take notes, the point about his crabbed temper and Columbus complex is well made.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ But as many of them are derived from a partial and imperfect view of nature, there are many of them too in some respects in the wrong."
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The universities of the day were viewed by Smith with considerable disdain He provides an interpretation of the history of education going back to the ancient Greeks.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

.Smith's father had a strong interest in Christianity and belonged to the moderate wing of the Church of Scotland.^ Clark, Ian D. L. "From Protest to Reaction: The Moderate regime in the Church of Scotland, 1752-1805."

[46] .In addition to the fact that he received the Snell Exhibition, Smith may have also moved to England with the intention of pursuing a career in the Church of England.^ Even England, which has so far born vast financial burdens as a result of its many conflicts, may not forever be immune from this fact.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

At Oxford, Smith rejected Christianity and it is generally believed that he returned to Scotland as a deist.[47]
.Economist Ronald Coase has challenged the view that Smith was a deist,[48] stating that while Smith may have referred to the "Great Architect of the Universe", other scholars have "very much exaggerated the extent to which Adam Smith was committed to a belief in a personal God".[49] He based this on analysis of a remark in The Wealth of Nations where Smith writes that the curiosity of mankind about the "great phenomena of nature" such as "the generation, the life, growth and dissolution of plants and animals" has led men to "enquire into their causes". Coase notes Smith's observation that "[s]uperstition first attempted to satisfy this curiosity, by referring all those wonderful appearances to the immediate agency of the gods". Smith's distant friend and colleague David Hume, with whom he agreed on most matters, was described by contemporaries as an atheist, although there is some debate about the exact nature of his views among modern philosophers.^ Adam Smith's remarks on this subject.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Adam Smith into the Twenty-First Century.

^ Adam Smith and the Wealth of Nations : Bicentennial Essays 1776-1976 .

[50]
.In a letter to William Strahan, Smith's account of Hume's courage and tranquility in the face of death aroused violent public controversy,[51] since it contradicted the assumption, widespread among orthodox believers, that an untroubled death was impossible without the consolation of religious belief.^ It is impossible to truly understand why Smith makes the political claims he does without connecting them to his moral claims, and vice versa.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ According to Smith, a theory must first be believable ; it must soothe anxiety by avoiding any gaps in its account.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ A few of his letters are published in Lord Brougham's Account of Adam Smith's Life and Works , i.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[52]

Published works

The Theory of Moral Sentiments

.In 1759, Smith published his first work, The Theory of Moral Sentiments.^ Smith echoes these words throughout A Theory of Moral Sentiments .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ According to Smith, our sentiments give rise to approval or condemnation of a moral act.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ It was to have been an improvement on the work of Grotius on the same subject, and the Theory of Moral Sentiments concludes with a promise which, unfortunately, was never fulfilled.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.He continued to revise the work throughout his life, making extensive revisions to the final (6th) edition shortly before his death in 1790.[N 2] Although The Wealth of Nations is widely regarded as Smith's most influential work, it has been reported that Smith himself "always considered his Theory of Moral Sentiments a much superior work to his Wealth of Nations".[54] P. J. O'Rourke, author of the commentary On The Wealth of Nations (2007), has agreed, calling The Theory of Moral Sentiments "the better book".[55] It was in this work that Smith first referred to the "invisible hand" to describe the apparent benefits to society of people behaving in their own interests.^ On the other hand, The Wealth of Nations , as it is most often called, is not a book on economics.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ The Theory of Moral Sentiments was first published in 1759, when its author was thirty-six; the Wealth of Nations in 1776, when he was fifty-three.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ After his death, The Wealth of Nations continued to grow in stature and The Theory of Moral Sentiments began to fade into the background.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

[56]
.In The Theory of Moral Sentiments, Smith critically examined the moral thinking of the time and suggested that conscience arises from social relationships.^ Smith echoes these words throughout A Theory of Moral Sentiments .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ If movement toward social norms were the only component to sympathy, Smith's theory would be a recipe for homogeneity alone.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ According to Smith, our sentiments give rise to approval or condemnation of a moral act.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

[57] .His aim in the work is to explain the source of mankind's ability to form moral judgements, in spite of man's natural inclinations toward self-interest.^ It is also concerned with the ideal form of government for commercial advancement and the pursuit of self-interest.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ Secondary sources on Smith flooded the marketplace and interest in Smith's work as a whole has reached an entirely new audience.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ The approbation or disapprobation of mankind is the first source of personal self-approbation or the contrary.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.Smith proposes a theory of sympathy in which the act of observing others makes people aware of themselves and the morality of their own behavior.^ If movement toward social norms were the only component to sympathy, Smith's theory would be a recipe for homogeneity alone.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ Smith was so opposed to Hobbes's and Mandeville's positions that the very first sentence of The Theory of Moral Sentiments begins with their rejection: .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ Sympathy is the foundation for moral deliberation, Smith argues, and Hutcheson's system has no room for it.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

Haakonssen writes that in Smith's theory, "Society is ... the mirror in which one catches sight of oneself, morally speaking."[58]
.Because The Theory of Moral Sentiments emphasizes sympathy for others while The Wealth of Nations famously emphasizes the role of self interest, some scholars have perceived a conflict between these works.^ The Wealth of Nations is a work of political economy.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ The first is that scholars are interested in how The Theory of Moral Sentiments and The Wealth of Nations interconnect, not simply in his moral and economic theories as distinct from one another.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ Smith echoes these words throughout A Theory of Moral Sentiments .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

.As one economic historian observed: "Many writers, including the present author at an early stage of his study of Smith, have found these two works in some measure basically inconsistent."^ To investigate Smith's work, therefore, is to ask many of the great questions that we all struggle with today, including those that emphasize the relationship of morality and economics.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ The great transgressions of these companies are set forth by Adam Smith at some length.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ The two years after the publication of his greatest work Adam Smith spent in London, in the midst of that literary society which we know so well through the pages of Boswell.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[59] .In recent years, however, most scholars of Smith's work have argued that no contradiction exists.^ Sympathy is the foundation for moral deliberation, Smith argues, and Hutcheson's system has no room for it.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ The two years after the publication of his greatest work Adam Smith spent in London, in the midst of that literary society which we know so well through the pages of Boswell.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ There is no gainsaying the fact that Smith totally contradicted himself between Book I and Book V of the Wealth of Nations.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.In The Theory of Moral Sentiments, Smith develops a theory of psychology in which individuals seek the approval of the "impartial spectator" as a result of a natural desire to have outside observers sympathize with them.^ The impartial spectator is a theory of conscience.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ This, of course, echoes Smith's moral theory in which the impartial spectator moderates the more extreme sentiments of moral agents.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

^ Smith echoes these words throughout A Theory of Moral Sentiments .
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

.Rather than viewing The Wealth of Nations and The Theory of Moral Sentiments as presenting incompatible views of human nature, most Smith scholars regard the works as emphasizing different aspects of human nature that vary depending on the situation.^ "'Less Abused than I had reason to Expect': The reception of The Wealth of Nations in Britain 1776-90."

^ Das AdamSmithProblem referred to only one of the numerous contradictions and puzzles in the Adam Smith saga: the big gap between the natural rights — laissez-faire views of his Theory of Moral Sentiments , and the much more qualified views of his later and decisively influential Wealth of Nations .
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ The theory of Hutcheson, that there exists in mankind an inward moral sense concerned with the direct perception of moral qualities in actions just as the sense of hearing or seeing is concerned with the direct perception of sounds or objects, or the theory of Shaftesbury that what we call conscience is a primary principle of human nature irresoluble into other facts, is very different from the theory of Adam Smith, who refers our moral perceptivity to the workings of the instinct of sympathy.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.The Wealth of Nations draws on situations where man's morality is likely to play a smaller role—such as the laborer involved in pin-making—whereas The Theory of Moral Sentiments focuses on situations where man's morality is likely to play a dominant role among more personal exchanges.^ The moral sense theory cannot account for this fact; and the only explanation possible is, that, in this instance at least, the coincidence or opposition of sentiments between the person judging and the person judged constitutes moral approbation or the contrary.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ It was to have been an improvement on the work of Grotius on the same subject, and the Theory of Moral Sentiments concludes with a promise which, unfortunately, was never fulfilled.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ This part of the theory may claim, therefore, not only to be as good as any other theory, but to be in strict keeping with the vast amount of variable moral sentiment which actually exists in the world.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

The Wealth of Nations

A brown building
Later building on the site where Smith wrote The Wealth of Nations
.An Inquiry into the Nature and Causes of the Wealth of Nations expounds that the free market, while appearing chaotic and unrestrained, is actually guided to produce the right amount and variety of goods by a so-called "invisible hand".[56] Smith opposed any form of economic concentration because it distorts the market's natural ability to establish a price that provides a fair return on land, labor, and capital.^ In "An Inquiry Into the Nature and Causes of the Wealth of Nations," Smith explains how societies and individuals work through market mechanisms to build, accumulate and maintain capacity to generate their discretionary economic resources - and thus generate economic power.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ It is "net revenues" that are available for discretionary uses - either for investing or consuming - or for taxation that does not reach the level of capital levies - that is the measure of national wealth used by Smith.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ Smith goes on at some length explaining that it is the productivity of the nation and not its wealth in money that is the ultimate source of economic power.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

.He advanced the idea that a market economy would produce a satisfactory outcome for both buyers and sellers, and would optimally allocate society's resources.^ On the contrary, as the Austrians would point out, both are the results of lower rates of time-preference in the society.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[60] .The image of the invisible hand was previously employed by Smith in The Theory of Moral Sentiments, but it has its original use in his essay, "The History of Astronomy". Smith believed that when an individual pursues his self-interest, he indirectly promotes the good of society: "by pursuing his own interest, [the individual] frequently promotes that of the society more effectually than when he intends to promote it."^ By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ "[In choosing between domestic and foreign sources], 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 no part of his intention."
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ He rarely frequents, and more rarely figures in, those convivial societies which are distinguished for the jollity and gaiety of their conversation.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[61] .Self-interested competition in the free market, he argued, would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services.^ In short, Smith knew full well that a low interest ceiling would not benefit marginal borrowers by providing them with cheap credit.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ But although this disposition to sympathize with the rich is conducive to the good order of society, Adam Smith admits that it to a certain extent tends to corrupt moral sentiments.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Neither would it save the theory to say that since A, for example, makes five times as much money as B, that A therefore benefits five times as much from 'society' and therefore should pay five times the taxes.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

Nevertheless, he was wary of businessmen and argued against the formation of monopolies.
The first page of a book
The first page of The Wealth of Nations, 1776 London edition
.An often-quoted passage from The Wealth of Nations is: "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 self-interest.^ 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 Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ "'Less Abused than I had reason to Expect': The reception of The Wealth of Nations in Britain 1776-90."

^ Governments grant these monopolies against the interests of their own nation - and the interests of its people whose costs are thereby increased.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

.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."^ 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.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ To the change produced upon them we join our own consciousness of that change, our own sense of the loss of the sunlight of human affections, and human memory, and then sympathize with their situation by so vividly imagining it our own.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ We imagine ourselves the impartial spectator of our own conduct, and according as we, from that situation, enter or not into the motives which influenced us, do we approve or condemn ourselves.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[62] Value theory was important in classical theory. Smith wrote that the "real price of every thing ... is the toil and trouble of acquiring it" as influenced by its scarcity. .Smith maintained that, with rent and profit, other costs besides wages also enter the price of a commodity.^ However, all taxes ultimately are paid from rent, profit or wages.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ He had earlier concluded that English labor had moved significantly above subsistence levels by maintaining its wage levels during the preceding century while overall costs - including that of corn - declined.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ After covering maintenance expenses, rent is the profits of land - wages the profits of labor - profits the profit of ownership capital - and interest the profits of debt capital.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

[63] .Other classical economists presented variations on Smith, termed the "labour theory of value". Classical economics focused on the tendency of markets to move to long-run equilibrium.^ The equilibrium price is the long-run tendency of the market price.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ For in this case, not only was Smith's theory of value a degeneration from his teacher Hutcheson and indeed from centuries of developed economic thought, but it was also a similar degeneration from Smith's own previous unpublished lectures.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ This is a labour theory of the proper origin of private property rather than a labour theory of value.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.Smith's advocacy of self-interest based economic exchange did not, however, preclude for him issues of fairness and justice.^ For, if it did so, a man could have no motive from self-interest for avoiding accidents which cannot but diminish his utility both to himself and society.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ However, payroll taxes on the emoluments of offices - the officials not being involved in competitive commerce - seem quite proper and economically inoffensive to Smith.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

In Asia, Europeans "by different arts of oppression..have reduced the population of several of the Moluccas,"[64] he wrote, while "the savage injustice of the Europeans" arriving in America, "rendered an event, which ought to have been beneficial to all, ruinous and destructive to several of those unfortunate countries."[65] The Native Americans, "far from having ever injured the people of Europe, had received the first adventurers with every mark of kindness and hospitality." .However, "superiority of force" was "so great on the side of the Europeans, that they were enabled to commit with impunity every sort of injustice in those remote countries."^ "The resentment of mankind, however, runs so high against this crime, their terror for the man who shows himself capable of committing it is so great, that the mere attempt to commit it ought in all countries to be capital.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The palaces, gardens, or equipage of the great are objects of which the conveniency strikes every one; their utility is obvious; and we readily enjoy by sympathy the satisfaction they are fitted to afford.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ It is for this reason that some sort of esteem is attached to characters, however worthless, who have conducted with success a great warlike exploit, though under- taken contrary to every principle of justice, and.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[66]
.Smith also believed that a division of labour would effect a great increase in production.^ Driven by Calvinist hostility to luxurious consumption, Smith tried to skew the economy in favour of more 'productive labour' in capital investment and less in consumption.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Side by side and unintegrated with Smith's cost-of-production theory of the natural price lay his new quantity-of-labour-pain theory.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Smith, heavily influenced by the physiocrats, retained the unfortunate concept of 'productive' labour, but expanded it from agriculture to material goods in general.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

One example he used was the making of pins. .One worker could probably make only twenty pins per day.^ Smith had pointed to a small pin-factory where ten workers, each specializing in a different aspect of the work, could produce over 48,000 pins a day, whereas if each of these ten had made the entire pin on his own, they might not have made even one pin a day, and certainly not more than 20.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ "The government of the English colonies is perhaps the only one which, since the world began, could give perfect security to the inhabitants of so very distant a province."
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

.However, if ten people divided up the eighteen steps required to make a pin, they could make a combined amount of 48,000 pins in one day.^ Smith had pointed to a small pin-factory where ten workers, each specializing in a different aspect of the work, could produce over 48,000 pins a day, whereas if each of these ten had made the entire pin on his own, they might not have made even one pin a day, and certainly not more than 20.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.However, Smith's views on division of labour are not unambiguously positive, and are typically mis-characterized.^ Adam Smith also gave hostage to the later emergence of socialism by his repeatedly stated view that rent and profit are deductions from the produce of labour.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Smith instead took the egalitarian — environmentalist position, still dominant today in neoclassical economics, that all labourers are equal, and therefore that differences between them can only be the result rather than a cause of the system of the division of labour.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ It is appropriate to begin a discussion of Smith's Wealth of Nations with the division of labour, since Smith himself begins there and since for Smith this division had crucial and decisive importance.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[67] .On labor relations, Smith noted "severity" of laws against worker actions, and contrasted the masters' "clamour" against workers associations, with associations and collusions of the masters which "are never heard by the people" though such actions are "always" and "everywhere" taking place.^ "Though for want of such regulation the society should never acquire the proposed manufacture, it would not, upon that account, necessarily be the poorer in any one period of its duration."
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ In the first place, Smith retreated from the absolutist, natural law position that he had set forth in his ethical work, The Theory of Moral Sentiments (1757).
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Adam Smith offers several maxims to prevent taxation from becoming "much more burdensome to the people than they are beneficial to the sovereign."
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

[68]

Other works

A burial
Smith's burial place in Canongate Kirkyard
.Shortly before his death, Smith had nearly all his manuscripts destroyed.^ But as, of all Adam Smith's critics, Jouffroy has been the one who has urged this argument with the greatest force, it will be best to follow his reasoning, before considering the force of the objection.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The destroyed manuscripts are supposed to have comprised the lectures on Rhetoric, read at Edinburgh forty-two years before, and the lectures on Natural Theology and on Jurisprudence, which formed part of his lectures at Glasgow.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ A few days before his death he ordered all his manuscripts to be burnt, with the exception of a few essays, which may still be read.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.In his last years, he seemed to have been planning two major treatises, one on the theory and history of law and one on the sciences and arts.^ Individuals may prefer, say, one unit of a consumption good now to two or even five units of the good next year.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ This letter seems to have led to a meeting between the two friends, the last before the sad final separation.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ What might be called this 'Whig theory of the history of science' has now been largely discarded for the far more realistic Kuhnian theory of paradigms.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.The posthumously published Essays on Philosophical Subjects, a history of astronomy down to Smith's own era, plus some thoughts on ancient physics and metaphysics, probably contain parts of what would have been the latter treatise.^ The difficulties that Great Britain was having in finding an effective way to get the colonies to pay for some of the expenses of their own defense is set forth at some length by Smith.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ By reference to his own experience, every reader may easily test for himself the truth or falsity of Adam Smith's argument upon this subject.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The longest and perhaps the most interesting division of Adam Smith's treatise is that in which he reviews the relation of his own theory to that of other systems of moral philosophy.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.Lectures on Jurisprudence were notes taken from Smith's early lectures, plus an early draft of The Wealth of Nations, published as part of the 1976 Glasgow Edition of the works and correspondence of Smith.^ Adam Smith and the Wealth of Nations : Bicentennial Essays 1776-1976 .

^ Indeed, we have noted a similar fatal deterioration in his value theory from the time of the Lectures to the Wealth of Nations.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ It is "net revenues" that are available for discretionary uses - either for investing or consuming - or for taxation that does not reach the level of capital levies - that is the measure of national wealth used by Smith.
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

.Other works, including some published posthumously, include Lectures on Justice, Police, Revenue, and Arms (1763) (first published in 1896); A Treatise on Public Opulence (1764) (first published in 1937); and Essays on Philosophical Subjects (1795).^ It would, in all cases, be for the interest of the society to replace this revenue to the crown by some other equal revenue, and to divide the lands among the people, which could not well be done better, perhaps, than by exposing them to public sale."
  • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

^ Public works — including highways, bridges and harbours, on the rationale that private enterprise would not 'have the incentive' to maintain them properly(!?
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ This concept, similar to Cantillon's 'intrinsic value' or Hutcheson's 'fundamental value', had appeared in the lectures, but occupied a minor role as it did in the work of these other economists.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

Legacy

A statue of a man standing up
A statue of Smith on Edinburgh's Royal Mile built through private donations and organised by the Adam Smith Institute
.The Wealth of Nations, one of the earliest attempts to study the rise of industry and commercial development in Europe, was a precursor to the modern academic discipline of economics.^ In the Wealth of Nations the theory of money resides at a relative nadir in the swings of its long historical development.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Indeed, 'scarcity' — that concept so fundamental and crucial to economic theory plays virtually no role in the Wealth of Nations.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Yet, as Jacob Viner put it, 'One of the mysteries of the history of economic thought' is that Adam Smith, though a close friend of Hume for many years, included none of the Humean analysis in his Wealth of Nations .
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.In this and other works, Smith expounded how rational self-interest and competition can lead to economic prosperity and well-being.^ The two years after the publication of his greatest work Adam Smith spent in London, in the midst of that literary society which we know so well through the pages of Boswell.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The longest and perhaps the most interesting division of Adam Smith's treatise is that in which he reviews the relation of his own theory to that of other systems of moral philosophy.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Similar pursuits in government by no means lead to the same harmonious and happy result, Smith being alive to the pernicious consequences of government's creation of monopolies and its conferring privileges on special interest groups.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.It also provided one of the best-known intellectual rationales for free trade and capitalism, greatly influencing the writings of later economists.^ The French economist Charles Rist is justly highly critical of the dead stock approach and its influence on later generations: .
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ In addition, Smith failed to apply his analysis of the division of labour to international trade, where it would have provided powerful ammunition for his own free trade policies.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Among Smith's contemporaries, Gibbon is well-known for the care with which he provided references and the same is true of the best-known agricultural writer of Smith's day, Arthur Young.'
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.Smith is often cited as the father of modern economics.^ As we have already seen, Smith was scarcely the founder of economic science, a science which existed since the medieval scholastics and, in its modern form, since Richard Cantillon.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Bloomfield's apologia for Smith follows Eagly, adding encomiums to Smith's alleged modernity in anticipating Mundellian, neo-monetarist equilibrium economics.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Adam Smith and Modern Economics: From market Behavior to Public Choice.

[69][70][71] .Smith was controversial in his own day and his general approach and writing style was often satirized by Tory writers in the moralizing tradition of Hogarth and Swift, as a discussion at the University of Winchester suggests.^ The various objections raised by these writers, all of whom have approached it with that impartial acuteness so characteristic of philosophers in regard to theories not their own, will best serve to illustrate what have been considered the weak points in the general theory proposed by Adam Smith.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The longest and perhaps the most interesting division of Adam Smith's treatise is that in which he reviews the relation of his own theory to that of other systems of moral philosophy.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Among Smith's contemporaries, Gibbon is well-known for the care with which he provided references and the same is true of the best-known agricultural writer of Smith's day, Arthur Young.'
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

[72]
.George Stigler attributes to Smith the central proposition of mainstream economic theory, namely that an individual will invest a resource, for example, land or labour, so as to earn the highest possible return on it.^ Smith indicates that the capitalist (the 'undertaker') reaps profits in return for the risk, and for interest on the investment for maintaining the workers until the product is sold — so that the capitalist earns profit for important functions.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Labour receives wages, land earns rent, and capital earns 'profits' — actually long-run rather than short-run rates of return, or what might be called the 'natural' rate of interest.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Furthermore, as we have indicated, he attributes rent to the 'powers of nature', which supposedly earns an extra return in agriculture as compared to other occupations.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.Consequently, all uses of the resource should yield a risk-adjusted equal rate of return; otherwise resource reallocation would result.^ The implication of that point would be that both persons, and therefore all persons, should pay an equal tax, that is, a tax equal in absolute numbers.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ The eye, having been used to associate a certain ornamentation with a certain order, would be offended at missing their conjunction; but it is inconceivable that, prior to established custom, five hundred other forms should not have suited those proportions equally well.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ In either case her feeling would be a result of all the complex surroundings of her life, which is meant by education in its broadest sense.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.On the other hand, Joseph Schumpeter dismissed Smith's contributions as unoriginal, saying "His very limitation made for success.^ Adam Smith says expressly indeed, that there is no other measure of moral conduct than the sympathetic approbation of each individual.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The success or failure of our undertakings must very much depend on the good or bad opinion entertained of us, and on the general disposition of others to assist or oppose us.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

Had he been more brilliant, he would not have been taken so seriously. Had he dug more deeply, had he unearthed more recondite truth, had he used more difficult and ingenious methods, he would not have been understood. .But he had no such ambitions; in fact he disliked whatever went beyond plain common sense.^ To call the fact of moral approbation by such terms was simply to give it other names; and to say that our conscience or moral sense admitted of no analysis was equivalent to saying that our moral sentiments admitted of no explanation.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ There must be the same sympathy in the case of the humblest action we denominate right as in that of the most glorious action; yet such actions often excite no sympathy whatever.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

He never moved above the heads of even the dullest readers. .He led them on gently, encouraging them by trivialities and homely observations, making them feel comfortable all along.” (Schumpeter History of Economic Analysis.^ It is the opposite consciousness which makes all the misery of poverty; the feeling of being placed away from the sight or notice of mankind, the feeling that a man's misery is also disagreeable to others.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ A History of Economic Analysis .

New York: Oxford University Press, p 185)
.Classical economists presented variations on Smith, termed the "labour theory of value", later Marxian economics descends from classical economics also using Smith's labour theories in part.^ This part of the theory may claim, therefore, not only to be as good as any other theory, but to be in strict keeping with the vast amount of variable moral sentiment which actually exists in the world.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Part VII., or Systems of Moral Philosophy, helps in the thirteenth chapter to throw into clear light the relation of Adam Smith's theory to other theories of moral philosophy.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Perhaps the part of Adam Smith's theory which has given least satisfaction is his account of the ethical standard, or measure of moral actions.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.The first volume of Karl Marx's major work, Capital, was published in German in 1867. In it, Marx focused on the labour theory of value and what he considered to be the exploitation of labour by capital.^ Rosenbluth, G. "A Note on Labour, Wages, and Rent in Smith's Theory of Value."

[73][74] The labour theory of value held that the value of a thing was determined by the labor that went into its production. This contrasts with the modern understanding of mainstream economics, that the value of a thing is determined by what one is willing to give up to obtain the thing. .Smith is often cited not only as the conceptual builder of free markets in capitalism but also as a main contributor to communist theory, via his influence on Marx.^ It appears then in Adam Smith's theory, that the element of morality in actions only really arises from reference to their tendency.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The first three Parts exhaust the main theory, or that doctrine of Sympathy, which is Adam Smith's own special creation, and on which his rank as a moral philosopher depends; the other four Parts having only to do with it incidentally or by accident.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ This became therefore, one of the favourite topics of speculation; but it is only necessary to notice Hume's treatment of it, inasmuch as it supplies the first principle of Adam Smith's theory.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

A brown building
The Adam Smith Theatre in Kirkcaldy
.A body of theory later termed "neoclassical economics" or "marginalism" formed from about 1870 to 1910. The term "economics" was popularized by such neoclassical economists as Alfred Marshall as a concise synonym for "economic science" and a substitute for the earlier, broader term "political economy" used by Smith.^ Studies in the History of Economic theory Before 1870.

^ The word "association" is never once used by Adam Smith, but it is implied at every step of his theory, and forms really as fundamental a feature in his reasoning as it does in that of the philosopher who was the first to investigate its laws in their application to the facts of morality.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The result of this Epicurean theory of life on Adam Smith was, fortunately for the world, a strong preference for the life of learning and literature over the professional or political life.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[75][76] This corresponded to the influence on the subject of mathematical methods used in the natural sciences.[77] Neoclassical economics systematized supply and demand as joint determinants of price and quantity in market equilibrium, affecting both the allocation of output and the distribution of income. .It dispensed with the labour theory of value of which Smith was most famously identified with in classical economics, in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side.^ Yet there is nothing Adam Smith resented more strongly than any identification of his theory with the selfish system of morality.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The feeling of moral approbation is therefore much more complex than it is in Adam Smith's theory.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Closely connected in Adam Smith's theory with his account of the growth of conscience is his account of the growth of those general moral principles we find current in the World.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

[78]
.The bicentennial anniversary of the publication of The Wealth of Nations was celebrated in 1976, resulting in increased interest for The Theory of Moral Sentiments and his other works throughout academia.^ Adam Smith and the Wealth of Nations : Bicentennial Essays 1776-1976 .

^ It was to have been an improvement on the work of Grotius on the same subject, and the Theory of Moral Sentiments concludes with a promise which, unfortunately, was never fulfilled.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ This part of the theory may claim, therefore, not only to be as good as any other theory, but to be in strict keeping with the vast amount of variable moral sentiment which actually exists in the world.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.After 1976, Smith was more likely to be represented as the author of both The Wealth of Nations and The Theory of Moral Sentiments, and thereby as the founder of a moral philosophy and the science of economics.^ Adam Smith and the Wealth of Nations : Bicentennial Essays 1776-1976 .

^ Yet there is nothing Adam Smith resented more strongly than any identification of his theory with the selfish system of morality.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ This idea of a Moral Sense as the source and standard of our moral sentiments was so far developed by Hutcheson, that time Moral Sense theory of ethics had been more generally connected with his name than with that of its real originator.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

His homo economicus or "economic man" was also more often represented as a moral person. Additionally, his opposition to slavery, colonialism, and empire was emphasized, as were his statements about high wages for the poor, and his views that a common street porter was not intellectually inferior to a philosopher.[79]
A bank note depicting a man's head facing to the right
This £20 note was issued by the Bank of England and features Smith.

Portraits, monuments, and banknotes

.Smith has been commemorated in the UK on banknotes printed by two different banks; his portrait has appeared since 1981 on the £50 notes issued by the Clydesdale Bank in Scotland,[80][81] and in March 2007 Smith's image also appeared on the new series of £20 notes issued by the Bank of England, making him the first Scotsman to feature on an English banknote.^ Fortune seems to have favoured him in making such a course possible, for after leaving Oxford he spent two years at home with his mother at Kirkaldy.
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[82]
A large-scale memorial of Smith was unveiled on 4 July 2008 in Edinburgh. It is a 10 feet (3.0 m)-tall bronze sculpture and it stands above the Royal Mile outside St Giles' Cathedral in Parliament Square, near the Mercat cross.[83] .20th century sculptor Jim Sanborn (best known for creating the Kryptos sculpture at the United States Central Intelligence Agency) has created multiple pieces which feature Smith's work.^ In The University in Society: Europe, Scotland and the United States from the 16th to the 20th Century .

At Central Connecticut State University is Circulating Capital, a tall cylinder which features an extract from The Wealth of Nations on the lower half, and on the upper half, some of the same text but represented in binary code.[84] At the University of North Carolina at Charlotte, outside the Belk College of Business Administration, is Adam Smith's Spinning Top.[85][86] .Another Smith sculpture is at Cleveland State University.^ Adam Smith and the Role of the State Glascow: University of Glascow Press, 1974.

[87]

As a symbol of free market economics

A sculpture of an upside down cone
Adam Smith's Spinning Top, sculpture by American artist Jim Sanborn at Cleveland State University
.Smith has been celebrated by advocates of free market policies as the founder of free market economics, a view reflected in the naming of bodies such as the Adam Smith Institute, Adam Smith Society[88] and the Australian Adam Smith Club,[89] and in terms such as the Adam Smith necktie.^ But although this disposition to sympathize with the rich is conducive to the good order of society, Adam Smith admits that it to a certain extent tends to corrupt moral sentiments.
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^ Habit and experience, says Adam Smith, teach us so easily and so readily to view our own interests and those of others from the standpoint of a third person, that "we are scarce sensible" of such a process at all.
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^ The two years after the publication of his greatest work Adam Smith spent in London, in the midst of that literary society which we know so well through the pages of Boswell.
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[90]
Alan Greenspan argues that, while Smith did not coin the term laissez-faire, "it was left to Adam Smith to identify the more-general set of principles that brought conceptual clarity to the seeming chaos of market transactions". Greenspan continues that The Wealth of Nations was "one of the great achievements in human intellectual history".[91] P. J. O'Rourke describes Smith as the "founder of free market economics".[92]
However, other writers have argued that Smith's support for laissez-faire (which in French means leave alone) has been overstated. .Herbert Stein wrote that the people who "wear an Adam Smith necktie" do it to "make a statement of their devotion to the idea of free markets and limited government", and that this misrepresents Smith's ideas.^ To this extent, therefore, Adam Smith seems to agree with the utilitarianism of Paley in making the happiness of another world the ultimate motive for virtuous action in this.
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^ But as, of all Adam Smith's critics, Jouffroy has been the one who has urged this argument with the greatest force, it will be best to follow his reasoning, before considering the force of the objection.
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^ Such are the physical and instinctive facts of sympathy upon which Adam Smith founds his theory of the origin of moral approbation and our moral ideas.
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Stein writes that Smith "was not pure or doctrinaire about this idea. He viewed government intervention in the market with great skepticism ... yet he was prepared to accept or propose qualifications to that policy in the specific cases where he judged that their net effect would be beneficial and would not undermine the basically free character of the system. .He did not wear the Adam Smith necktie."^ Her death, which did not long precede his own, closed a life of unremitted affection on both sides, and was the first and greatest bereavement that Adam Smith ever had to mourn.
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In Stein's reading, The Wealth of Nations could justify the Food and Drug Administration, the Consumer Product Safety Commission, mandatory employer health benefits, environmentalism, and "discriminatory taxation to deter improper or luxurious behavior".[93]
Similarly, Vivienne Brown stated in The Economic Journal that in the 20th century United States, Reaganomics supporters, The Wall Street Journal, and other similar sources have spread among the general public a partial and misleading vision of Smith, portraying him as an "extreme dogmatic defender of laissez-faire capitalism and supply-side economics".[94] In fact, The Wealth of Nations includes the following statement on the payment of taxes: "The subjects of every state ought to contribute towards 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."[95]
Smith even specifically named taxes that he thought should be required by the state among them luxury goods taxes and tax on rent. He believed that tax laws should be as transparent as possible and that each individual should pay a "certain amount, and not arbitrary," in addition to paying this tax at the time "most likely to be convenient for the contributor to pay it".[96]
Additionally, Smith outlined the proper expenses of the government in The Wealth of Nations, Book V, Ch. I. .Included in his requirements of a government is to enforce contracts and provide justice system, grant patents and copy writes, provide public goods such as infrastructure, provide national defense and regulate banking.^ On the subject of Justice, it was his intention to write a system of natural jurisprudence, "or a theory of the general principles which ought to run through and be the foundation of the laws of all nations."
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^ Wedderburne and I made presents of our copies to such of our acquaintances as we thought good judges, and proper to spread the reputation of the book.
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.It was the role of the government to provide goods "of such a nature that the profit could never repay the expense to any individual" such as roads, bridges, canals, and harbours.^ The principle of self-love could never be virtuous in any degree, and it was merely innocent, not good, when it led a man to act from a reasonable regard to his own happiness.
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He also encouraged invention and new ideas through his patent enforcement and support of infant industry monopolies. he supported public education and religious institutions as providing general benefit to the society. Finally he outlined how the government should support the dignity of the monarch or chief magistrate, such that they are equal or above the public in fashion. .He even states that monarchs should be provided for in a greater fashion than magistrates of a republic because "we naturally expect more splendor in the court of a king than in the mansion-house of a doge."^ It is only because of the greater permanence of their fashion, which prevents our having much experience of any change in them, that makes it less easy for us to recognize that the rules we think ought to be observed in each of the fine arts are no more founded on reason and the nature of things than they are in the matter of our furniture and dress.
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^ The tendency to reverence them is so natural, that even when a people are brought to desire the punishment of their kings, the sorrow felt for the mortification of a monarch is ever ready to revive former sentiments, of loyalty.
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^ We are, Adam Smith thinks, naturally disposed to sympathize more with our neighbours' small joys than with their great ones, and more with their great sorrows than with their small ones.
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[97] In addition, he was in favor of retaliatory tariffs and believed that they would eventually bring down the price of goods. .He even stated in Wealth of Nations, "The recovery of a great foreign market will generally more than compensate the transitory inconvenience of paying dearer during a short time for some sorts of goods."^ "'Less Abused than I had reason to Expect': The reception of The Wealth of Nations in Britain 1776-90."

^ In such times, the leaders of the discontented party often propose "to new-model the constitution, and to alter, in some of its most essential parts, that system of government under which the subjects of a great empire have enjoyed perhaps peace, security, and even glory, during the course of several centuries together."
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^ Note the market comp for managers or executives might be more than you want to pay if you're a first time entrepreneur.

[98]
Noam Chomsky has argued[N 3] that several aspects of Smith's thought have been misrepresented and falsified by contemporary ideology, including Smith’s reasons for supporting markets and Smith’s views on corporations. .Chomsky argues that Smith supported markets in the belief that they would lead to equality, and that Smith opposed wage labor and corporations.^ Lewis, Thomas J. "Adam Smith: The Labor Market as the Basis of Natural Right."

^ Miller, William L. "Adam Smith on Wage Differentials Against Agricultural Laborers."

[99] .Economic historians such as Jacob Viner regard Smith as a strong advocate of free markets and limited government (what Smith called "natural liberty") but not as a dogmatic supporter of laissez-faire.^ "Adam Smith and Laissez-Faire."

^ Freeman, R.D. "Adam Smith, Education and Laissez-Faire."

^ "Free Trade and the Economic Limits to National Politics: Neo-Machiavellian Political Economy Reconsidered."

[100]
.Economist Daniel Klein believes using the term "free market economics" or "free market economist" to identify the ideas of Smith is too general and slightly misleading.^ It is also necessary to remember that Adam Smith carefully restricted the feeling of obligation to the one single virtue of justice, and throughout his treatise avoided generally the use of words which, like "right" and "wrong," seem to suggest the idea of obligation.
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^ Adam Smith and Modern Economics: From market Behavior to Public Choice.

^ Willis, K. "The Role of Parliament of the Economic Ideas of Adam Smith, 1776-1800."

.Klein offers six characteristics central to the identity of Smith's economic thought and argues that a new name is needed to give a more accurate depiction of the "Smithian" identity.^ As the following bibliography indicates, the literature on Smith's moral, economic, and political thought is massive.

^ Smith, Marx, After: Ten Essays in the Development of Economic Thought .

^ Teichgraeber, Richard F., III. Review of Maurice Brown's Adam Smith's Economics: Its Place in the Development of Economic Thought .

[101][102] Economist David Ricardo set straight some of the misunderstandings about Smith’s thoughts on free market. Most people still fall victim to the thinking that Smith was a free market economist without exception, though he was not. Ricardo pointed out that Smith was in support of helping infant industries. Smith believed that the government should subsidise newly formed industry, but he did fear that when the infant industry grew into adulthood it would be unwilling to surrender the government help.[103] Smith also supported tariffs on imported goods to counteract an internal tax on the same good. .Smith also fell to pressure in supporting some tariffs in support for national defense.^ According to Adam Smith, there was again some truth in each of these theories, but they each fell short of that completeness of explanation which was the merit of his own peculiar system.
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^ B. Adam Ferguson, Adam Smith,and the Problem of the National Defense."

[103]

Footnotes

  1. ^ In Life of Adam Smith, Rae writes, "In his fourth year, while on a visit to his grandfather's house at Strathendry on the banks of the Leven, [Smith] was stolen by a passing band of gypsies, and for a time could not be found. But presently a gentleman arrived who had met a gypsy woman a few miles down the road carrying a child that was crying piteously. Scouts were immediately dispatched in the direction indicated, and they came upon the woman in Leslie wood. As soon as she saw them she threw her burden down and escaped, and the child was brought back to his mother. [Smith] would have made, I fear, a poor gypsy."[3]
  2. ^ The 6 editions of The Theory of Moral Sentiments were published in 1759, 1761, 1767, 1774, 1781, and 1790 respectively.[53]
  3. ^ See chapters 2, 5, 6, and 10 of his Understanding Power, New Press (February 2002), along with his Year 501: The Conquest Continues, primarily chapter 1, South End Press, 1993.

Notes

  1. ^ Bussing-Burks 2003, pp. 38–39
  2. ^ Buchan 2006, p. 12
  3. ^ a b c Rae 1895, p. 5
  4. ^ a b c Bussing-Burks 2003, p. 39
  5. ^ Buchan 2006, p. 22
  6. ^ Bussing-Burks 2003, p. 41
  7. ^ Rae 1895, p. 24
  8. ^ a b c d Buchholz 1999, p. 12
  9. ^ Introductory Economics. New Age Publishers. p. 4. ISBN 8122418309. 
  10. ^ Rae 1895, p. 22
  11. ^ Rae 1895, pp. 24–25
  12. ^ a b Bussing-Burks 2003, p. 42
  13. ^ Buchan 2006, p. 29
  14. ^ Rae 1895, p. 30
  15. ^ a b Bussing-Burks 2003, p. 43
  16. ^ Winch, Donald (September 2004). "Smith, Adam (bap. 1723, d. 1790)". Dictionary of National Biography. Oxford University Press. 
  17. ^ Rae 1895, p. 42
  18. ^ a b Buchholz 1999, p. 15
  19. ^ Buchan 2006, p. 67
  20. ^ a b c d e Buchholz 1999, p. 16
  21. ^ Buchholz 1999, pp. 16–17
  22. ^ a b Buchholz 1999, p. 17
  23. ^ Buchan 2006, p. 80
  24. ^ a b Buchholz 1999, p. 18
  25. ^ Buchan 2006, p. 90
  26. ^ Dr James Currie to Thomas Creevey, 24 February 1793, Lpool RO, Currie MS 920 CUR
  27. ^ Buchan 2006, p. 89
  28. ^ "First Visit to London". Library of Economics and Liberty. http://econlib.org/library/YPDBooks/Rae/raeLS10.html. Retrieved 2008-05-22. 
  29. ^ Buchholz 1999, p. 19
  30. ^ Buchan 2006, p. 128
  31. ^ Buchan 2006, p. 133
  32. ^ Buchan 2006, p. 137
  33. ^ Buchan 2006, p. 145
  34. ^ a b Bussing-Burks 2003, p. 53
  35. ^ a b Buchan 2006, p. 25
  36. ^ a b Buchan 2006, p. 88
  37. ^ Bonar 1895, pp. xx–xxiv
  38. ^ Buchan 2006, p. 11
  39. ^ Buchan 2006, p. 134
  40. ^ Rae 1895, p. 262
  41. ^ a b c Skousen 2001, p. 32
  42. ^ a b Buchholz 1999, p. 14
  43. ^ Stewart, Dugald (1853). The Works of Adam Smith: With An Account of His Life and Writings. London: Henry G. Bohn. lxix. OCLC 3226570. http://books.google.com/books?id=FbYCAAAAYAAJ. 
  44. ^ Rae 1895, pp. 376–377
  45. ^ Bonar 1895, p. xxi
  46. ^ Ross 1995, p. 15
  47. ^ "Times obituary of Adam Smith". The Times. 1790-07-24. 
  48. ^ Coase 1976, pp. 529–546
  49. ^ Coase 1976, p. 538
  50. ^ "Hume on Religion". Stanford Encyclopedia of Philosophy. http://plato.stanford.edu/entries/hume-religion/. Retrieved 2008-05-26. 
  51. ^ "Letter From Adam Smith, LL.D. TO William Strahan, Esq. - Essays Moral, Political, Literary (LF ed.)". Online Library of Liberty. http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=704&chapter=137475&layout=html&Itemid=27. Retrieved 2008-05-26. 
  52. ^ Rae 1895, p. 311
  53. ^ "Adam Smith, Glasgow Edition of the Works and Correspondence Vol. 1 The Theory of Moral Sentiments [1759"]. The Online Library of Liberty. http://oll.libertyfund.org/index.php?option=com_staticxt&staticfile=show.php%3Ftitle=192&Itemid=27. Retrieved 2010-01-31. 
  54. ^ Rae 1895
  55. ^ O'Rourke, P. J. (2007-01-08). "P.J. O'Rourke Takes On 'The Wealth of Nations'". NPR. http://www.npr.org/templates/story/story.php?storyId=6743689. Retrieved 2008-06-10. 
  56. ^ a b Minowitz, Peter (December 2004). "Adam Smith's Invisible Hands". Econ Journal Watch 1 (3): 381–412. http://econjwatch.org/articles/adam-smith-s-invisible-hands. 
  57. ^ Falkner, Robert (1997). "Biography of Smith". Liberal Democrat History Group. http://www.liberalhistory.org.uk/item_single.php?item_id=37&item=biography. Retrieved 2008-05-14. 
  58. ^ Smith 2002, p. xv
  59. ^ Viner 1991, p. 250
  60. ^ "The Betrayal of Adam Smith". The People-Centered Development Forum. http://www.pcdf.org/corprule/betrayal.htm. Retrieved 2010-01-31. 
  61. ^ Smith 1977, bk. IV, ch. 2
  62. ^ Smith 1977, p. 18
  63. ^ Smith 1977, bk. 1, ch. 5–6
  64. ^ Smith 1977, bk. IV, ch. 7
  65. ^ Smith 1977, bk. IV, ch. 1
  66. ^ Smith 1977, bk. IV, ch. 7
  67. ^ Smith 1977, bk. V, ch. 1
  68. ^ Smith 1977, bk. I, ch. 8
  69. ^ Pressman, Steven (1999). Fifty Major Economists. Routledge. p. 20. ISBN 0415134811. 
  70. ^ Hoaas, David J.; Madigan, Lauren J. (1999). "A citation analysis of economists in principles of economics textbooks". The Social Science Journal 36 (3): 525–532. doi:10.1016/S0362-3319(99)00022-1. 
  71. ^ Rae 1895, p. 292
  72. ^ "Adam Smith - Jonathan Swift". University of Winchester. http://journalism.winchester.ac.uk/?page=343. Retrieved 2010-02-11. 
  73. ^ Roemer, J.E. (1987). "Marxian Value Analysis". The New Palgrave: A Dictionary of Economics, v. 3, 383.
  74. ^ Mandel, Ernest (1987). "Marx, Karl Heinrich", The New Palgrave: A Dictionary of Economicsv. 3, pp. 372, 376.
  75. ^ Marshall, Alfred; Marshall, Mary Paley (1879). The Economics of Industry. p. 2. http://books.google.com/books?hl=en&lr=&id=NLcJAAAAIAAJ&pg=PA1#PPA2,M1. 
  76. ^ Jevons, W. Stanley (1879). The Theory of Political Economy (2nd ed.). p. xiv. http://books.google.com/books?id=aYcBAAAAQAAJ&pg=PR3#PPR3,M1. 
  77. ^ Clark, B. (1998). Political-economy: A comparative approach, 2nd ed., Westport, CT: Preagerp. p. 32..
  78. ^ Campos, Antonietta (1987). "Marginalist Economics", The New Palgrave: A Dictionary of Economics, v. 3, p. 320
  79. ^ Smith 1977, §Book I, Chapter 2
  80. ^ "Clydesdale 50 Pounds, 1981". Ron Wise's Banknoteworld. http://aes.iupui.edu/rwise/banknotes/scotland/ScotlandP209-50Pounds-1981-donatedowl_f.jpg. Retrieved 2008-10-15. 
  81. ^ "Current Banknotes : Clydesdale Bank". The Committee of Scottish Clearing Bankers. http://www.scotbanks.org.uk/banknotes_current_clydesdale_bank.php. Retrieved 2008-10-15. 
  82. ^ "Smith replaces Elgar on £20 note". BBC. 2006-10-29. http://news.bbc.co.uk/1/hi/business/6096938.stm. Retrieved 2008-05-14. 
  83. ^ Blackley, Michael (2007-09-26). "Adam Smith sculpture to tower over Royal Mile". Edinburgh Evening News. 
  84. ^ Fillo, Maryellen (2001-03-13). "CCSU welcomes a new kid on the block". The Hartford Courant. 
  85. ^ Kelley, Pam (1997-05-20). "Piece at UNCC is a puzzle for Charlotte, artist says". Charlotte Observer. 
  86. ^ Shaw-Eagle, Joanna (1997-06-01). "Artist sheds new light on sculpture". The Washington Times. 
  87. ^ "Adam Smith's Spinning Top". Ohio Outdoor Sculpture Inventory. Archived from the original on 2005-02-05. http://web.archive.org/web/20050205065104/http://www.sculpturecenter.org/oosi/sculpture.asp?SID=1055. Retrieved 2008-05-24. 
  88. ^ "The Adam Smith Society". The Adam Smith Society. Archived from the original on 2007-07-21. http://web.archive.org/web/20070721032612/http://www.adamsmith.it/presentazione.html. Retrieved 2008-05-24. 
  89. ^ "The Australian Adam Smith Club". Adam Smith Club. http://www.adamsmithclub.org/. Retrieved 2008-10-12. 
  90. ^ Levy, David (June 1992). "Interview with Milton Friedman". Federal Reserve Bank of Minneapolis. http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=3748. Retrieved 2008-09-01. 
  91. ^ "FRB: Speech, Greenspan—Adam Smith—6 February 2005". http://www.federalreserve.gov/boarddocs/speeches/2005/20050206/default.htm. Retrieved 2008-05-31. 
  92. ^ "Adam Smith: Web Junkie - Forbes.com". http://www.forbes.com/free_forbes/2007/0507/086.html. Retrieved 2008-06-10. 
  93. ^ Stein, Herbert (1994-04-06). "Board of Contributors: Remembering Adam Smith". The Wall Street Journal Asia: A14. 
  94. ^ Brown, Vivienne; Pack, Spencer J.; Werhane, Patricia H. (January 1993). "Untitled review of 'Capitalism as a Moral System: Adam Smith's Critique of the Free Market Economy' and 'Adam Smith and his Legacy for Modern Capitalism'". The Economic Journal 103 (416): 230–232. doi:10.2307/2234351. 
  95. ^ Smith 1977, bk. V, ch. 2
  96. ^ Smith 1977, bk. V, ch. 2
  97. ^ Smith 1977, bk. V
  98. ^ Smith 1977, bk. IV, ch. 2
  99. ^ Chomsky 2002, ch. 6
  100. ^ Viner, Jacob; Pack, Spencer J.; Werhane, Patricia H. (April 1927). "Adam Smith and Laissez-faire". The Journal of Political Economy 35 (2): 198–232. doi:10.2307/2234351. 
  101. ^ Klein, Daniel B. (2008). "Toward a Public and Professional Identity for Our Economics". Econ Journal Watch 5 (3): 358–372. http://econjwatch.org/articles/toward-a-public-and-professional-identity-for-our-economics. 
  102. ^ Klein, Daniel B. (2009). "Desperately Seeking Smithians: Responses to the Questionnaire about Building an Identity". Econ Journal Watch 6 (1): 113–180. http://econjwatch.org/articles/desperately-seeking-smithians-responses-to-the-questionnaire-about-building-an-identity. 
  103. ^ a b Buchholz, Todd (December 1990). pp. 38–39. 

References

  • Bonar, James (1895). A Catalogue of the Library of Adam Smith. London: Macmillan. OCLC 2320634. http://books.google.com/books?id=pUmfjlAfM3kC. 
  • Buchan, James (2006). .The Authentic Adam Smith: His Life and Ideas.^ "Guide to John Rae's Life of Adam Smith ."

    ^ In Life of Adam Smith .

    ^ Such are the physical and instinctive facts of sympathy upon which Adam Smith founds his theory of the origin of moral approbation and our moral ideas.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    W. W. Norton & Company. ISBN 0393061213.
     
  • Buchholz, Todd (1999). New ideas from Dead Economists: An introduction to modern economic thought. Penguin Books. ISBN 0140283137. 
  • Bussing-Burks, Marie (2003). Influential Economists. Minneapolis: The Oliver Press. .ISBN 1-881508-72-2. 
  • Campbell, R. H.; Skinner, Andrew S. (1985).^ Edited by R.H. Campbell and Andrew S. Skinner.

    ^ Campbell, R.H. and Andrew S. Skinner.

    ^ R.H. Campbell and Andrew S. Skinner.

    Adam Smith. Routledge. ISBN 0709934734. 
  • Chomsky, Noam (2002). Understanding power: the indispensable Chomsky. Scribe Publications. ISBN 9780908011728. 
  • Coase, R.H. (October 1976). ."Adam Smith's View of Man". The Journal of Law and Economics 19 (3): 529–546. doi:10.1086/466886. 
  • Rae, John (1895).^ "Adam Smith: An Aspect of Modern Economics."

    ^ Teichgraeber, Richard F., III. Review of Maurice Brown's Adam Smith's Economics: Its Place in the Development of Economic Thought .

    ^ "The Evolution of Adam Smith's Views on Political Economy."

    .Life of Adam Smith.^ "Guide to John Rae's Life of Adam Smith ."

    ^ In Life of Adam Smith .

    ^ The next ten years of his life Adam Smith spent at home with his mother and cousin, preparing the work on which his fame now chiefly rests.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    New York City: Macmillan Publishers. ISBN 0722226586. .http://books.google.com/books?id=V80JAAAAIAAJ&printsec=frontcover&dq=Adam+Smith+-inauthor:%22Adam+Smith%22&ei=lCArSNj3K4uujgGNgtnCDQ#PPA4,M1. 
  • Ross, Ian Simpson (December 14, 1995).^ Ross, Ian Simpson .

    ^ The abbé records in his Memoirs that he kept for twenty years a pocket-book presented to him as a keepsake by Adam Smith.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ In Adam Smith's The Wealth of Nations Books I-III .

    .The Life of Adam Smith.^ "Guide to John Rae's Life of Adam Smith ."

    ^ In Life of Adam Smith .

    ^ The next ten years of his life Adam Smith spent at home with his mother and cousin, preparing the work on which his fame now chiefly rests.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .Oxford University Press.^ Oxford: Oxford University Press, 1985.

    ^ New York: Oxford University Press, 1954.

    ISBN 0198288212. 
  • Skousen, Mark (2001). .The Making of Modern Economics: The Lives and Ideas of Great Thinkers.^ Is it not to make our standard of conduct dependent merely on the ideas and passions of those we happen to live with?
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    M.E. Sharpe. ISBN 0765604809. .http://books.google.com/books?id=nsnl3hHPuowC. 
  • Smith, Adam (1977) [1776].^ The abbé records in his Memoirs that he kept for twenty years a pocket-book presented to him as a keepsake by Adam Smith.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .An Inquiry into the Nature and Causes of the Wealth of Nations.^ An Inquiry Into the Nature and Causes of the Wealth of Nations .

    ^ Under the latter head he dealt with the political institutions relating to commerce and all the subjects which enter into his maturer work on the Nature and Causes of the Wealth of Nations ; whilst under the second head, he expounded the doctrines which he afterwards published in the Moral Sentiments .
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .University Of Chicago Press.^ Chicago: University of Chicago Press, 1983.

    ^ University of Chicago Press, 1969.

    ^ Chicago: University of Chicago Press, 1970.

    ISBN 0226763749. 
  • Smith, Adam (1982) [1759]. .The Theory of Moral Sentiments, ed.^ It was to have been an improvement on the work of Grotius on the same subject, and the Theory of Moral Sentiments concludes with a promise which, unfortunately, was never fulfilled.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "Smith's Theory of Moral Sentiments: Sympathy, Women and Education."

    ^ This part of the theory may claim, therefore, not only to be as good as any other theory, but to be in strict keeping with the vast amount of variable moral sentiment which actually exists in the world.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    D.D. Raphael and A.L. Macfie, vol. .I of the Glasgow Edition of the Works and Correspondence of Adam Smith
    .^ The two years after the publication of his greatest work Adam Smith spent in London, in the midst of that literary society which we know so well through the pages of Boswell.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ For Adam Smith's account of the growth of conscienceof a sense of duty, is in reality closely connected with the theory which explains its origin by the working of the laws of association.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ The next ten years of his life Adam Smith spent at home with his mother and cousin, preparing the work on which his fame now chiefly rests.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    Liberty Fund. ISBN 0865970122. .http://oll.libertyfund.org/index.php?option=com_staticxt&staticfile=show.php%3Ftitle=192&Itemid=27. 
  • Smith, Adam (2002) [1759].^ The phenomena of sympathy or fellow-feeling show, according to Adam Smith, that it is one of the original passions of human nature.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ The last chapter of all serves to illustrate the historical importance of Adam Smith's work by showing the large part which it fills in the criticisms of subsequent writers.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    Knud Haakonssen. ed. .The Theory of Moral Sentiments.^ It was to have been an improvement on the work of Grotius on the same subject, and the Theory of Moral Sentiments concludes with a promise which, unfortunately, was never fulfilled.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "Smith's Theory of Moral Sentiments: Sympathy, Women and Education."

    ^ This part of the theory may claim, therefore, not only to be as good as any other theory, but to be in strict keeping with the vast amount of variable moral sentiment which actually exists in the world.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    Cambridge University Press. ISBN 0521598478. http://www.cambridge.org/catalogue/catalogue.asp?isbn=0521598478. 
  • Smith, Vernon L. (July 1998). ."The Two Faces of Adam Smith". Southern Economic Journal 65 (1): 2–19. 
  • Tribe, Keith; Mizuta, Hiroshi (2002) (Hardcover).^ "Adam Smith and The American Economic Community.

    ^ The two years after the publication of his greatest work Adam Smith spent in London, in the midst of that literary society which we know so well through the pages of Boswell.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "Adam Smith, Consumer Tastes, and Economic Growth."

    .A Critical Bibliography of Adam Smith.^ REVIEW OF THE PRINCIPAL CRITICISMS OF ADAM SMITH'S THEORY. .
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Bibliography on Adam Smith .

    ^ Adam Smith: Critical Assessments .

    Pickering & Chatto. ISBN 9781851967414. 
  • Viner, Jacob (1991). Douglas A. Irvin. ed. Essays on the Intellectual History of Economics. .Princeton, New Jersey: Princeton University Press.^ Princeton: Princeton University Press, 1977.

    ^ Princeton: Princeton University Press, 1975.

    ^ New York: Oxford University Press, 1954.

    ISBN 0691042667.
     
.This article incorporates public domain text from the entry Smith, Adam in: Cousin, John William (1910).^ The two years after the publication of his greatest work Adam Smith spent in London, in the midst of that literary society which we know so well through the pages of Boswell.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The next ten years of his life Adam Smith spent at home with his mother and cousin, preparing the work on which his fame now chiefly rests.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Adam Smith's simple theory of happiness, for instance, reads like a commentary on the text supplied by Pope in the lines, .
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

A Short Biographical Dictionary of English Literature. London, J. M. Dent & Sons; New York, E. P. Dutton.

Further reading

External links

Academic offices
Preceded by
Robert Cunninghame-Grahame of Gartmore
Rector of the University of Glasgow
1787–1789
Succeeded by
Walter Campbell of Shawfield

Quotes

Up to date as of January 14, 2010

From Wikiquote

.Adam Smith (16 June 172317 July 1790) was a Scottish born economist and philosopher.^ June 5, 1723-July 17, 1790 .

^ Smith was not an economist; he was a philosopher.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Adam Smith died on July 17, 1790.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

Contents

Sourced

On David Hume

.
  • Upon the whole, I have always considered him, both in his lifetime and since his death, as approaching as nearly to the idea of a perfectly wise and virtuous man, as perhaps the nature of human frailty will permit.^ "Upon the whole," he concluded, "I have always considered him, both in his lifetime and since his death, as approaching as nearly to the idea of a perfectly wise and virtuous man as perhaps the nature of human frailty will permit."
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Upon the whole, I have always considered him, both in his lifetime and since his death, as approaching as nearly to the idea of a perfectly wise and virtuous man, as perhaps the nature of human frailty will permit.

    ^ He argued that "a natural principle of benevolence," impelling us to consider the interests of others, was an essential part of human nature.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .
    • Letter To William Strachan, Esq., Kirkaldy, Fifeshire, Nov.^ LETTER FROM ADAM SMITH, LL.D. TO WILLIAM STRAHAN, ESQ. Kirkaldy, Fifeshire, Nov.

      9, 1776

The Wealth of Nations

.References are to book, chapter, subdivisions (in some cases), and paragraph, as given in the Glasgow edition (see below).^ All references are to The Glasgow Edition of the Correspondence and Works of Adam Smith , the definitive edition of his works.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Volume 2 contains articles from journals, chapters from books and printed lectures (some of the lectures given when the course was taught as a conventional lecture course).
  • Adam Smith, The Theory ofMoral Sentiments 19 January 2010 9:51 UTC www.humanities.mq.edu.au [Source type: Original source]

^ For a more elaborate critique, see our discussion of Malthus and Malthusianism below (Chapter 17).
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.Other editions include book and chapter only.^ And my colleague Larry White points out this other passage from Smith, also from Book II, Chapter II of Wealth of Nations : .
  • Adam Smith and Financial Regulation 19 January 2010 9:51 UTC cafehayek.com [Source type: General]

^ Part VI., on the Character of Virtue, which forms so large a division in the original, and which was only added to the sixth edition, corresponds with chapter IX., under the same title.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ At only 342 pages (all references are to the Glasgow Editions of his work), the book encompasses a tremendous range of themes.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

  • 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.
    • Introduction And Plan Of The Work, pg.2

BOOK I

.
  • The greatest improvement in the productive powers of labour, and the greatest part of skill, dexterity, and judgment with which it is any where directed, or applied, seem to have been the effects of the division of labour.^ I.1.1 The greatest improvement *17 in the productive powers of labour, and the greater part of the skill, dexterity, and judgment with which it is any where directed, or applied, seem to have been the effects of the division of labour.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ "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..."

    ^ Finally, whatever society's claim to part of people's incomes may be, society the division of labour, the body of knowledge and culture, etc.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .
    • Book I, Chapter I, pg.7
  • Those ten persons, therefore, could make among them upwards of forty thousand pins a day.^ Those ten persons, therefore, could make among them upwards of forty-eight thousand pins in a day.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ Each person, therefore, making a tenth part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ Now comes the punch line: Even in this poor case, where the division of labor was divided among ten people rather than the eighteen or so that would be optimal, the factory produced "upwards of forty-eight thousand pins in a day"--thus over four thousand eight hundred pins per person.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    .
    • Book I, Chapter I, pg.9
  • Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog.^ Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog.

    ^ In his chapter on “the expence of justice” ( WN V.i.b), he discusses the nature of human subordination and why human beings like to impose themselves on one another.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ Another subtle visual cue is that their fingers are the exact same deathly-pale shade some of the Ganados — such as the one with the axe at the start of Chapter 1-2.
    • Adam Smith Hates Your Guts - Television Tropes & Idioms 19 January 2010 9:51 UTC tvtropes.org [Source type: General]

    .
    • Book I, Chapter II, pg.14 (perhaps an off the run bone?^ Book I, Chapter II .
      • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

      )
    • .
  • 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.^ The difference between the most dissimilar characters, between a philosopher and a street porter, for example, seems to arise not so much from nature, as from habit, custom and education” ( WN I.ii.4).
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ The difference between the most dissimilar characters, between a philosopher and a street porter, for example, seems to arise not so much from nature, as from habit, custom and education" ( WN I.ii.4).
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ 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.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .
    • Book I, Chapter II, pg.17
  • By nature a philosopher is not in genius and disposition half so different from a street porter, as a mastiff is from a greyhound,
    • Book I, Chapter II, pg.17
  • But man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only.^ But man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]

    ^ By nature a philosopher is not in genius and disposition half so different from a street porter, as a mastiff is from a greyhound, or a greyhound from a spaniel, or this last from a shepherd's dog.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ The difference of natural talents in different men is, in reality, much less than we are aware of; and the very different genius which appears to distinguish men of different professions, when grown up to maturity, is not upon many occasions so much the cause as the effect of the division of labour.

    .He will be more likely to prevail if he can interest their self-love in his favour, and shew them that it is for their own advantage to do for him what he requires of them.^ He will be more likely to prevail if he can interest their self-love in his favour, and show them that it is for their own advantage to do for him what he requires of them.

    ^ The principle of self-love could never be virtuous in any degree, and it was merely innocent, not good, when it led a man to act from a reasonable regard to his own happiness.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "Like an improvident spendthrift, whose pressing occasions will not allow him to wait for the regular payment of his revenue, the state is in the constant practice of borrowing of its own factors and agents, and of paying interest for the use of its own money."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    Whoever offers to another a bargain of any kind, proposes to do this. .Give me that which I want, and you shall have this which you want, is the meaning of every such offer; and it is in this manner that we obtain from one another the far greater part of those good offices which we stand in need of.^ Give me that which I want, and you shall have this which you want, is the meaning of every such offer; and it is in this manner that we obtain from one another the far greater part of those good offices which we stand in need of.

    ^ Leaving Oxford, which for most men means an entire change of life, meant for him simply a change in the scene of his studies; a transfer of them from one place to another.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Affection is really habitual sympathy; and, from our general experience that the state of habitual sympathy in which near relations stand to one another pro- duces a certain affection between them, we expect always to find such affection, and are shocked when we fail to do so.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .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.^ 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 Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ 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 self-interest.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ 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.

    .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.^ 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.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ 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.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ 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..."

    .
    • Book I, Chapter II, pg.19
  • For in every country of the world, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins.^ Volume 2 contains articles from journals, chapters from books and printed lectures (some of the lectures given when the course was taught as a conventional lecture course).
    • Adam Smith, The Theory ofMoral Sentiments 19 January 2010 9:51 UTC www.humanities.mq.edu.au [Source type: Original source]

    ^ Smith devotes a long and astute chapter in Book I to debunking the mercantilist myth that precious metals will inevitably slide in price (I.xi).
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ For every age and country look upon that degree of each quality which is most usual in those among themselves who are most esteemed as the golden mean of that particular talent or virtue.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .
    • Book I, Chapter IV, pg.34
  • Labour was the first price, the original purchase-money that was paid for all things.^ Money is said to have had its origin in the fact that men naturally fell upon one commodity with which to compare the value of all other commodities.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ Money Answers All Things (1734), and Joseph Harris (1702-64), master of the Royal Mint, in his An Essay Upon Money and Coins (1757-58).
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ I.I.1 The annual *1 labour of every nation is the fund which originally supplies it with all the necessaries and conveniencies of life *2 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.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased; and its value, to those who possess it, and who want to exchange it for some new productions, is precisely equal to the quantity of labour which it can enable them to purchase or command.^ Thus: 'The value of any commodity to the person who possesses it… is equal to the quantity of labour which it enables him to purchase or command'.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ Hume, who asks readers to 'consider how nearly equal all men are in their bodily force, and even in their mental powers and faculties, ere cultivated by education'.—'Of the Original Contract,' in Essays, Moral and Political, 1748, p.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ They promoted the first because they believed that the value of silver and gold was bound to decline over time, as the amount of silver and gold increased in wealthy nations, hence that each nation would need more and more silver and gold to retain the same level of purchasing power.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    .
    • Book I, Chapter V, pg.38
  • In reality, during the continuance of any one regulated proportion, between the respective values of the different values of the different metals in the coin, the value of the most precious metal regulates the value of the whole coin.^ The difference between one item and another.
    • Economics A-Z | Economist.com 19 January 2010 9:51 UTC www.economist.com [Source type: FILTERED WITH BAYES]

    ^ But equilibrium will only be reached in reality if the 'data' of the market are magically frozen: that is, if the values, resources, and technological knowledge on the market continue to remain .
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ Furthermore, he argues, while one may be critical of the inevitable class difference of a commercial society, the differential is almost inconsequential compared to the disparity between the “haves” and “have-nots” in a feudal or even the most primitive societies.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book I, Chapter V, pg.50
  • The value which the workmen add to the materials, therefore, resolves itself in this case into two parts, of which the one pays their wages, the other the profits of the employer upon the whole stock of materials and wages which he advanced.^ Parts one, two, and three are here , here , and here .

    ^ We enter into the situation of both, and the fear we feel with the one moderates the resentment we feel with the other.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Among men, on the contrary, the most dissimilar geniuses are of use to one another; the different produces of their respective talents, by the general disposition to truck, barter, and exchange, being brought, as it were, into a common stock, where every man may purchase whatever part of the produce of other men's talents he has occasion for.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .
    • Book I, Chapter VI, pg.58 (Adam Smith discovered surplus labour ?!^ Adam Smith also gave hostage to the later emergence of socialism by his repeatedly stated view that rent and profit are deductions from the produce of labour.
      • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

      ^ Adam Smith, in addition, muddied the waters still further by putting forward, side by side with the labour-cost theory of value, the very different 'labour-command' theory.
      • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

      ^ Adam Smith By Karl Graf Ballestrem E-book (PDF for Digital Editions): $13.90 Download immediately This item has not been rated yet Add to Cart .
      • adam smith - Lulu.com 19 January 2010 9:51 UTC www.lulu.com [Source type: General]

      )
    • .
  • 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.^ In pungent passages, he writes that 'As soon as the land of any country has all become private property, the landlords like to reap where they never sowed and demand a rent even for its natural produce'.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ And again: 'as soon as the land becomes private property, the landlord demands a share of almost all the produce which the labourer can either raise or collect from it'.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ On the one hand, as we have seen, rent is demanded by landlords who 'reap where they have never sowed'.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .
    • Book I, Chapter VI, pg.60
  • 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.^ But it gets better because some of the hosts might really be innocent; some of the data blocks might be legitimate, for example ciphertext that just looks like random data.

    ^ These qualities are Prudence, Justice and Beneficence; and "the man who acts according to the rules of perfect prudence, of strict justice, and of proper benevolence, may be said to be perfectly virtuous."
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ All of them are equally meant to ascertain, by means of a public stamp, the quantity and uniform goodness of those different commodities when brought to market.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    • Book I, Chapter VII, pg.67
  • Secrets in manufactures are capable of being longer kept than secrets in trade. .
    • Book I, Chapter VII, pg.72
  • 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.^ Smith devotes a long and astute chapter in Book I to debunking the mercantilist myth that precious metals will inevitably slide in price (I.xi).
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ Also contrast with long-term contracts, in which a price is agreed for repeated transactions over an extended time period and which may not involve immediate payment in full.
    • Economics A-Z | Economist.com 19 January 2010 9:51 UTC www.economist.com [Source type: FILTERED WITH BAYES]

    ^ Smith's focus on the long run, in fact, led him to apply his general labour cost-of-production theory of value to the value of money.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .
    • Book I, Chapter VIII, pg.80
  • We rarely hear, it has been said, of the combinations of masters, though frequently of those of the workman.^ He rarely frequents, and more rarely figures in, those convivial societies which are distinguished for the jollity and gaiety of their conversation.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    But whoever imagines, upon this account, that masters rarely combine, is as ignorant of the world as of the subject. .
    • Book I, Chapter VIII, pg.80
  • A man must always live by his work, and his wages must at least be sufficient to maintain him.
    • Book I, Chapter VIII, pg.81
  • China has been long one of the richest, that is, one of the most fertile, best cultivated, most industrious, and most populous countries in the world.^ Since they had the richest and most fertile in the world, they have both ceased to be so."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ "The natural advantages which one country has over another in producing particular commodities are sometimes so great that it is acknowledged by all the world to be in vain to struggle with them.

    ^ He must in most cases share it with the owner of the stock who employs him'.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    It seems, however, to have been long stationary. .Marco Polo, who visited it more than five hundred years ago, describes its cultivation, industry, and populousness, almost in the same terms in which they are described by travellers in the present times.^ No more than three a year.
    • Adam Smith, Esq. 1 February 2010 6:54 UTC adamsmithesq.com [Source type: General]

    ^ They promoted the first because they believed that the value of silver and gold was bound to decline over time, as the amount of silver and gold increased in wealthy nations, hence that each nation would need more and more silver and gold to retain the same level of purchasing power.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ "France - - - could afford a market at least - - - four-and-twenty times more advantageous than that which our North American colonies ever afforded."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book I, Chapter VIII, pg.86
  • The poverty of the lower ranks of people in China far surpasses that of the most beggarly nations of Europe.^ The poll taxes are unequal and generally more burdensome on the lower ranks of people.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ On the other hand, The Wealth of Nations , as it is most often called, is not a book on economics.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ Is this improvement in the circumstances of the lower ranks of the people to be regarded as an advantage or as an inconveniency to the society?
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .In the neighbourhood of Canton many hundred, it is commonly said, many thousand families have no habitation on the land, but live constantly in little fishing boats upon the rivers and the canals.the subsistence which they find there is so scanty that they are eager to fish up the nastiest garbage thrown overboard from any European ship.^ You'd be surprised how many interviews I've been through where the candidate was doing wonderfully, right up to the skill demo where they bomb.

    ^ Most folks said they got into their industry because of someone in their family.

    ^ This disposition to accommodate and assimilate our sentiments and principles to those of persons we live with or see oftena disposition which arises from the obvious convenience of such a general agreementleads us to expect to find friend- ship subsisting between colleagues in office, partners in trade, or even between persons living in the same neighbourhood.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .Any carrion, the carcase of a dead dog or cat, for example, though half putrid and stinking, is as welcome to them as the most wholesome food to the people of other countries.^ No amount of dead American soldiers can secure a country when the people that live there, and hold power there are not willing to help.
    • HorsesAss.Org » Blog Archive » Rep. Adam Smith: “Troop surge is not the answer” 19 January 2010 9:51 UTC horsesass.org [Source type: Original source]

    ^ "Observe the accommodation of the most common artificer or day-labourer in a civilised and thriving country, and you will perceive that the number of people of whose industry a part, though but a small part, has been employed in procuring him this accommodation, exceeds all computation.

    ^ To deny, for example, that a man should do for others what he would wish done for himself was, according to Clarke, equivalent to a contention that, though two and three are equal to five, yet five is not equal to two and three.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    • Book I, Chapter VIII, pg.86
  • Marriage is encouraged in China, not by the profitableness of children, but by the liberty of destroying them. .
    • Book I, Chapter VIII, pg.87
  • Oatmeal indeed supplies the common people of Scotland with the greatest and best part of their food, which is in general much inferior to that of their neighbours of the same rank in England.^ "The inferior ranks of the people no longer looked upon that order, as they had done before, as the comforters of their distress, and the relievers of their indigence.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ But the hard-ware and the coarse woollens of England are beyond all comparison superior to those of France, and much cheaper too in the same degree of goodness.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ The people of France, however, it is generally acknowledged, are much more oppressed by taxes than the people of Great Britain.

    .
    • Book I, Chapter VIII, pg.91 (Oatmeal in England makes for great horses, in Scotland Great Men...^ CounterPunch books and t-shirts make great presents.
      • Ashley Smith: The Incapacitation of Haiti 1 February 2010 6:54 UTC counterpunch.org [Source type: News]

      )
    • .
  • No society can surely be flourishing and happy, of which the greater part of the members are poor and miserable.^ "Nor is it always the worse for the society that it was no part of it.

    ^ No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]

    ^ Nor is it always the worse for the society that it was no part of it.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .It is but equity, besides, that they who feed, cloath 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, cloathed and lodged.^ So who then should pay for such benefits?
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ 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."

    ^ It is but equity, besides, that they who feed, cloath 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, cloathed and lodged.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book I, Chapter VIII, pg.94
  • The liberal reward of labour, therefore, as it is the affect of increasing wealth, so it is the cause of increasing population.^ His 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, is the bible of CLASSICAL ECONOMICS .
    • Economics A-Z | Economist.com 19 January 2010 9:51 UTC www.economist.com [Source type: FILTERED WITH BAYES]

    ^ Smith saw correctly that increasing capital means an increase in the demand for labour and therefore higher wages, so that an advancing society necessarily means a secular increase in wage rates.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ It retards, instead of accelerating, the progress of the society towards real wealth and greatness; and diminishes, instead of increasing, the real value of the annual produce of its land and labour."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    To complain of it, is to lament over the necessary effect and cause of the greatest public prosperity. .
    • Book I, Chapter VII, pg.97
  • A great stock, though with small profits, generally increases faster than a small stock with great profits.^ But as it obstructs the natural increase of capital, it tends rather to diminish than to increase the sum total of the revenue which the inhabitants of the country derive from the profits of stock; a small profit upon a great capital generally affording a greater revenue than a great profit upon a small one, but it hinders the sum of profit from rising so high as it otherwise would do."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ To this the answer is, that their influence is perfectly similar in kind, though not so great, or rather less potent, over morals than it is over anything else.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Though he was aware of the functions performed by the capitalist, his only venture in explaining the rate of long-run profit was to opine that the greater the 'amount of stock' the lower the rate of profit.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .Money, says the proverb, makes money. When you have a little, it is often easier to get more.^ Although he does go on to say a little more, he has already won his point.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ Neither would it save the theory to say that since A, for example, makes five times as much money as B, that A therefore benefits five times as much from 'society' and therefore should pay five times the taxes.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ An old proverb tells us that you can lead a horse to water but that you can’t make it drink.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    The great difficulty is to get that little. .
    • Book I, Chapter IX, pg.111
  • 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.^ Earlier in Book I, one chapter directly attacks restrictions on trade promoted by "the clamour and sophistry of merchants and manufacturers" (WN 144), and another ends with a complaint about the way "merchants and master manufacturers" dishonestly represent economic facts (WN 115)--here, not coincidentally, facts about what makes a nation's goods competitive on the world market.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ However, the burden of sales taxes imposed on newly manufactured items or on new homes are business taxes and are passed on to the customers.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Thus Smith points out in his lectures that a rich merchant lost in the Arabian desert would value water very highly, and so its price would be very high.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .They say nothing concerning the bad effects of high profits.^ I will not dwell on these concerns very much, but they lie in the background of much that I will say.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    .They are silent with regard to the pernicious effects of their own gains.^ We again regard our- selves from their point of view, and so by sympathizing with the hatred which they must entertain for our conduct, we become the object of our own blame and hatred.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .They complain only of those of other people.
    • Book I, Chapter IX, pg.117
  • The establishment of any new manufacture, of any new branch of commerce, or any new practice in agriculture, is always a speculation, from which the projector promises himself extraordinary profits. These profits sometimes are very great, and sometimes, more frequently, perhaps, they are quite otherwise; but in general they bear no regular proportion to those of other older trades in the neighbourhood.^ They can only add to those burdens.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ They are tolerable only if very low.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Adam Smith wrote in his 18th century book, "The Wealth of Nations," "When the regulation is in support of the workman, it is always just and equitable — but it is sometimes otherwise when in favour of the masters."
    • Adam Smith's Soft Side by Sherrod Brown - The Globalist 1 February 2010 6:54 UTC www.theglobalist.com [Source type: Original source]

    .If the project succeeds, they are commonly at first very high.^ They got started with $15k from the same investors who gave Xobni our first money, so I don't know them but they are very close in my social network.

    .When the trade or practice becomes thoroughly established and well known, the competition reduces them to the level of other trades.
  • 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.^ Pope taught the same lesson better and more briefly in his well-known lines:-- .
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ To reduce UNEMPLOYMENT , they tried to increase the EFFICIENCY of the jobs market by cutting the rate of INCOME TAX and attacking legal and other impediments to LABOUR MARKET FLEXIBILITY .
    • Economics A-Z | Economist.com 19 January 2010 9:51 UTC www.economist.com [Source type: FILTERED WITH BAYES]

    ^ Volume 2 contains articles from journals, chapters from books and printed lectures (some of the lectures given when the course was taught as a conventional lecture course).
    • Adam Smith, The Theory ofMoral Sentiments 19 January 2010 9:51 UTC www.humanities.mq.edu.au [Source type: Original source]

    .It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty or justice.^ The most perfect assurance that no eye has seen our action, does not prevent us from viewing it as the impartial spectator would have regarded it, could he have been present.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ But in such a situation it would be impossible to dispose of one thousand, that is, of one day's work in the year.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ His discussion of justice is supplemented in The Wealth of Nations and would have likely been added to in his proposed work on "the general principles of law and government" that he never completed.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    .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.
    • Book I, Chapter X, Part II, pg.152
  • the competition of the poor takes away from the reward of the rich.^ Such policies are much criticised in the developing world, sometimes with good reason.
    • Economics A-Z | Economist.com 19 January 2010 9:51 UTC www.economist.com [Source type: FILTERED WITH BAYES]

    ^ Take, for example, the account of justice in Book II, part ii, chapter 3 of TMS. The chapter begins by acknowledging that the maintenance of justice is essential for society to exist, and elaborating that point vividly: "if this principle did not stand up within [most human beings] in [every individual's] defence, .
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ "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.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book I, Chapter X, Part II, pg.154
  • In England, and in all Roman Catholic countries, the lottery of the church is in reality much more advantageous then is necessary.^ "The natural advantages which one country has over another in producing particular commodities are sometimes so great that it is acknowledged by all the world to be in vain to struggle with them.

    ^ As defence, however, is of much more importance than opulence, the Act of Navigation is, perhaps, the wisest of all the commercial regulations of England."

    ^ But the hard-ware and the coarse woollens of England are beyond all comparison superior to those of France, and much cheaper too in the same degree of goodness.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .
    • Book I, Chapter X, Part II, pg.155
  • Whenever the legislature attempts to regulate the differences between masters and their workman,its counsellors are always the masters.^ Part IV., on the effect of Utility on our moral sentiments, forms chapter XII., in which all that is said on the subject in different passages is brought together.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ The difference between the most dissimilar characters, between a philosopher and a street porter, for example, seems to arise not so much from nature, as from habit, custom and education" ( WN I.ii.4).
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ The second, third, and fourth chapters comprise Parts I. and II. Part V., and the sections relating to the same subject in Parts I. and II., make up the fifth chapter.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    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. .
    • Book I, Chapter x, Part II, pg.168
  • 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.^ I.3.3 As by means of water-carriage a more extensive market is opened to every sort of industry than what land-carriage alone can afford it, so it is upon the sea-coast, and along the banks of navigable rivers, that industry of every kind naturally begins to subdivide and improve itself, and it is frequently not till a long time after that those improvements extend themselves to the inland parts of the country.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ First, he argues that the primary economic tension, and, as a result, the primary economic engine, in any given society can be found in the interaction between “the inhabitants of the town and those of the country” ( WN III.i.1).
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ In Bengal the Ganges and several other great rivers form a great number of navigable canals *56 in the same manner as the Nile does in Egypt.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .They are upon that the greatest of all improvements.
    • Book I, Chapter XI, Part I, pg.174
  • With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches, which in their eye is never so complete as when they appear to possess those decisive marks of opulence which nobody can possess but themselves.^ Even the ancient aliens' duty, which used to be paid upon all goods exported as well as imported, has, by several subsequent acts, been taken off from the greater part of the articles of exportation.

    ^ Like the stewards of a rich man, they are apt to consider attention to small matters as not for their master's honour, and very easily give themselves a dispensation from having it.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ "Upon all these different occasions it was not the wisdom and policy, but the disorder and injustice of the European governments which peopled and cultivated America."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
  • China is a much richer country than any part of Europe.^ The historical problem is this: how could this phenomenon have taken place with a book so derivative, so deeply flawed, so much less worthy than its predecessors?
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ Smith devotes a long and astute chapter in Book I to debunking the mercantilist myth that precious metals will inevitably slide in price (I.xi).
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ While their emphases are different much of the time—they are two different books after all—their basic points are more than just harmonious.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book I, Chapter XI, Part III, (First Period) pg.221
  • Corn is a necessary, silver is only a superfluity.
    • Book I, Chapter XI, Part III, (First Period) pg.223
  • 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.^ He divided his course into four parts, the first relating to Natural Theology, the second to Ethics, the third to the subject of Justice and the growth of Jurisprudence, the fourth to Politics.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ This is not chiefly owing to the beauty of diction, as in the case of Cicero, but to the variety of explanations of life and manners which embellish the book more than they illuminate the theory.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ The quake measured 7.0 on the Richter scale, and detonated more than 30 aftershocks, all more than 4.5 in magnitude, through the night and into Wednesday morning.
    • Ashley Smith: The Incapacitation of Haiti 1 February 2010 6:54 UTC counterpunch.org [Source type: News]

    .
    • Book I, Chapter XI, Part III, Third Period, pg.240
  • It is the natural effect of improvement, however, to diminish gradually the real price of almost all manufactures.^ He divided his course into four parts, the first relating to Natural Theology, the second to Ethics, the third to the subject of Justice and the growth of Jurisprudence, the fourth to Politics.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ In addition to other fallacies, Smith here failed to realize that nature in the form of ground land collaborates in all activities of man, not just agriculture, and that all activities, including manufacturing, will therefore yield ground rent to landowners.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ "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.

    .
    • Book I, Chapter XI, Part III, (Conclusion..^ Smith devotes a long and astute chapter in Book I to debunking the mercantilist myth that precious metals will inevitably slide in price (I.xi).
      • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

      ^ Book I, Chapter III .
      • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

      ) pg.282
    • .
  • The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention.^ At the conclusion of the late war, the most expensive that Great Britain ever waged, her agriculture was as flourishing, her manufacturers as numerous and as fully employed, and her commerce as extensive as they had ever been before.

    ^ "First, the quantity and value of the land which any man possesses can never be a secret, and can always be ascertained with great exactness.

    ^ But, though Mr. Hume always talked Of his approaching dissolution with great cheerfulness, he never affected to make any parade of his magnanimity.

    • Book I, Chapter XI, Part III, Conclusion of the Chapter, pg.292

BOOK II

.
  • His capital is continually going from him in one shape, and returning to him in another,and it is only by means of such circulation, or successive exchanges, that it can yield him any profit.^ Envy, malice, or resentment are the only passions which can prompt one man to injure another in his person or reputation.

    ^ Leaving Oxford, which for most men means an entire change of life, meant for him simply a change in the scene of his studies; a transfer of them from one place to another.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ You see what a son of the earth that is, to value books only by the profit they bring him.
    • Adam Smith, The Theory ofMoral Sentiments 19 January 2010 9:51 UTC www.humanities.mq.edu.au [Source type: Original source]

    .Such capitals, therefore, may very properly be called circulating capitals.^ The gold and silver money which circulates in any country may very properly be compared to a highway, which, while it circulates and carries to market all the grass and corn of the country, produces itself not a single pile of either.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ Smith's imprimatur on material production, therefore, was an indirect way of advocating investment in an accumulation of capital goods as against the very goal of producing capital goods: increased consumption.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .
    • Book II, Chapter I, pg.^ Book I, Chapter II .
      • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

      .305
  • A man must be perfectly crazy who, where there is tolerable security, does not employ all the stock which he commands,...^ A man must be perfectly crazy who, where there is tolerable security, does not employ all the stock which he commands, whether be his own or borrowed of other people, in some one or other of those three ways.

    ^ There is not a Negro from the coast of Africa who does not, in this respect, possess a degree of magnanimity which the soul of his sordid master is too often scarce capable of conceiving.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ "In all countries where there is tolerable security, every man of common understanding will endeavour to employ whatever stock he can command in procuring either present enjoyment or future profit.

    .
  • 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 experience of all ages and nations, I believe, demonstrates that the work done by slaves, though it appears to cost only their maintenance, is in the end the dearest of any.

    ^ Adam Smith, in addition, muddied the waters still further by putting forward, side by side with the labour-cost theory of value, the very different 'labour-command' theory.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ Smith, heavily influenced by the physiocrats, retained the unfortunate concept of 'productive' labour, but expanded it from agriculture to material goods in general.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .The labour of a menial servant, on the contrary, adds to the value of nothing.
    • Book II, Chapter III, pg.364 (see Proverbs 14-23 KJV)
  • 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 expence, either by sumptuary laws, or by prohibiting the importation of foreign luxuries.^ 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, either by sumptuary laws, or by prohibiting the importation of foreign luxuries.

    ^ Book II continues the polemic against exaggerating the importance of money, making clear that an increase in stock, not in money, is what leads to national wealth and greatness, and Book III shows in detail how economies were diverted for centuries from their natural course, and thereby from the wealth they could have achieved, by misguided laws.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ In this book, he embraces Hume's conception of sympathy, but rejects his skepticism and adds, as we shall see, a new theory of conscience to the mix.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    .They are themselves always, and without any exception, the greatest spendthrifts in the society.^ They are themselves always, and without any exception, the greatest spendthrifts in the society.

    ^ A great trader purchases his goods always where they are cheapest and best, without regard to any little interest of this kind."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ A great trader purchases his goods always where they are cheapest and best, without regard to any little interest of this kind.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .Let them look well after their own expence, and they may safely trust private people with theirs.^ Let them look well after their own expense, and they may safely trust private people with theirs.

    ^ Also, they make it almost impossible for private teachers to make a living, no matter how good the private teachers may be.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ "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.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    If their own extravagance does not ruin the state, that of their subjects never will.
    • Book II, Chapter III, pg.381
  • The antient 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.
    • Book II, Chapter V, pg.402

BOOK III

.
  • It seldom happens, however, that a great proprietor is a great improver.^ "But if great improvements are seldom to be expected from great proprietors, they are least of all to be expected when they employ slaves for their workmen.

    .
    • Book III, Chapter IV, pg.420
  • 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.^ "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.

    ^ Part IV., on the effect of Utility on our moral sentiments, forms chapter XII., in which all that is said on the subject in different passages is brought together.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ They promoted the second because they believed that foreign coin could be more readily obtained in exchange for manufactured goods than for agricultural goods.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    .
    • Book III, Chapter IV, pg.448
  • By the removal of the unnecessary mouths, and by extracting from the farmer the full value of the farm, a greater surplus, or what is the same thing, the price of a greater surplus, was obtained for the proprietor...^ But the annual revenue of every society is always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]

    ^ Smith devotes a long and astute chapter in Book I to debunking the mercantilist myth that precious metals will inevitably slide in price (I.xi).
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ For, as we shall see further in the treatment of Marx (Chapters 9 — 13 in Volume II), the 'surplus value' of profits out of labour should be greater in labour-intensive than in capital-intensive industries, and yet profits tend to equalize everywhere.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .
  • A merchant, it has been said very properly, is not necessarily the citizen of any particular country.^ The proprietor of land is necessarily a citizen of the particular country in which his estate lies.

    ^ The proprietor of stock is properly a citizen of the world, and is not necessarily attached to any particular country.

    ^ Part IV., on the effect of Utility on our moral sentiments, forms chapter XII., in which all that is said on the subject in different passages is brought together.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .
    • Book III, Chapter IV, pg.456
  • 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.^ 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.

    ^ I.4.4 In all countries, however, men seem at last to have been determined by irresistible reasons to give the preference, for this employment, to metals above every other commodity.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ Even in these cases, therefore, we are really projecting ourselves into other people's situations, rather than merely adopting the emotion they seem to be experiencing.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    • Book III, Chapter IV, pg.448

BOOK IV

.
  • POLITICAL economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first,to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public services.^ Thus, it is taxation that predominantly must "make up a public revenue to the sovereign or commonwealth."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ To provide for organizing, arming, and disciplining the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress.
    • HorsesAss.Org » Blog Archive » Rep. Adam Smith: “Troop surge is not the answer” 19 January 2010 9:51 UTC horsesass.org [Source type: Original source]

    ^ The moral sense too was a reflex internal sense, as distinct from a direct internal sense; that is to say, as the perception of beauty was a reflex sense presupposing the direct sense which perceived objects and colours, so the perception of the beauty or deformity of passions and affections was a reflex sense presupposing the perception by a direct internal sense of the several passions and affections themselves.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .It proposes to enrich both the people and the sovereign.
    • Book IV, Introduction, pg.459
  • The great affair, we always find, is to get money.
    • Book IV, Chapter I, pg.460
  • When the profits of trade happen to be greater than ordinary, over-trading becomes a general error both among great and small dealers.
    • Book IV, Chapter I, pg.469
  • 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.^ "Nor is it always the worse for the society that it was no part of it.

    ^ Nor is it always the worse for the society that it was no part of it.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ Nor is it always the worse for society that it was no part of it.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book IV, Chapter I, pg.470
  • Goods can serve many other purposes besides purchasing money,but money can serve no other purpose besides purchasing goods.^ Smith's critique of specie as 'dead stock' also stems from his belief that money is not a commodity serving as a medium of exchange, but a claim, a sign, a 'voucher to purchase'.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ It is thus no surprise that the explicit critique of mercantilism and Physiocracy, in Book IV, flows directly out of the earlier theoretical analysis.
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    ^ Yes, Lennox Lewis and Riddick Bowe didn't meet but there were many other good heavyweight fights during their era.
    • Sky Sports | Blogs | Adam Smith | Year we go again! 1 February 2010 6:54 UTC www.skysports.com [Source type: General]

    .
    • Book IV, Chapter I, pg.471
  • It is not for its own sake that men desire money, but for the sake of what they can purchase with it.^ What is bought with money or with goods is purchased by labour, as much as what we acquire by the toil of our own body… They contain the value of a certain quantity of labour which we exchange for what is supposed at the time to contain the value of an equal quantity.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ From a natural sympathetic admiration of their happiness, we desire to serve them for their own sakes, and require no other recompense than the vanity and honour of obliging them.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "We are eager to assist them in completing a system of happiness that approaches so near to perfection; and we desire to serve them for their own sake, without any other recompense but the vanity or the honour of obliging them.

    .
    • Book IV, Chapter I, pg.471
  • We do not, however, reckon that trade disadvantageous which consists in the exchange of the hard-ware of England for the wines of France;and yet hard-ware is a very durable commodity,and were it not for this continual exportation, might too be accumulated for ages together, to the incredible augmentation of the pots and pans of the country.But it readily occurs that the number of such utensils is in every country necessarily limited by the use which there is for them;that it would be absurd to have more pots and pans than were necessary for cooking the victuals usually consumed there;and that if the quantity of victuals were to increase, the number of pots and pans would readily increase along with it, apart of the increased quantity of victuals being employed in purchasing them, or in maintaining an additional number of workman whose business it was to make them.^ Yet why should he make an apology more than any one else?
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Nothing is more useful than water; but it will purchase scarce any thing; scarce any thing can be had in exchange for it.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ Chapter iii explains how the spread of trade naturally makes possible increases in the division of labor, and therefore in total wealth, and chapters iv and v provide Smith with a crucial tool--the distinction between "real" and "nominal" prices--for his later analysis of how the price of precious metals tends to rise rather than fall (consider the use of "real price" at WN 205-9, 219, 236, or 253-5).
    • Sample Chapter for Fleischacker, S.: On Adam Smith's Wealth of Nations: A Philosophical Companion. 19 January 2010 9:51 UTC pup.princeton.edu [Source type: Original source]

    .
    • Book IV, Chapter I, pg.471
  • The importation of gold and silver is not the principal, much less the sole benefit which a nation derives from its foreign trade.^ Foreign trade broadens markets - induces vast expansion of that which a nation best produces - that which it supplies far more efficiently than that which it produces poorly or not at all.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Indeed, it is easier to assure needed supplies of gold and silver, because of the ease of shipment, than of bulkier and less valuable commodities like wheat.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Restraints against capital exports - in Smith's time, gold and silver exports - undermine commerce that is dependent on foreign trade - increase costs - render the nation's commerce less competitive - and are anyways futile since they just encourage smuggling.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book IV, Chapter I, pg.479
  • The commodities of Europe were almost all new to America, and many of those of America were new to Europe.^ To investigate Smith's work, therefore, is to ask many of the great questions that we all struggle with today, including those that emphasize the relationship of morality and economics.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ With the new markets, the "productive powers of labour were improved, and its produce increased in all the different countries of Europe, and together with it the real revenue and wealth of the inhabitants."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is supposed to be Disadvantageous Volume II IV.4.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .A new set of exchanges, therefore, began..and which should naturally have proved as advantageous to the new, as it certainly did to the old continent.^ Nature therefore, "from her parental care of both, meant that he should anxiously avoid all such accidents."
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .The savage injustice of the Europeans rendered an event, which ought to have been beneficial to all, ruinous and destructive to several of those unfortunate countries.^ "Upon all these different occasions it was not the wisdom and policy, but the disorder and injustice of the European governments which peopled and cultivated America."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is supposed to be Disadvantageous Volume II IV.4.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .
    • Book IV, Chapter I, pg.481
  • Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command.^ Each individual seeks to maximize his profits or wages by employing himself and his capital in the most valuable way.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Capital used for import substitution production would not be diminished in the absence of protection - it would be freed to find more productive uses, Smith points out.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ The attention of the landlord is a particular and a minute consideration of what is likely to be the most advantageous application of every inch of ground upon his estate.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .It is his own advantage, indeed, and not that of the society,which he has in his view.^ "[It] is by no means certain that this artificial direction is likely to be more advantageous to the society than that which it would have gone of its own accord."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .But the study of his own advantage naturally, or rather necessarily leads him to prefer that employment which is most advantageous to the society.
    • Book IV, Chapter II, pg.486
  • As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can.^ "[Thus,] every individual necessarily labours to render the annual revenue of the society as great as he can.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ But the annual revenue of every society is always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]

    ^ As every individual, therefore, endeavours as much as he can both to employ his capital in the support of… industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it.^ He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it… (B)y directing that industry in such a manner as its produce may be of the greatest value, 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 no part of his intention.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ "Not only the prejudices of the public, but what is much more unconquerable, the private interests of many individuals, irresistibly oppose [free trade]."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, 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 no part of his intention.^ "[In choosing between domestic and foreign sources], 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 no part of his intention."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Any government intervention he may have supported is not described as being part of the "invisible hand".
    • Adam Smith and the Visible Foot of Government - Gary Galles - Mises Economics Blog 1 February 2010 6:54 UTC blog.mises.org [Source type: Original source]

    ^ He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it… (B)y directing that industry in such a manner as its produce may be of the greatest value, 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 no part of his intention.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .Nor is it always the worse for the society that it was no part of it.^ "Nor is it always the worse for the society that it was no part of it.

    ^ Nor is it always the worse for the society that it was no part of it.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ Nor is it always the worse for society that it was no part of it.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.^ By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ He rarely frequents, and more rarely figures in, those convivial societies which are distinguished for the jollity and gaiety of their conversation.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ For Smith, religion is an exceptionally fractious force in society because individuals tend to regard theological leaders as having more authority than political ones.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .I have never known much good done by those who affected to trade for the public good.^ I have never known much good done by those who affected to trade for the public good.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ "Not only the prejudices of the public, but what is much more unconquerable, the private interests of many individuals, irresistibly oppose [free trade]."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ But the hard-ware and the coarse woollens of England are beyond all comparison superior to those of France, and much cheaper too in the same degree of goodness.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.^ It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it..."

    .
    • Book IV, Chapter II, pg.489
  • What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom.^ "What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.

    ^ A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it” ( WN I.iv.13).
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book IV, Chapter II, pg.490
  • 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.^ "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 ever be established in it.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Is it likely that in Great Britain alone a practice which has brought either weakness or desolation into every other country should prove altogether innocent?

    ^ The costs of mercantilist policies are so great that the nation might be better off even if some new industry is less rapidly established or even never established.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book IV, Chapter II, pg.505
  • The violence and injustice of the rulers of mankind is an ancient evil, for which, I am afraid, the nature human affairs can scarce admit a remedy.^ Mankind are benefited, human nature is ennobled by them.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ 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 of a remedy.

    ^ In his chapter on “the expence of justice” ( WN V.i.b), he discusses the nature of human subordination and why human beings like to impose themselves on one another.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book IV, Chapter III, Part II, pg.531
  • Mercantile jealousy is excited, and both inflames, and is itself inflamed, by the violence of national animosity:...^ Part IV., on the effect of Utility on our moral sentiments, forms chapter XII., in which all that is said on the subject in different passages is brought together.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ In Book II of the Wealth of Nations, Smith opines that labour on material objects is productive, while other labour is not because it does not 'fix or realize itself in any particular subject which endures after that labour is past and for which an equal quantity of labour could afterward be purchased'.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ However, he emphasizes that - whether due to animosity or mercantile jealousy - the restraint of trade between England and France has deprived both nations of probably their most profitable international commerce.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book IV, Chapter III, Part II, pg.534
  • In public, as well as in private expences, great wealth may, perhaps, frequently be admitted as an apology for great folly.^ Of great interest to those in the fields of economics and Marxism, Henderson's book evaluates the Wealth of Nations as a text of historical and modern-day significance.
    • adam smith - Lulu.com 19 January 2010 9:51 UTC www.lulu.com [Source type: General]

    ^ Thus avarice overrates the difference between poverty and wealth, ambition that between public and private life, vain-glory that between obscurity and renown.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .
    • Book IV, Chapter V, pg.563
  • I have no great faith in political arithmetic, and I mean not to warrant the exactness of either of these computations.^ Yet he offers no justification for either of these dubious propositions.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ The fifth and final book presents the role of the sovereign in a market economy, emphasizing the nature and limits of governmental powers and the means by which political institutions are to be paid for.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ When an animal wants to obtain something either of a man or of another animal, it has no other means of persuasion but to gain the favour of those whose service it requires.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]

    .
    • Book IV, Chapter V, pg.577
  • Of all those expensive and uncertain projects, however, which bring bankruptcy upon the greater part of the people who engage in in them, there is none perhaps more perfectly ruinous then the search after new silver and gold mines. It is perhaps the most disadvantageous lottery in the world, or the one in which the gain of those who draw the prizes bears the least proportion to the loss of those who draw the blanks: for though the prizes are few and the blanks are many, the common price of a ticket is the whole fortune of a very rich man.
    • Book IV, Chapter VII, Part First, pg.610
  • To found a great empire for the sole purpose of raising up a people of customers, may at first appear a project fit only for a nation of shopkeepers.^ 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.
    • Adam Smith 1 February 2010 6:54 UTC econ161.berkeley.edu [Source type: Original source]
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ To his friends, who were frequently the objects of it, there was not perhaps any one of all his great and amiable qualities, which contributed more to endear his conversation.

    ^ A great empire has been established for the sole purpose of raising up a nation of customers who should be obliged to buy from the shops of our different producers all the goods with which these could supply them.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .It is however, a project altogether unfit for a nation of shopkeepers; but extremely fit for a nation whose government is influenced by shopkeepers.^ Governments grant these monopolies against the interests of their own nation - and the interests of its people whose costs are thereby increased.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Easily exploited mineral wealth - like oil or diamonds - has been a curse for some nations whose governments have been thereby relieved of dependence on the prosperity of their people.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ By 1784, it had become painfully evident that the company was "altogether unfit to govern its territorial possessions."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book IV, Chapter VII, Part Third, pg.667
  • Monopoly of one kind or another, indeed, seems to be the sole engine of the mercantile system.^ Misguided efforts to accumulate hard money - gold and silver - by various mercantile restraints are the subject of Book IV. "Monopoly of one kind or another, indeed, seems to be the sole engine of the mercantile system."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ What seems likely, though, is that one person’s labor in any given society is not significantly different from another person’s.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ In his chapter on “the expence of justice” ( WN V.i.b), he discusses the nature of human subordination and why human beings like to impose themselves on one another.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book IV, Chapter VII, Part Third, pg.684
  • Such taxes [upon the necessaries of life], when they have grown up to a certain height, are a curse equal to the barrenness of the earth and the inclemency of the heavens; and yet it is in the richest and most industrious countries that they have been most generally imposed.^ "Such taxes, when they have grown up to a certain height, are a curse equal to the barrenness of the earth and the inclemency of the heavens; - - -."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ "Such taxes, when they have grown up to a certain height, are a curse equal to the barrenness of the earth and the inclemency of the heavens; and yet it is in the richest and most industrious countries that they have been most generally imposed.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ But if there would be a manifest absurdity in turning towards any employment thirty times more of the capital and industry of the country than would be necessary to purchase from foreign countries an equal quantity of the commodities wanted, there must be an absurdity, though not altogether so glaring, yet exactly of the same kind, in turning towards any such employment a thirtieth, or even a three-hundredth part more of either.

    .No other countries could support so great a disorder.^ No other countries could support so great a disorder."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ All must have had the same duties to perform, and the same work to do, and there could have been no such difference of employment as could alone give occasion to any great difference of talents.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ They would remove both their residences and their capitals to some other country, and the industry and commerce of Holland would soon follow the capitals which supported them..."

    .
    • IV.ii.36
  • 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.^ "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."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ 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.

    ^ "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.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book IV, Chapter VIII, pg.719
  • It cannot be very difficult to determine who have been the contrivers of this whole mercantile system; not the consumers, we may believe, whose interest has been entirely neglected; but the producers, whose interests has been so carefully attended to; and among this later class our merchants and manufactures have been by far the principal architects.^ In that view, I believe, it may prove a very good book.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ If we are conscious that we do not deserve to be so favourably thought of, and that if the truth were known, we should be regarded with very different sentiments, our satisfaction is far from being complete.

    ^ So the physiocrats alleged that the husbandman maintained himself and all other classes; and Adam Smith alleged that the husbandman, the manufacturer, and the merchant maintained themselves and all other classes.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    .In the mercantile regulations, which have been taken notice of in this chapter, the interest of our manufacturers has been most peculiarly attended to;and the interest, not so much of the consumers, as that of some other sets of producers, has been sacrificed to it.^ "But in the system of laws which has been established for the management of our American and West Indian colonies, the interest of the home consumer has been sacrificed to that of the producer with a more extravagant profusion than in all our other commercial regulations.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ A person who can acquire no property, can have no other interest but to eat as much, and to labour as little as possible.

    ^ If a peculiar sentiment, distinct from every other, were really the source of the principle of approbation, it is strange that such a sentiment "should hitherto have been so little taken notice of as not to have got a name in any language.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    • Book IV, Chapter VIII, pg.721

BOOK V

.
  • Wherever there is great property, there is great inequality.
    • Book V, Chapter I, Part II, pg.770
  • Civil government, so far as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all.^ "Wherever there is great property, there is great inequality.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ "Wherever there is great property there is great inequality.

    ^ "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."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book V, Chapter I, Part II, 775
  • Upstart greatness is everywhere less respected than ancient greatness.^ They are less reasonable objects of vanity than wealth and great- ness, and less effectually gratify man's love of distinction.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ The last part of the book (part VII, "Of Systems of Moral Philosophy") is the most distanced from this topic, addressing the history of ethics but, again, only for slightly less than sixty pages.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ The last part of the book (part VII, “Of Systems of Moral Philosophy”) is the most distanced from this topic, addressing the history of ethics but, again, only for slightly less than sixty pages.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book V, Chapter I, Part II, pg.773
  • Justice, however, never was in reality administered gratis in any country.^ The excellence of this arrangement, however, is considerably marred by the division of these Parts into Sections, and by the frequent further subdivison of the Sections themselves into Chapters.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ The second, third, and fourth chapters comprise Parts I. and II. Part V., and the sections relating to the same subject in Parts I. and II., make up the fifth chapter.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Book I, Chapter II .
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .Lawyers and attornies, at least, must always be paid by the parties; and, if they were not, they would perform their duty still worse then they actually perform it.^ All must have had the same duties to perform, and the same work to do, and there could have been no such difference of employment as could alone give occasion to any great difference of talents.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ And, that if they know that the folks at home support their mission, they feel empowered to perform their duty….
    • HorsesAss.Org » Blog Archive » Rep. Adam Smith: “Troop surge is not the answer” 19 January 2010 9:51 UTC horsesass.org [Source type: Original source]

    ^ As they are constantly considering what they themselves would feel, if they actually were the sufferers, so he is as constantly led to imagine in what manner he would be affected if he was only one of the spectators of his own situation.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book V, Chapter I, Part II, pg.778
  • The tolls for the maintenance of a high road, cannot with any safety be made the property of private persons.^ Of primary importance is assuring the physical safety of persons and property from threats both foreign and domestic.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Except for tolls sufficient for the maintenance of roads and canals, Smith opposes taxes on transportation as obstructive of commerce.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Except for tolls sufficient for the maintenance of roads and canals, Smith opposes such taxes as obstructive of commerce.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book V, Chapter I, Part III, Article I, pg.786
  • The Hudson's Bay Company, before their misfortunes in the late war, had been much more fortunate than the Royal African Company.^ This is not chiefly owing to the beauty of diction, as in the case of Cicero, but to the variety of explanations of life and manners which embellish the book more than they illuminate the theory.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ It is for this reason that we are more ashamed to weep than to laugh before company, though we may often have as real occasion to do the one as the other: we always feel that the spectators are more likely to go along with us in the agreeable than in the painful emotion.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ At the conclusion of the late war, the most expensive that Great Britain ever waged, her agriculture was as flourishing, her manufacturers as numerous and as fully employed, and her commerce as extensive as they had ever been before.

    .
    • Book V, Chapter I, Part III, pg.806
  • 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.^ It is upon this account that joint stock companies for foreign trade have seldom been able to maintain the competition against private adventurers.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Even in company, he was apt to be engrossed with his studies, and would seem, by the motion of his lips as well as by his looks and gestures, to be in all the fervour of composition.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Part VII., or Systems of Moral Philosophy, helps in the thirteenth chapter to throw into clear light the relation of Adam Smith's theory to other theories of moral philosophy.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .
    • Book V, Chapter I, Part III, Article I, pg.810
  • Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules.^ By ruling out various kinds of government intervention, the thrust, other things being equal, is to reduce total government taxation and spending.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ These qualities are Prudence, Justice and Beneficence; and "the man who acts according to the rules of perfect prudence, of strict justice, and of proper benevolence, may be said to be perfectly virtuous."
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ All serious and strong expressions of it appear ridiculous to a third person; and though a lover may be good company to his mistress, he is so to nobody else.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .To depart upon any occasion from these rules, in consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.^ These are just some of my if-then rules.

    ^ "Upon all these different occasions it was not the wisdom and policy, but the disorder and injustice of the European governments which peopled and cultivated America."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ The necessities of the state render government upon most occasions willing to borrow on terms extremely advantageous to the lender.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book V, Chapter I, Part III, pg.820
  • The trade of insurance gives great security to the fortunes of private people, and by dividing among a great many that loss which would ruin an individual, makes it fall light and easy upon the whole society.^ Even in the lowest state of his fortune, his great and necessary frugality never hindered him from exercising, upon proper occasions, acts both of charity and generosity.

    ^ Individuals "derive no satisfaction" from unworthy praise ( TMS III.2.5), and doing so is an indication of the perversion of vanity than can be corrected by seeing ourselves the way others would, if they knew the whole story.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ Colonies governed by the great mercantile trading companies were everywhere misgoverned - generally stunted in their growth - and a disaster for the native peoples.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book V, Chapter I, Part III, pg.821
  • In England, success in the profession of the law leads to some very great objects of ambition; and yet how few men, born to easy fortunes, have ever in this country been emminent in that profession?^ I told him, that though I was sensible how very much he was weakened, and that appearances were in many respects very bad, yet his cheerfulness was still so great, the spirit of life seemed still to be so very strong in him, that I could not help entertaining some faint hopes.

    ^ In our sugar colonies, on the contrary, the whole work is done by slaves, and in our tobacco colonies a very great part of it.

    ^ This will lead, eventually, to Smith’s discussion of duty in part III—his account of why we act morally towards those with whom we have no connection whatsoever.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book V, Chapter I, Part III, pg.824
  • The education of the common people requires, perhaps, in a civilized and commercial society, the attention of the public more then that of people of some rank and fortune.^ It shows that Smith's enthusiasm for the transition to a society based on trade and manufacturing was tinged with a more dispassionate recognition of the losses as well as the benefits derived from commercial society.
    • adam smith - Lulu.com 19 January 2010 9:51 UTC www.lulu.com [Source type: General]

    ^ The poll taxes are unequal and generally more burdensome on the lower ranks of people.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ "There are no public institutions for the education of women, and there is accordingly nothing useless, absurd, or fantastical in the common course of their education.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book V, Chapter I, Part III, pg.845
  • 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.^ I.I.9 To explain *11 in what has consisted the revenue of the great body of the people, or what has been the nature *12 of those funds, which, in different ages and nations, have supplied their annual consumption, is the object of *13 these Four first Books.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ The necessities of the state render government upon most occasions willing to borrow on terms extremely advantageous to the lender.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ However, the most intriguing sections of Book Five contain his two discussions of education ( WN V.i.f–V.i.g).
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .
    • Book V, Chapter I, Part III, Article II
  • Nothing but the most exemplary morals can give dignity to a man of small fortune.
    • Book V, Chapter I, Part III, Article III, pg.874
  • 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.
    • Book V, Chapter I, Part IV, Conclusion, pg.881
  • Lands for the purposes of pleasure and magnificence, parks, gardens, public walks, &c.^ In this book I have endeavoured to show; first, what are the necessary expences of the sovereign, or commonwealth; which of those expences ought to be defrayed by the general contribution of the whole society; and which of them, by that of some particular part only, or of some particular members of it: *14 secondly, what are the different methods in which the whole society may be made to contribute towards defraying the expences incumbent on the whole society, and what are the principal advantages and inconveniencies of each of those methods: and, thirdly and lastly, what are the reasons and causes which have induced almost all modern governments to mortgage some part of this revenue, or to contract debts, and what have been the effects of those debts upon the real wealth, the annual produce of the land and labour of the society.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ Like the stewards of a rich man, they are apt to consider attention to small matters as not for their master's honour, and very easily give themselves a dispensation from having it.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Part VII., or Systems of Moral Philosophy, helps in the thirteenth chapter to throw into clear light the relation of Adam Smith's theory to other theories of moral philosophy.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    possessions which are every where considered as causes of expence, not as sources of revenue, seem to be the only lands which, in a great and civilized monarchy, ought to belong the crown. .
    • Book V, Chapter II, Part I, pg.891
  • I. The subjects of every state ought to contribute towards 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.^ The subjects of every state ought to contribute towards 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.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ In such times, the leaders of the discontented party often propose "to new-model the constitution, and to alter, in some of its most essential parts, that system of government under which the subjects of a great empire have enjoyed perhaps peace, security, and even glory, during the course of several centuries together."
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ To attract people of character and ability, it is essential that judicial salaries be set suitably high and that they and other judicial expenses be defrayed substantially from the state's general revenues.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    .
    • Book V, Chapter II, Part II, pg.^ Book I, Chapter II .
      • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

      ^ The second, third, and fourth chapters comprise Parts I. and II. Part V., and the sections relating to the same subject in Parts I. and II., make up the fifth chapter.
      • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

      892
  • II. The tax which each individual is bound to pay ought to be certain, and not arbitrary. .
    • Book V, Chapter II, Part II, pg.892
  • III. Every tax ought to be levied at the time, or in the manner, in which it is most likely to be convenient for the contributor to pay it.^ It is in this manner most likely to increase both the quantity and value of that produce, and consequently of his own share of it, or of his own revenue."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Neither would it save the theory to say that since A, for example, makes five times as much money as B, that A therefore benefits five times as much from 'society' and therefore should pay five times the taxes.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ But most of this doesn’t matter for small time software entrepreneurs like us.

    .
    • Book V, Chapter II Part II, pg.893
  • IV. Every tax ought to be 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.^ But in every improved and civilised society this is the state into which the labouring poor, that is, the great body of the people, must necessarily fall, unless government takes some pains to prevent it..."

    ^ Smith has a particular flair for examples, both literary and from day-to-day life, and his use of “we” throughout brings the reader into direct dialogue with Smith.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men.

    .
    • Book V, Chapter II, Part II, pg.^ Book I, Chapter II .
      • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

      ^ The second, third, and fourth chapters comprise Parts I. and II. Part V., and the sections relating to the same subject in Parts I. and II., make up the fifth chapter.
      • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

      893
  • The evident justice and utility of the foregoing maxims have recommended them more or less to the attention of all nations. .
    • Book V, Chapter II, Part II, pg.^ Book I, Chapter II .
      • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

      ^ The second, third, and fourth chapters comprise Parts I. and II. Part V., and the sections relating to the same subject in Parts I. and II., make up the fifth chapter.
      • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

      894
  • But though empires, like all the other works of men, have all hitherto proved mortal, yet every empire aims at immortality. .
    • Book V, Chapter II, Part II, pg.^ Book I, Chapter II .
      • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

      ^ The second, third, and fourth chapters comprise Parts I. and II. Part V., and the sections relating to the same subject in Parts I. and II., make up the fifth chapter.
      • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

      896
  • It is not very unreasonable that the rich should contribute to the public expence, not only in proportion to their revenue, but something more than in that proportion. .
    • Book V, Chapter II, Part II, Article I, pg.911
  • 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.^ The implication of that point would be that both persons, and therefore all persons, should pay an equal tax, that is, a tax equal in absolute numbers.
    • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

    ^ A person who can acquire no property, can have no other interest but to eat as much, and to labour as little as possible.

    ^ Where, however, a passion takes its origin from a particular turn of the imagination , the imagination of others, not having acquired that particular turn, cannot sympathize with the passion, and so finds it in some measure ridiculous.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .
    • Book V, Chapter II, Part II, pg.927
  • All registers which, it is acknowledged, ought to be kept secret, ought certainly never to exist.
    • Book V, Chapter II, Part II, Appendix to Articles I and II, pg.935
  • If a workman can conveniently spare those three halfpence, he buys a pot of porter.^ Part IV., on the effect of Utility on our moral sentiments, forms chapter XII., in which all that is said on the subject in different passages is brought together.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is supposed to be Disadvantageous Volume II IV.4.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ Though it has never been doubted whether faith ought to be kept with public enemies, it has often been furiously debated whether faith ought to be kept with rebels and heretics.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .If he cannot, he contents himself with a pint, and, as a penny saved is a penny got, he thus gains a farthing by his temperance.^ Though he should consider some of them as in some measure abusive, he will content himself with moderating, what he often cannot annihilate without great violence.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .
    • Book V, Chapter II, Part II, Article IV, pg.951
  • That of beaver skins, of beaver wool, and of gum Senega, has been subjected to higher duties; Great Britain, by the conquest of Canada and Senegal, having got almost the monopoly of those commodities.^ The difficulties that Great Britain was having in finding an effective way to get the colonies to pay for some of the expenses of their own defense is set forth at some length by Smith.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Part IV., on the effect of Utility on our moral sentiments, forms chapter XII., in which all that is said on the subject in different passages is brought together.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is supposed to be Disadvantageous Volume II IV.4.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    .
    • Book V, Chapter II, Part II, Article IV, pg.954-955
  • But bounty and hospitality very seldom lead to extravagance; though vanity almost always does.
    • Book V, Chapter III, Part V, pg.987
  • When national debts have once been accumulated to a certain degree, there is scarce, I believe, a single instance of their having been fairly and completely paid.^ There is not a Negro from the coast of Africa who does not, in this respect, possess a degree of magnanimity which the soul of his sordid master is too often scarce capable of conceiving.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ But though always sincere, he is not always frank and open; and though he never tells anything but the truth, he does not always think himself bound, when not properly called upon, to tell the whole truth.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "But though his conversation may not always be very sprightly or diverting, it is always perfectly inoffensive.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .The liberation of the public revenue,if it has ever been brought about at all, has always been brought about by bankruptcy; sometimes by an avowed one, but always by a real one, though frequently by a pretend payment.^ "The natural advantages which one country has over another in producing particular commodities are sometimes so great that it is acknowledged by all the world to be in vain to struggle with them.

    ^ "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.

    ^ It is for this reason that we are more ashamed to weep than to laugh before company, though we may often have as real occasion to do the one as the other: we always feel that the spectators are more likely to go along with us in the agreeable than in the painful emotion.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .
    • Book V, Chapter III, Part V, pg.1012
  • The rulers of Great Britain have, for more than a century past, amused the people with the imagination that they possessed a great empire on the west side of the Atlantic.^ The spectator does not imagine "that they are really happier than other people, but he imagines that they possess more means of happiness.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Fortune never exerted more cruelly her empire over mankind, than when she subjected those nations of heroes to the refuse of the jails of Europe, to wretches who possess the virtues neither of the countries which they come from, nor of those which they go to, and whose levity, brutality, and baseness, so justly expose them to the contempt of the vanquished.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ This is not chiefly owing to the beauty of diction, as in the case of Cicero, but to the variety of explanations of life and manners which embellish the book more than they illuminate the theory.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    This empire, however, has hitherto existed in imagination only.
    • Book V, Chapter III, Part V, pg.1032 (Last Page)
.

The Theory of Moral Sentiments

Systems and societies

.
  • 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.^ Nothing, indeed, is more fatal to the good order of society than the policy of "a man of system," who is so enamoured of his own ideal plan of government as to be unable to suffer the smallest deviation from any part of it, and who insists upon establishing and establishing all at once, and in spite of all opposition, whatever his idea may seem to require.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ Like the stewards of a rich man, they are apt to consider attention to small matters as not for their master's honour, and very easily give themselves a dispensation from having it.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Men of the greatest public spirit have often been men of the smallest humanity, like Peter the Great; and if a public-spirited man encourages the mending of roads, it is not commonly from a fellow-feeling with carriers and waggoners so much as from a regard to the general beauty of order.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .He goes on to establish it completely and in all its parts, without any regard either to the great interests, or to the strong prejudices which may oppose it.^ Even to the great judge of the universe they impute all their own prejudices, and often view that Divine Being as animated by all their own vindictive and implacable passions."
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "Not only the prejudices of the public, but what is much more unconquerable, the private interests of many individuals, irresistibly oppose [free trade]."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ With the eyes of this great inmate he has been accustomed to regard all that relates to himself.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .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.^ What seems likely, though, is that one person’s labor in any given society is not significantly different from another person’s.
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ So with regard to public spirit, the first source of our admiration of it is not founded so much on a sense of its utility as upon the great and exalted propriety of the actions to which it prompts.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ The difference between the most dissimilar characters, between a philosopher and a street porter, for example, seems to arise not so much from nature, as from habit, custom and education” ( WN I.ii.4).
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .He does not consider that the pieces upon the chess-board have no other principle of motion besides that which the hand impresses upon them; but 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.^ Each person has his or her “own principle of motion… different from that which the legislature might choose to impress upon” them ( TMS VI.ii.2.18).
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ "Let us suppose that the great empire of China, with all its myriads of inhabitants, was suddenly swallowed up by an earthquake, and let us consider how a man of humanity in Europe, who had no sort of connexion with that part of the world, would be affected upon receiving intelligence of this dreadful calamity.

    ^ Yet, on the other hand, it must be owned that, for philosophical purposes, few books more need abridgment; for the most careful reader frequently loses sight of principles buried under illustrations.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .If those two principles coincide and act in the same direction, the game of human society will go on easily and harmoniously, and is very likely to be happy and successful.^ Like the stewards of a rich man, they are apt to consider attention to small matters as not for their master's honour, and very easily give themselves a dispensation from having it.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ This tendency, which Smith suggests may be one of the "original principles in human nature," is common to all people and drives commercial society forward.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ Human society may be compared to "an immense machine, whose regular and harmonious movements produce a thousand agreeable effects.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    If they are opposite or different, the game will go on miserably, and the society must be at all times in the highest degree of disorder.

Justice

.
  • 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.^ 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.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ 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.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ A man raised suddenly to a much higher position may be sure that the congratulations of his best friends are not perfectly sincere.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .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.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ 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.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]

    ^ We may often fulfil all the rules of justice by sitting still and doing nothing."
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    We may often fulfil all the rules of justice by sitting still and doing nothing.
  • Mercy to the guilty is cruelty to the innocent.

Far-away disasters

.
  • Let us suppose that the great empire of China, with all its myriads of inhabitants, was suddenly swallowed up by an earthquake, and let us consider how a man of humanity in Europe, who had no sort of connection with that part of the world, would be affected upon receiving intelligence of this dreadful calamity.^ Hume, who asks readers to 'consider how nearly equal all men are in their bodily force, and even in their mental powers and faculties, ere cultivated by education'.—'Of the Original Contract,' in Essays, Moral and Political, 1748, p.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ They ought all of them to be matters of great indifference to us both; so that, though our opinions may be opposite, our affections may still be very nearly the same.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ He argued that "a natural principle of benevolence," impelling us to consider the interests of others, was an essential part of human nature.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .He would, I imagine, first of all, express very strongly his sorrow for the misfortune of that unhappy people, he would make many melancholy reflections upon the precariousness of human life, and the vanity of all the labours of man, which could thus be annihilated in a moment.^ In order to avoid the inconveniency of such situations, every prudent man in every period of society, after the first establishment of the division of labour, must naturally have endeavoured to manage his affairs in such a manner, as to have at all times by him, besides the peculiar produce of his own industry, a certain quantity of some one commodity or other, such as he imagined few people would be likely to refuse in exchange for the produce of their industry.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ So we imagine what effect our own conduct would have upon us, were we our own impartial spectators, such a method being the only looking-glass by which we can scrutinize, with the eyes of other people, the propriety of our own conduct.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ They are led by an invisible hand to make nearly the same distribution of the necessaries of life which would have been made had the earth been divided into equal portions among all its inhabitants....
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .He would too, perhaps, if he was a man of speculation, enter into many reasonings concerning the effects which this disaster might produce upon the commerce of Europe, and the trade and business of the world in general.^ Colonies governed by the great mercantile trading companies were everywhere misgoverned - generally stunted in their growth - and a disaster for the native peoples.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ Only the man who has been thoroughly bred in the great school of self-command, the bustle and business of the world, maintains perfect control over his passive feelings upon all occasions.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ This was to overlook the facts of common life, since a person's conduct and sentiments are generally regarded under both these aspects, a man receiving blame for excess of love, or grief, or resentment, not only by reason of the ruinous effects they tend to produce, but also on account of the little occasion that was given for them.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .And when all this fine philosophy was over, when all these humane sentiments had been once fairly expressed, he would pursue his business or his pleasure, take his repose or his diversion, with the same ease and tranquillity, as if no such accident had happened.^ Nature therefore, "from her parental care of both, meant that he should anxiously avoid all such accidents."
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "By such maxims as these, however, nations have been taught that their interest consisted in beggaring all their neighbors."
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ In the highest situation we can fancy, the pleasures from which we propose to derive our real happiness are generally the same as those which, in a humbler station, we have at all times at hand and in our power.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    .The most frivolous disaster which could befall himself would occasion a more real disturbance.^ The most perfect assurance that no eye has seen our action, does not prevent us from viewing it as the impartial spectator would have regarded it, could he have been present.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ One man, we shall suppose, has more of a certain commodity than he himself has occasion for, while another has less.
    • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

    ^ On both occasions our views are apt to be partial, but they are more especially partial when it is most important that they should be otherwise.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    If he was to lose his little finger to-morrow, he would not sleep to-night; but, provided he never saw them, he will snore with the most profound security over the ruin of a hundred millions of his brethren, and the destruction of that immense multitude seems plainly an object less interesting to him, than this paltry misfortune of his own.

Selflessness

  • 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.

Individualism

  • Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so.

Materialism

.
  • How many people ruin themselves by laying out money on trinkets of frivolous utility?^ He offers models for how people should treat themselves and others.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    .What pleases these lovers of toys is not so much the utility, as the aptness of the machines which are fitted to promote it.^ According to Hume, the utility of any object is a source of pleasure from its suggestion of the conveniency it is intended to promote, from its fitness to produce the end intended by it.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    All their pockets are stuffed with little conveniences. .They contrive new pockets, unknown in the clothes of other people, in order to carry a greater number.^ The greater the revenue of the people, therefore, the greater the annual produce of their land and labour, the more they can afford to the sovereign.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    ^ The spectator does not imagine "that they are really happier than other people, but he imagines that they possess more means of happiness.
    • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

    ^ "The inferior ranks of the people no longer looked upon that order, as they had done before, as the comforters of their distress, and the relievers of their indigence.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    They walk about loaded with a multitude of baubles, in weight and sometimes in value not inferior to an ordinary Jew's-box, some of which may sometimes be of some little use, but all of which might at all times be very well spared, and of which the whole utility is certainly not worth the fatigue of bearing the burden.

Africa and Africans

.
  • There is not a negro from the coast of Africa who does not, in this respect, possess a degree of magnanimity which the soul of his sordid master is too often scarce capable of conceiving.^ There is not a Negro from the coast of Africa who does not, in this respect, possess a degree of magnanimity which the soul of his sordid master is too often scarce capable of conceiving.
    • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
    • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

    ^ 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.
    • Adam Smith, The Wealth of Nations 1 February 2010 6:54 UTC www.futurecasts.com [Source type: Original source]

    Fortune never exerted more cruelly her empire over mankind, than when she subjected those nations of heroes to the refuse of the jails of Europe, to wretches who possess the virtues neither of the countries which they come from, nor of those which they go to, and whose levity, brutality, and baseness, so justly expose them to the contempt of the vanquished.

Rich & Poor

  • This disposition to admire, and almost to worship , the rich and powerful, and to despise , or , at least neglect persons of poor and mean conditions, though necessary both to establish and to maintain the distinction of ranks and the order of society, is, at the same time, the great and most universal cause of the corruption of our moral sentiments.

Attributed

  • Lotteries are a tax on ignorance [1]

Quotes About Adam Smith

.

Sources

Smith. .An Inquiry into the Nature and Causes of the Wealth of Nations. Ed.^ At the bicentennial of his magnum opus , An Inquiry into the Nature and the Causes of the Wealth of Nations (1776), a veritable flood of books, essays, and memorabilia poured forth about the quiet Scottish professor.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Religious fanaticism, as Smith points out in The Wealth of Nations , is one of the great causes of factionalism—the great enemy of political society.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ After his death, The Wealth of Nations continued to grow in stature and The Theory of Moral Sentiments began to fade into the background.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

R. H. Campbell and A. S. Skinner. 2 vols. Glasgow Edition of the Works and Correspondence of Adam Smith 2. Oxford U. Press, 1976.

External links

Wikipedia
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References


1911 encyclopedia

Up to date as of January 14, 2010

From LoveToKnow 1911

.ADAM SMITH (1723-1790), English economist, was the only child of Adam Smith, comptroller of the customs at Kirkcaldy in Fifeshire, Scotland, and of Margaret Douglas, daughter of Mr Douglas of Strathendry, near Leslie.^ Smith, Adam 1723-1790 Call Number: Loading Located: Loading Loading...
  • http://yufind.library.yale.edu/yufind/Author/Home?author=Smith,%20Adam%201723-1790 1 February 2010 6:54 UTC yufind.library.yale.edu [Source type: General]

^ Adam Smith Adam Smith, 1723-1790 .

^ ADAM SMITH (1723-1790), English economist, was the only child of Adam Smith, comptroller of the customs at Kirkcaldy in Fifeshire, Scotland , and of Margaret Douglas , daughter of Mr Douglas of Strathendry, near Leslie .

.He was born at Kirkcaldy on the 5th of June 1723, some months after the death of his father.^ However, he was baptized at Kirkcaldy on June 5, 1723, his father having died some six months previously.
  • From Revolution to Reconstruction: Biographies: Adam Smith 19 January 2010 9:51 UTC odur.let.rug.nl [Source type: FILTERED WITH BAYES]

^ Was born June 1723 .
  • Who2 Almanac: Adam Smith 19 January 2010 9:51 UTC almanac.who2.com [Source type: Academic]

^ Go to the page Adam Smith was born at Kirkcaldy on 5 June 1723.

.When he was three years old he was taken on a visit to his uncle at Strathendry, and when playing alone was carried off by a party of "tinkers."^ When he was three years old he was taken on a visit to his uncle at Strathendry, and when playing alone was carried off by a party of "tinkers."

^ Of Smith’s childhood nothing is known other than that he received his elementary schooling in Kirkcaldy and that at the age of four years he was said to have been carried off by gypsies.
  • Adam Smith (Scottish philosopher) -- Britannica Online Encyclopedia 19 January 2010 9:51 UTC www.britannica.com [Source type: FILTERED WITH BAYES]

^ But, she says, “Yesterday at the school playground I saw a three year old offer up a favored stuffed penguin to a crying child.
  • Jeremy Adam Smith 19 January 2010 9:51 UTC mothering.com [Source type: General]

.He was at once missed, and the vagrants pursued and overtaken in Leslie wood.^ He was at once missed, and the vagrants pursued and overtaken in Leslie wood.

^ The vagrants, however, being pursued by Mr Douglas, were overtaken in Leslie-wood, and his uncle, as Mr Stewart remarks, was thus the happy instrument of preserving to the world a genius which was destined not only to extend the boundaries of science, but to enlighten and reform the commercial policy of Europe.

.He received his early education in the school of Kirkcaldy under David Miller, amongst whose pupils were many who were afterwards distinguished men.^ He received his early education in the school of Kirkcaldy under David Miller, amongst whose pupils were many who were afterwards distinguished men.

^ It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it."
  • Adam Smith - Everything Shii Knows 19 January 2010 9:51 UTC shii.org [Source type: Original source]

^ About 1750 he met David Hume, who became one of the closest of his many friends.
  • From Revolution to Reconstruction: Biographies: Adam Smith 19 January 2010 9:51 UTC odur.let.rug.nl [Source type: FILTERED WITH BAYES]

.Smith showed great fondness for books and remarkable powers of memory; and he was popular among his schoolfellows.^ Smith showed great fondness for books and remarkable powers of memory; and he was popular among his schoolfellows.

^ Indeed, in the first of Smith's books, The Theory of Moral Sentiments (1759), Smith makes a quite humane and often beautiful case for the power of human sentiment in the practice of social virtue.
  • American Thinker: Obama's Adam Smith Problem 19 January 2010 9:51 UTC www.americanthinker.com [Source type: Original source]

^ I am a beau in nothing but my books, Smith once told a friend to whom he was showing his library of some 3,000 volumes.

.He was sent in 1737 to the university of Glasgow, where he attended the lectures of Dr Hutcheson; and in 1740 he went to Balliol College, Oxford, as exhibitioner on Snell's foundation.^ In 1740 he received a Snell Scholarship, under which Glasgow University students could study at Balliol College, Oxford.

^ In 1737, at the age of thirteen he was sent to Glasgow College after which he attended Baliol College at Oxford University.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ Oxford and then he lectured back in Scotland again - first at Edinburgh and then Glasgow Universities.
  • Adam Smith [Virtual Economy] 19 January 2010 9:51 UTC www.bized.co.uk [Source type: News]

.He remained at that university for seven years.^ He remained at that university for seven years .

^ Having remained at Kirkaldy till he had completed his fourteenth year, he was sent, in 1737, to the university of Glasgow, where he prosecuted his studies during three years.

.At Glasgow his favourite studies had been mathematics and natural philosophy; but at Oxford he appears to have devoted himself almost entirely to moral and political science and to ancient and modern languages.^ Smith studied moral philosophy at the University of Glasgow and Oxford University.

^ Smith studied moral philosophy at the University of Glasgow and Oxford University .
  • http://yufind.library.yale.edu/yufind/Author/Home?author=Smith,%20Adam%201723-1790 1 February 2010 6:54 UTC yufind.library.yale.edu [Source type: General]

^ At Glasgow his favourite studies had been mathematics and natural philosophy ; but at Oxford he appears to have devoted himself almost entirely to moral and political science and to ancient and modern languages.

.He also laboured to improve his English style by translation, particularly from the French.^ He also laboured to improve his English style by translation, particularly from the French.

^ With the view of improving his style, he used frequently to employ himself in the practice of translation, particularly from the French, as he was of opinion that such exercises were extremely useful to those who wished to cultivate the art of composition.

.After his return to Kirkcaldy he resided there two years with his mother, continuing his studies, not having yet adopted any plan for his future life.^ After his return to Kirkcaldy he resided there two years with his mother, continuing his studies, not having yet adopted any plan for his future life.

^ He accordingly returned, in 1747, against the wishes of his friends, to Kirkaldy, and without having determined on any fixed plan of life, resided there nearly two years with his mother.

^ Dr Smith returned with his pupil to London, in October, 1766; and soon after took up his residence with his mother at Kirkaldy, where, with the exception of a few occasional visits to London and Edinburgh, he resided constantly during the next ten years, engaged habitually in intense study.

.In 1748 he removed to Edinburgh, and there, under the patronage of Lord Kames, gave lectures on rhetoric and belles-lettres.^ By 1748 he was back in Scotland, with Lord Kames as his patron, delivering public lectures in Edinburgh.

^ Lectures on Rhetoric and Belles Lettres , ed.
  • The Cambridge Companion to Adam Smith - Cambridge University Press 1 February 2010 6:54 UTC www.cambridge.org [Source type: Academic]

^ Lectures on rhetoric and belles lettres .
  • Adam Smith |<>| Riqueza dasnações |<>| Teoria dos sentimentosmorais 19 January 2010 9:51 UTC www.pensamentoeconomico.ecn.br [Source type: Academic]

.About this time began his acquaintance with David Hume, which afterwards ripened into friendship.^ About this time began his acquaintance with David Hume , which afterwards ripened into friendship.

^ He spent much time in Edinburgh giving two courses of open lectures on rhetoric and jurisprudence at Edinburgh University, meeting David Hume and others at various societies.
  • Adam Smith Philosophy : Life and Legacy : Theory of Moral Sentiments : Living Philosophy, Edinburgh, Scotland 19 January 2010 9:51 UTC www.livingphilosophy.org.uk [Source type: FILTERED WITH BAYES]

^ About 1750 he met David Hume, who became one of the closest of his many friends.
  • From Revolution to Reconstruction: Biographies: Adam Smith 19 January 2010 9:51 UTC odur.let.rug.nl [Source type: FILTERED WITH BAYES]

.In 1751 he was elected professor of logic at Glasgow, and in 1752 was transferred to the chair of moral philosophy, which had become vacant by the death of Thomas Craigie, the successor of Hutcheson.^ The literary reputation of Dr Smith being now well established, he was elected, in 1751, professor of logic in the university of Glasgow, and in the year following he was removed to the chair of moral philosophy in the same university, vacant by the death of Mr Thomas Craigie, who was the immediate successor of Dr Hutcheson.

^ Adam Smith was appointed professor of logic in 1751 at the University of Glasgow.
  • Smith 1 February 2010 6:54 UTC faculty.tcu.edu [Source type: Original source]

^ Returning to Glasgow, he was appointed Professor of Logic (1751), then Professor of Moral Philosophy (1752) and lectured on natural theology, ethics, jurisprudence and economics.
  • Dr Adam Smith (1723-1790) 19 January 2010 9:51 UTC www.adamsmith.org [Source type: FILTERED WITH BAYES]

This position he occupied for nearly twelve years, which he long afterwards declared to have been "by far the most useful, and therefore by far the happiest and most honourable period of his life." His course of lectures was divided into four parts-(1) natural theology; (2) ethics; (3) a treatment of that branch of morality which relates to justice, a subject which he handled historically after the manner of Montesquieu; (4) a study of those political regulations which are founded, not upon the principle of justice, but that of expediency, and which are calculated to increase the riches, the power and the prosperity of a state. .Under this view he considered the political institutions relating to commerce, to finances, to ecclesiastical and military establishments.^ Under this view he considered the political institutions relating to commerce, to finances, to ecclesiastical and military establishments.

^ Under this view, he considered the political institutions relating to commerce, to finances, to ecclesiastical and military establishments.

^ The Institute is independent, non-party and non-partisan, and maintains good relations with policy makers across the political divide.

.He first appeared as an author by contributing two articles to the Edinburgh Review (an earlier journal than the present, which was commenced in 1755, but of which only two numbers were published),-one on Johnson's Dictionary and the other a letter to the editors on the state of literature in the different countries of Europe.^ The first publications of Mr Smith, it is understood, were two articles which he contributed anonymously to a work called the "Edinburgh Review," begun in 1755, by some literary gentlemen, but of which only two numbers ever appeared..

^ He first appeared as an author by contributing two articles to the Edinburgh Review (an earlier journal than the present, which was commenced in 1755, but of which only two numbers were published),-one on Johnson's Dictionary and the other a letter to the editors on the state of literature in the different countries of Europe .

^ The first of these articles was a Review of Dr Johnson’s Dictionary of the English Language, which displays considerable acuteness, and the other contained some general observations on the state of literature in the different counties of Europe.

.In 1759 appeared his Theory of Moral Sentiments, embodying the second portion of his university course, to which was added in the 2nd edition an appendix with the title, "Considerations concerning the first Formation of Languages."^ In 1759, he published his Theory of Moral Sentiments.

^ Adam Smith - Theory of Moral Sentiments (1759) .
  • The Life and Works of Adam Smith - A Biography of Adam Smith 1 February 2010 6:54 UTC economics.about.com [Source type: General]

^ In 1759, he published his Theory of Moral Sentiments .
  • The Life and Works of Adam Smith - A Biography of Adam Smith 1 February 2010 6:54 UTC economics.about.com [Source type: General]

.After the publication of this work his ethical doctrines occupied less space in his lectures, and a larger development was given to the subjects of jurisprudence and political economy.^ After the publication of this work his ethical doctrines occupied less space in his lectures, and a larger development was given to the subjects of jurisprudence and political economy.

^ The Wealth of Nations is a work of political economy.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

^ The Wealth of Nations has become so influential since it did so much to create the subject of political economy and develop it into an autonomous systematic discipline.
  • From Revolution to Reconstruction: Biographies: Adam Smith 19 January 2010 9:51 UTC odur.let.rug.nl [Source type: FILTERED WITH BAYES]

.Stewart gives us to understand that he had, as early as 1752, adopted the liberal views of commercial policy which he afterwards preached; and this we should have been inclined to believe independently from the fact that such views I These two numbers were reprinted in 1818. Smith's letter to the editors is specially interesting for its account of the Encyclopedie and its criticism of Rousseau's pictures of savage life.^ Smith believed, or wrote as if he believed, that they should not do that.
  • THE INTERTEMPORAL ADAM SMITH 19 January 2010 9:51 UTC www.auburn.edu [Source type: FILTERED WITH BAYES]

^ Stewart gives us to understand that he had, as early as 1752, adopted the liberal views of commercial policy which he afterwards preached; and this we should have been inclined to believe independently from the fact that such views I These two numbers were reprinted in 1818.

^ Smith's letter to the editors is specially interesting for its account of the Encyclopedie and its criticism of Rousseau's pictures of savage life.

were propounded in that year in the .Political Discourses of Hume.^ Political Discourses of Hume.

^ Hume and Smith were both members, and at one of the first sessions, Smith read an account of some of Hume's recently printed Political Discourses.
  • The Adam Smith Myth by Murray N. Rothbard 19 January 2010 9:51 UTC www.lewrockwell.com [Source type: FILTERED WITH BAYES]
  • The Adam Smith Myth - Murray N. Rothbard - Mises Institute 19 January 2010 9:51 UTC mises.org [Source type: FILTERED WITH BAYES]
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

.In 1762 the senatus academicus of Glasgow conferred on him the honorary degree of doctor of laws.^ In 1762 the senatus academicus of Glasgow conferred on him the honorary degree of doctor of laws.

^ In 1762 the academic senate of the University of Glasgow conferred on Smith the title of Doctor of laws (LL.D.).
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  • Adam Smith - encyclopedia article - Citizendium 1 February 2010 6:54 UTC locke.citizendium.org:8080 [Source type: FILTERED WITH BAYES]

^ In 1762, the Senatus Academicus of the university of Glasgow unanimously conferred on him the honorary degree of Doctor of Laws, in testimony, as expressed in the minutes of the meeting, of their respect for his universally acknowledged talents, and of the advantage that had resulted to the university, from the ability with which he had, for many years, expounded the principles of jurisprudence.

.In 1763 he was invited to take charge of the young duke of Buccleuch on his travels.^ In 1763 he was invited to take charge of the young duke of Buccleuch on his travels.

^ At the end of this year, he attained a money-spinning offer from Charles Townshend (who had been introduced to Smith by David Hume), to tutor his stepson, the young Duke of Buccleuch.
  • Smith, Adam Biography - S9.com 19 January 2010 9:51 UTC www.s9.com [Source type: FILTERED WITH BAYES]

^ He left academia in 1764 to tutor the young duke of Buccleuch.
  • Adam Smith - Books, Biography, Quotes - Read Print 19 January 2010 9:51 UTC www.readprint.com [Source type: FILTERED WITH BAYES]

.He accepted, and resigned his professorship.^ He accepted, and resigned his professorship.

.He went abroad with his pupil in February 1764; they remained only a few days at Paris and then settled at Toulouse, at that time the seat of a parlement, where they spent eighteen months in the best society of the place, afterwards making a tour in the south of France and passing two months at Geneva.^ He went abroad with his pupil in February 1764; they remained only a few days at Paris and then settled at Toulouse , at that time the seat of a parlement , where they spent eighteen months in the best society of the place, afterwards making a tour in the south of France and passing two months at Geneva .

^ After remaining only ten or twelve days in the capital of France, they proceeded to Toulouse, where they resided during eighteen months.

^ But only if they can make a buck.
  • Newsvine - adam-smith 19 January 2010 9:51 UTC www.newsvine.com [Source type: FILTERED WITH BAYES]

.Returning to Paris about Christmas of 1765, they remained there till the October of the following year.^ Returning to Paris about Christmas of 1765, they remained there till the October of the following year.

^ In the following year Smith was appointed a Commissioner of Customs and moved to Edinburgh, Scotland, where he lived till his death on July 17, 1790.
  • Principles of Macroeconomics - Section 2: Adam Smith 19 January 2010 9:51 UTC www.colorado.edu [Source type: Original source]

^ After leaving Toulouse, they proceeded through the southern provinces to Geneva; and having spent two months in that city, returned to Paris about Christmas, 1765, where they remained nearly a year.

.Smith at this time lived in the society of Quesnay, Turgot, d'Alembert, Morellet, Helvetius, Marmontel and the duke de la Rochefoucauld.^ Smith at this time lived in the society of Quesnay, Turgot, d'Alembert, Morellet, Helvetius, Marmontel and the duke de la Rochefoucauld .

^ For over two years they lived and traveled throughout France and into Switzerland, an experience that brought Smith into contact with contemporaries Voltaire, Jean-Jacques Rousseau, FranA§ois Quesnay, and Anne-Robert-Jacques Turgot.
  • Adam Smith - Books, Biography, Quotes - Read Print 19 January 2010 9:51 UTC www.readprint.com [Source type: FILTERED WITH BAYES]

^ Smith met Turgot, D'Alembert, Voltaire, Helvétius and--most important--Quesnay, the head of the Physiocratic school of French economists.

.His regard for the young nobleman' last named dictated the omission in the later editions of his Moral Sentiments of the name of the celebrated ancestor of the duke, whom he had associated with Mandeville as author of one of the "licentious systems" reviewed in the seventh part of that work.^ His regard for the young nobleman' last named dictated the omission in the later editions of his Moral Sentiments of the name of the celebrated ancestor of the duke, whom he had associated with Mandeville as author of one of the "licentious systems" reviewed in the seventh part of that work.

^ He was also attacked by Arch, The duke undertook a translation of the Theory of Moral Sentiments, but the Abbe Blavet's version appeared (1774) before his was completed and he then relinquished the design.

^ Moral Sentiments, name-dropped mainly by the left, is more kindly towards men of business, because it wants to establish the civilizing effects of commerce.

Smith was much influenced by his contact with the members of the physiocratic school, especially with its chief, though Dupont de Nemours probably goes too far in speaking of Smith and himself as having been "con-disciples chez M. Quesnay." Smith afterwards described Quesnay as a man "of the greatest modesty and simplicity," and declared his system of political economy to be, "with all its imperfections, the nearest approximation to truth that had yet been published on the principles of that science." .In October 1766 tutor and pupil returned home, and they ever afterwards retained strong feelings of mutual esteem.^ In October 1766 tutor and pupil returned home, and they ever afterwards retained strong feelings of mutual esteem.

^ Especially in Africa they need property rights so they can leverage what they own to start businesses, feel safe at home, improve their property and leave it to their children.
  • BRITS AT THEIR BEST: Freedom – Adam Smith, Wealth of Nations, invisible hand, free markets, Christian principles, capitalism, property rights, rule of just law British History David Abbott and Catherine Glass 19 January 2010 9:51 UTC www.britsattheirbest.com [Source type: Original source]

^ And the i-bankers at Goldman are surely smart enough that they don't need to be told twice how to bring home more of what they surely feel entitled to.
  • Adam Smith, Esq. 1 February 2010 6:54 UTC adamsmithesq.com [Source type: General]

.For the next ten years Smith lived with his mother at Kirkcaldy, only paying occasional visits to Edinburgh and London; he was engaged in close study during most of this time.^ For the next seven years Smith lived with his mother at Kirkcaldy, and devoted most of his time to his Wealth of Nations.
  • The Writings of Adam Smith | The Freeman | Ideas On Liberty 19 January 2010 9:51 UTC www.thefreemanonline.org [Source type: FILTERED WITH BAYES]

^ For the next ten years Smith lived with his mother at Kirkcaldy, only paying occasional visits to Edinburgh and London ; he was engaged in close study during most of this time.

^ On returning home to Kirkcaldy Smith was elected fellow of the Royal Society of London and he devoted much of the next ten years to his magnum opus, The Wealth of Nations, which appeared in 1776.
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.He describes himself to Hume during this period as being extremely happy.^ He describes himself to Hume during this period as being extremely happy.

^ The next year he was chosen Professor of Moral Philosophy at the same university; and the period of thirteen years, during which he held this situation, he ever regarded as the most useful and happy of his life.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.He was occupied on his Inquiry into the Nature and Causes of the Wealth of Nations, which there is some reason for believing he had begun at Toulouse.^ There has been some controversy over the extent of Smith's originality in The Wealth of Nations .
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^ This volume, 'Inquiry into the Nature and Causes of the Wealth of Nations', was the first major work of political economy.
  • BBC - History - Historic Figures: Adam Smith (1723-1790) 19 January 2010 9:51 UTC www.bbc.co.uk [Source type: FILTERED WITH BAYES]

^ Inquiry into the Nature and Causes of the Wealth of Nations, an: v.
  • Politicos Bookshop : The Home of Political Books Online 19 January 2010 9:51 UTC books.global-investor.com [Source type: General]

.That great work appeared in 1776.2 After its publication, and only a few months before his own death, Hume wrote to congratulate his friend - "Euge!^ That great work appeared in 1776.2 After its publication, and only a few months before his own death, Hume wrote to congratulate his friend - " Euge!

^ 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.
  • Adam Smith quotes, quotations, phrases, words 19 January 2010 9:51 UTC www.icelebz.com [Source type: FILTERED WITH BAYES]

^ Enlightened self-interest eventually becomes public interests Government's only role should be to promote the existence of natural law, and to enable its free working.
  • Adam Smith - Management Gurus - Management Hall Of Fame - World's Celebrity Managers and Management Thinkers 19 January 2010 9:51 UTC www.iim-edu.org [Source type: Academic]

.belle!
dear Mr Smith, I am much pleased with your performance, and the perusal of it has taken me from a state of great anxiety.^ Mr Smith, I am much pleased with your performance, and the perusal of it has taken me from a state of great anxiety.

^ I am much pleased with your performance, and the perusal of it has taken me from a great state of anxiety.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ For years I've taken a rather morbid interest in the state of academia by asking my college students if they've ever even heard of Adam Smith.
  • American Thinker: Obama's Adam Smith Problem 19 January 2010 9:51 UTC www.americanthinker.com [Source type: Original source]

.It was a work of so much expectation, by yourself, by your friends, and by the public, that I trembled for its appearance, but am now much relieved.^ It was a work of so much expectation, by yourself, by your friends, and by the public, that I trembled for its appearance, but am now much relieved.

^ It was a work of so much expectation, by yourself, by your friends, and by the public, that I trembled for its appearance; but am now much relieved.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Much of his now ample income is believed to have been spent in secret charities , and he kept a simple table at which, "without the formality of an invitation, he was always happy to receive his friends."

Not but that the reading of it necessarily requires so much attention, and the public is disposed to give so little, that I shall still doubt for some time of its being at first very popular, but it has depth, and solidity, and acuteness, and is so much illustrated by curious facts that it must at last attract the public attention." Smith attended Hume during a part of his last illness, and soon after the death of the philosopher there was published, along with his autobiography a letter from Smith to W. Strahan (Smith's publisher) in which he gave an account of the closing scenes of his friend's life and expressed warm admiration for his character. .This letter excited some rancour among the theologians, and Dr George Horne, afterwards bishop of Norwich, published in 1777 A Letter to Adam Smith on the Life, Death and Philosophy of his Friend David Hume, by one of the people called Christians. But Smith took no notice of this effusion.^ Here is part of a letter he wrote to his friend Adam Smith: 165.
  • Adam Smith, The Theory ofMoral Sentiments 19 January 2010 9:51 UTC www.humanities.mq.edu.au [Source type: Original source]

^ Adam Smith with his friend David Hume belonged to the anti-egoist school.

^ Life of Adam Smith 1985 .

.3 He was also attacked by Arch, The duke undertook a translation of the Theory of Moral Sentiments, but the Abbe Blavet's version appeared (1774) before his was completed and he then relinquished the design.^ He was also attacked by Arch, The duke undertook a translation of the Theory of Moral Sentiments, but the Abbe Blavet's version appeared (1774) before his was completed and he then relinquished the design.

^ In 1759, he published his Theory of Moral Sentiments .
  • The Life and Works of Adam Smith - A Biography of Adam Smith 1 February 2010 6:54 UTC economics.about.com [Source type: General]

^ The theory of moral sentiments .
  • Adam Smith |<>| Riqueza dasnações |<>| Teoria dos sentimentosmorais 19 January 2010 9:51 UTC www.pensamentoeconomico.ecn.br [Source type: Academic]

.An earlier French translation had been published (1764) under the title Metaphysique de l'dme; and there is a later one - the best - by the marquis de Condorcet (1798, 2nd ed., 3830).^ An earlier French translation had been published (1764) under the title Metaphysique de l'dme; and there is a later one - the best - by the marquis de Condorcet (1798, 2nd ed., 3830).

^ His Essays on Philosophical Subjects was posthumously published in 1795, but there is a widespread belief that a great deal of valuable work that should have been kept, was destroyed under the terms of his will.

^ It provided one of the best-known intellectual rationales for free trade and capitalism, greatly influencing the writings of later economists.

.2 J. E. Thorold Rogers published in the Academy, 28th February 1885, a letter of Smith to William Pulteney, written in 1772, from which he thought it probable that the work lay "unrevised and unaltered" in the author's desk for four years.^ J. E. Thorold Rogers published in the Academy, 28th February 1885, a letter of Smith to William Pulteney , written in 1772, from which he thought it probable that the work lay "unrevised and unaltered" in the author's desk for four years.

^ Adam Smith's Theory of Moral Sentiments (1759) lays the foundation for a general system of morals, and is a text of central importance in the history of moral and political thought.
  • Adam Smith Books (Used, New, Out-of-Print) - Alibris 1 February 2010 6:54 UTC www.alibris.com [Source type: General]

^ Account of the Life and Writings of Adam Smith Written by Dugald Stewart published in 1793 .
  • Adam Smith | Philosopher 19 January 2010 9:51 UTC www.lucidcafe.com [Source type: FILTERED WITH BAYES]

.A similar conclusion seems to follow from a letter of Hume in Burton's Life, ii.^ A similar conclusion seems to follow from a letter of Hume in Burton's Life, ii.

^ Additional particulars are given in Brougham's Men of Letters and Science, Burton's Life of Hume and Alexander Carlyle's Autobiography; and some characteristic anecdotes of him will be found in Memoirs of the Life and Works of Sir John Sinclair (1837).

^ I received the day after a letter from Mr. Hume himself, of which the following is an extract.

461.
.3 A story was told by Sir Walter Scott, and is also related in the Edinburgh Review, of an "unfortunate rencontre," arising out of the publication of the same letter, between Smith and Dr Johnson, during the visit of the latter to Glasgow.^ A story was told by Sir Walter Scott , and is also related in the Edinburgh Review, of an "unfortunate rencontre," arising out of the publication of the same letter, between Smith and Dr Johnson, during the visit of the latter to Glasgow.

^ Dr Smith returned with his pupil to London, in October, 1766; and soon after took up his residence with his mother at Kirkaldy, where, with the exception of a few occasional visits to London and Edinburgh, he resided constantly during the next ten years, engaged habitually in intense study.

^ THE restoration of Panmure House – Adam Smith's home in Edinburgh – has been the subject of drawn-out discussions between the Edinburgh Business School (its new owner& .
  • Adam Smith - The House - Government - Politics - news 19 January 2010 9:51 UTC www.wikio.com [Source type: General]

.The same story is given in a note in Wilberforce's Correspondence, the scene being somewhat vaguely laid in "Scotland."^ The same story is given in a note in Wilberforce's Correspondence, the scene being somewhat vaguely laid in "Scotland."

^ If we can believe a note in Wilberforce's Correspondence, he visited London in the spring of the same year, and was introduced by Dundas 5 to Pitt, Wilberforce and others.

.But it cannot be true; for Johnson bishop W. Magee (1766-18.31) for the omission in subsequent editions of a passage of the Moral Sentiments which that prelate had cited with high commendation as among the ablest illustrations of the doctrine of the atonement.^ But it cannot be true; for Johnson bishop W. Magee (1766-18.31) for the omission in subsequent editions of a passage of the Moral Sentiments which that prelate had cited with high commendation as among the ablest illustrations of the doctrine of the atonement .

^ His regard for the young nobleman' last named dictated the omission in the later editions of his Moral Sentiments of the name of the celebrated ancestor of the duke, whom he had associated with Mandeville as author of one of the "licentious systems" reviewed in the seventh part of that work.

^ An anniversary edition of ‘The Theory of Moral Sentiments’ will be published by Penguin Books this year, with a new introduction in which I discuss the contemporary relevance of Smith’s ideas .
  • FT.com / In depth - Adam Smith’s market never stood alone 19 January 2010 9:51 UTC www.ft.com [Source type: News]

.Smith had omitted the paragraph in question (an omission which had escaped notice for twenty years) on the ground that it was unnecessary and misplaced; but Magee suspected him of having been influenced by deeper reasons.^ Smith had omitted the paragraph in question (an omission which had escaped notice for twenty years) on the ground that it was unnecessary and misplaced; but Magee suspected him of having been influenced by deeper reasons.

^ Over the years, Smith's lustre as a social philosopher has escaped much of the weathering that has affected the reputations of other first-rate political economists.

^ Notice in paragraphs 3 and 4 the beginnings of Smith's account of the place of rules in morality.
  • Adam Smith, The Theory ofMoral Sentiments 19 January 2010 9:51 UTC www.humanities.mq.edu.au [Source type: Original source]

.The greater part of the two years which followed the publication of the Wealth of Nations Smith spent in London, enjoying the society of eminent persons, amongst whom were Gibbon, Burke, Reynolds and Topham Beauclerk.^ Smith taught that the wealth of a nation stemmed from personal liberty.
  • Lewis: Adam Smith knew capitalism needed restraints - The Denver Post 19 January 2010 9:51 UTC www.denverpost.com [Source type: News]
  • Al Lewis: Seeing Adam Smith's Invisible Hand - FOXBusiness.com 19 January 2010 9:51 UTC www.foxbusiness.com [Source type: News]

^ The Wealth of Nations Society and the “invisible hand” .
  • Adam Smith (Scottish philosopher) -- Britannica Online Encyclopedia 19 January 2010 9:51 UTC www.britannica.com [Source type: FILTERED WITH BAYES]

^ Adam Smith Adam Smith's Wealth of Nations Books on: adam smith .
  • adam smith - Books, journals, articles @ The Questia Online Library 19 January 2010 9:51 UTC www.questia.com [Source type: Academic]

.In 1778 he was appointed, through the influence of the duke of Buccleuch, one of the commissioners of customs in Scotland, and in consequence of this fixed his residence at Edinburgh.^ In 1778 he was appointed, through the influence of the duke of Buccleuch, one of the commissioners of customs in Scotland, and in consequence of this fixed his residence at Edinburgh.

^ In 1778, he was appointed one of the commissioners of customs in Scotland, through the unsolicited application of his friend and former pupil, the duke of Buccleuch.

^ In 1778 he was appointed commissioner of customs.
  • Adam Smith - Books, Biography, Quotes - Read Print 19 January 2010 9:51 UTC www.readprint.com [Source type: FILTERED WITH BAYES]

.His mother, now in extreme old age, lived with him, as did also his cousin, Miss Jane Douglas, who superintended his household.^ His mother, who was then in extreme old age, accompanied him to town; and his cousin, Miss Jane Douglas, who had formerly been a member of his family in Glasgow, undertook the superintendence of his domestic arrangements.

^ His mother, now in extreme old age, lived with him, as did also his cousin, Miss Jane Douglas, who superintended his household.

^ He never married and seems to have maintained a close relationship with his mother, with whom he lived after his return from France and who predeceased him by only six years.
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Much of his now ample income is believed to have been spent in secret charities, and he kept a simple table at which, "without the formality of an invitation, he was always happy to receive his friends." "His Sunday suppers," says M'Culloch, "were long celebrated at Edinburgh." .One of his favourite places of resort in these years was a club of which Dr Hutton, Dr Black, Dr Adam Ferguson, John Clerk the naval tactician, Robert Adam the architect, as well as Smith himself, were original members, and to which Dugald Stewart, Professor Playfair and other eminent men were afterwards admitted.^ Adam Smith Year we go again!
  • Sky Sports | Blogs | Adam Smith 1 February 2010 6:54 UTC www.skysports.com [Source type: FILTERED WITH BAYES]

^ David Adam Smith on other issues: .
  • David Adam Smith on Crime 19 January 2010 9:51 UTC www.ontheissues.org [Source type: Original source]

^ Adam Smith A year to remember .
  • Sky Sports | Blogs | Adam Smith 1 February 2010 6:54 UTC www.skysports.com [Source type: FILTERED WITH BAYES]

.Another source of enjoyment was his small but excellent library; it is still preserved in his family.^ Another source of enjoyment was his small but excellent library; it is still preserved in his family.

^ Passing the benefit to the buyer in the form of a lower price creates still another source of inefficiency by encouraging forms of consumption that use finite resources inefficiently.
  • The Betrayal of Adam Smith 1 February 2010 6:54 UTC deoxy.org [Source type: FILTERED WITH BAYES]
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4 In 1787 he was elected lord rector of the university of Glasgow, an honour which he received with "heartfelt joy." If we can believe a note in Wilberforce's Correspondence, he visited London in the spring of the same year, and was introduced by Dundas 5 to Pitt, Wilberforce and others. From the death of his mother in 1784, and that of Miss Douglas in 1788, his health declined, and after a painful illness he died on the 17th of July 1790.
.Before his decease Smith directed that all his manuscripts except a few selected essays should be destroyed, and they were accordingly committed to the flames.^ Smith believed, or wrote as if he believed, that they should not do that.
  • THE INTERTEMPORAL ADAM SMITH 19 January 2010 9:51 UTC www.auburn.edu [Source type: FILTERED WITH BAYES]

^ Shortly before his death Smith had nearly all his manuscripts destroyed.
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  • Adam Smith 19 January 2010 9:51 UTC pustakalaya.olenepal.org [Source type: Original source]
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^ Before his decease Smith directed that all his manuscripts except a few selected essays should be destroyed, and they were accordingly committed to the flames.

.Of the pieces preserved by his desire the most valuable is his tract on the history of astronomy, which he himself described as a "fragment of a great work"; it was doubtless a portion of the "connected history of the liberal sciences and elegant arts" which, we are told, he had projected in early life.^ Of the pieces preserved by his desire the most valuable is his tract on the history of astronomy , which he himself described as a "fragment of a great work"; it was doubtless a portion of the "connected history of the liberal sciences and elegant arts" which, we are told, he had projected in early life.

^ Early in his career he conceived a plan for a comprehensive “history of the liberal sciences and elegant arts”—in effect a philosophical reconstruction of human culture as a whole.

^ He mentioned an early unpublished History of Astronomy as probably suitable, and it duly appeared in 1795, along with other material, as Essays on Philosophical Subjects .
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.Among the papers destroyed were probably, as Stewart suggests, the lectures on natural religion and jurisprudence which formed part of his course at Glasgow, and also the lectures on rhetoric which he delivered at Edinburgh in 1748. To the latter Hugh Blair seems to refer when, in his work on Rhetoric and Belles-Lettres (1783), he acknowledges his obligations to a manuscript treatise on rhetoric by Smith, part of which its author had shown to him many years before, and which he hoped that Smith would give to the public.^ In 1748 he began delivering public lectures in Edinburgh under the patronage of Lord Kames.
  • Malaspina Great Books - Adam Smith(1723) 1 February 2010 6:54 UTC www.malaspina.org [Source type: General]

^ Prior to his death, Smith had ordered the destruction of most of his unpublished manuscripts, among which were probably his lectures on natural religion and jurisprudence, and his early lectures on rhetoric.
  • The Writings of Adam Smith | The Freeman | Ideas On Liberty 19 January 2010 9:51 UTC www.thefreemanonline.org [Source type: FILTERED WITH BAYES]

^ In 1748 he went to Edinburgh, where, under the sponsorship of Lord Henry Kames, he gave for three years a series of public lectures on rhetoric and belles lettres.
  • The Writings of Adam Smith | The Freeman | Ideas On Liberty 19 January 2010 9:51 UTC www.thefreemanonline.org [Source type: FILTERED WITH BAYES]

.Smith had promised at the end of his Theory of Moral Sentiments a treatise on jurisprudence from the historical point of view.^ In 1759, he published his Theory of Moral Sentiments.

^ One question in particular interested Smith in The Theory of Moral Sentiments .

^ Smith had promised at the end of his Theory of Moral Sentiments a treatise on jurisprudence from the historical point of view.

.As a moral philosopher Smith cannot be said to have won much acceptance for his fundamental doctrine.^ As a moral philosopher Smith cannot be said to have won much acceptance for his fundamental doctrine.

^ Smith, after all, was a moral philosopher.
  • Al Lewis: Seeing Adam Smith's Invisible Hand - FOXBusiness.com 19 January 2010 9:51 UTC www.foxbusiness.com [Source type: News]

^ Smith met and associated with many of the leading Continental philosophers of the physiocratic school, which based its political and economic doctrines on the supremacy of natural law, wealth, and order.
  • SMITH, Adam 19 January 2010 9:51 UTC www.history.com [Source type: General]

.This doctrine is that all our moral sentiments arise from sympathy, that is, from the principle of our nature "which leads us to enter into the situations of other men and to partake with them in the passions which those situations have a tendency to excite."^ According to him, all moral feelings arise from sympathy.

^ It belongs to our moral faculties to judge in this way of the other principles of our nature.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ This doctrine is that all our moral sentiments arise from sympathy, that is, from the principle of our nature "which leads us to enter into the situations of other men and to partake with them in the passions which those situations have a tendency to excite."

.Our direct sympathy with the agent in the circumstances in which he is placed gives rise, according to this view, to our notion of the propriety of his action, whilst our indirect sympathy with those whom his actions have benefited or injured gives rise to our notions of merit and demerit in the agent himself.^ If our sympathies be of an opposite kind, we disapprove of the action, and ascribe demerit to the agent.

^ Our direct sympathy with the agent in the circumstances in which he is placed gives rise, according to this view, to our notion of the propriety of his action, whilst our indirect sympathy with those whom his actions have benefited or injured gives rise to our notions of merit and demerit in the agent himself.

^ When we don't know the people getting hurt by our actions, when such people are beyond our lines of sight and our lines of feelings, - across a whole region and country, let alone around the world, - perhaps any notion of sympathy disappears altogether.
  • Irving Wladawsky-Berger: Adam Smith 2.0 19 January 2010 9:51 UTC blog.irvingwb.com [Source type: FILTERED WITH BAYES]

It seems justly alleged against this system by Dr Thomas Brown that "the moral sentiments, the origin of which it ascribes to our secondary feelings of mere sympathy, are assumed as previously existing in the original emotions with which the secondary feelings are said to be in unison." A second objection urged, perhaps with less justice, against the theory is that it fails to account for the made his tour in 1773, whilst Hume's death did not take place till 1776. Smith seems not to have met Johnson in Scotland at all. .It appears, however, from Boswell's Life, under date of 29th April 1778, that Johnson had on one occasion quarrelled with Smith at Strahan's house, apparently in London; it is clear that the "unlucky altercation" at Strahan's must have occurred in 1761 or 1763, and could have had nothing to do with the letter on Hume's death.^ Adam Smith on the death of David Hume: .

^ Hume's letter to Adam Smith .
  • Adam Smith, The Theory ofMoral Sentiments 19 January 2010 9:51 UTC www.humanities.mq.edu.au [Source type: Original source]

^ It appears, however, from Boswell's Life, under date of 29th April 1778, that Johnson had on one occasion quarrelled with Smith at Strahan's house, apparently in London; it is clear that the "unlucky altercation" at Strahan's must have occurred in 1761 or 1763, and could have had nothing to do with the letter on Hume's death.

.4 See Catalogue of the Library of Adam Smith, edited with notes and introduction, by James Bonar (1894).^ See Adam Smith's legacy profile .
  • Adam Smith | LibraryThing 19 January 2010 9:51 UTC www.librarything.com [Source type: Original source]

^ See Catalogue of the Library of Adam Smith, edited with notes and introduction, by James Bonar (1894).

^ See also pages that link to Adam Smith or to this page.

.5 An interesting letter of Smith to Dundas (1st November 1779) on free trade for Ireland is printed in the Eng.^ An interesting letter of Smith to Dundas (1st November 1779) on free trade for Ireland is printed in the Eng.

^ Interesting that Smith was free of this partial approach.

^ In The Wealth of Nations , published in 1776, Adam Smith explained the three factors that constitute the free market: pursuit of self-interest, division of labor and freedom of trade.
  • Adam Smith: Web Junkie - Forbes.com 19 January 2010 9:51 UTC www.forbes.com [Source type: News]

Hist. Review,
No. 2.
authoritative character which is felt to be inherent in our sense of right and wrong - for what Butler calls the "supremacy of conscience." It is on the Wealth of Nations that Smith's fame rests. .But it must at once be said that it is plainly contrary to fact to represent him, as some have done, as the creator of political economy.^ When I asked him about it once, he said that it was the dialectical process of disagreeing with us that he found most valuable, not our advice.
  • Misreading Adam Smith (and, why we love technology) :: Grant McCracken 19 January 2010 9:51 UTC cultureby.com [Source type: General]

^ [CrossRef] Skinner, Andrew (1995) `Pufendorf, Hutcheson and Adam Smith: Some Principles of Political Economy', Scottish Journal of Political Economy 42(2): 165—82.
  • Adam Smith, Adam Ferguson and Karl Marx on the Division of Labour -- Hill 7 (3): 339 -- Journal of Classical Sociology 19 January 2010 9:51 UTC jcs.sagepub.com [Source type: Academic]

^ How influential the philosophes were in the creation of Smith’s political economy is a matter of controversy.
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

.The subject of social wealth had always in some degree, and increasingly in recent times, engaged the attention of philosophic minds.^ The subject of social wealth had always in some degree, and increasingly in recent times, engaged the attention of philosophic minds.

^ Some commodities, however, are subject to a monopoly of production, whether from the peculiarities of a locality or from legal privilege: their price is always the highest that can be got; the natural price of other commodities is the lowest which can be taken for any length of time together.

^ Not but that the reading of it necessarily requires so much attention, that I shall still doubt for some time of its being at first very popular.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.The study had even indisputably assumed a systematic character, and, from being an assemblage of fragmentary disquisitions on particular questions of national interest, had taken the form, notably in Turgot's Reflexions, of an organized body of doctrine.^ The study had even indisputably assumed a systematic character, and, from being an assemblage of fragmentary disquisitions on particular questions of national interest, had taken the form, notably in Turgot's Reflexions, of an organized body of doctrine.

^ For years I've taken a rather morbid interest in the state of academia by asking my college students if they've ever even heard of Adam Smith.
  • American Thinker: Obama's Adam Smith Problem 19 January 2010 9:51 UTC www.americanthinker.com [Source type: Original source]

^ Lee Kelly While there are interesting questions about evidence, testability, and method, for the most part, "science" is merely a political tool to delegitimise particular beliefs.
  • Was Adam Smith a liberal? 19 January 2010 9:51 UTC cafehayek.com [Source type: Original source]

.The truth is that Smith took up the science when it was already considerably advanced; and it was this very circumstance which enabled him, by the production of a classical treatise, to render most of his predecessors obsolete.^ The truth is that Smith took up the science when it was already considerably advanced; and it was this very circumstance which enabled him, by the production of a classical treatise, to render most of his predecessors obsolete.

^ Because Smith's was the most systematic and comprehensive study of economics up until that time, his economic thinking became the basis for classical economics.
  • Adam Smith - Books, Biography, Quotes - Read Print 19 January 2010 9:51 UTC www.readprint.com [Source type: FILTERED WITH BAYES]

^ There are certain circumstances, however, which sometimes give the labourers an advantage, and enable them to raise their wages considerably above this rate; evidently the lowest which is consistent with common humanity.
  • Adam Smith, Wealth of Nations, Book 1, Chapter 8, Of the Wages of Labour 19 January 2010 9:51 UTC geolib.com [Source type: Original source]

.Even those who do not fall into the error of making Smith the creator of the science, often separate him too broadly from Quesnay and his followers, and represent the history of modern economics as consisting of the successive rise and reign of three doctrines - the mercantile, the physiocratic and the Smithian.^ He is not a representative of those who vote for him.
  • Political Buzz - » Adam Smith explains his vote on health care The News Tribune Blogs, Tacoma, WA 19 January 2010 9:51 UTC blog.thenewstribune.com [Source type: General]

^ Smith would be outraged by those who attribute this idea to him.
  • The Betrayal of Adam Smith 19 January 2010 9:51 UTC www.pcdf.org [Source type: FILTERED WITH BAYES]
  • THE BETRAYAL OF ADAM SMITH | David C. Korten 19 January 2010 9:51 UTC www.davidkorten.org [Source type: FILTERED WITH BAYES]

^ Even those who do not fall into the error of making Smith the creator of the science, often separate him too broadly from Quesnay and his followers, and represent the history of modern economics as consisting of the successive rise and reign of three doctrines - the mercantile , the physiocratic and the Smithian.

.The last two are, it is true, at variance in some even important respects.^ The last two are, it is true, at variance in some even important respects.

.But it is evident, and Smith himself felt, that their agreements were much more fundamental than their differences; and, if we regard them as historical forces, they must be considered as working towards identical ends.^ But it is evident, and Smith himself felt, that their agreements were much more fundamental than their differences; and, if we regard them as historical forces, they must be considered as working towards identical ends.

^ Smith makes this seen when he talks about “how the butcher has more meat in his shop than he himself can consume, and the brewer and th...
  • Free Adam Smith Essays 19 January 2010 9:51 UTC www.123helpme.com [Source type: FILTERED WITH BAYES]

^ Ken Smith has made only one payment in more than three years on a decade-old state loan, records show.
  • Adam Smith News - Topix 19 January 2010 9:51 UTC www.topix.net [Source type: News]

.They both urged society towards the abolition of the previously prevailing industrial policy of European governments; and their arguments against that policy rested essentially on the same grounds.^ They both urged society towards the abolition of the previously prevailing industrial policy of European governments; and their arguments against that policy rested essentially on the same grounds.

^ H.CON.RES.100 : Condemning the recent violent actions of the Government of Zimbabwe against peaceful opposition party activists and members of civil society.
  • Search Results - THOMAS (Library of Congress) 19 January 2010 9:51 UTC thomas.loc.gov [Source type: FILTERED WITH BAYES]

^ They ought all of them to be matters of great indifference to us both; so that, though our opinions may be opposite, our affections may still be very nearly the same.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.The history of economic opinion in modern times, down to the third decade of the r9th century, is, in fact, strictly bipartite.^ The history of economic opinion in modern times, down to the third decade of the r9th century, is, in fact, strictly bipartite .

^ Regarded as one of the fathers of modern economic thought, Smith has been misunderstood for the last century because his ethical philosophy has been overlooked.
  • Amazon.com: Adam Smith and the Virtues of Enlightenment (Modern European Philosophy) (9780521628914): Charles L. Griswold: Books 1 February 2010 6:54 UTC www.amazon.com [Source type: General]

^ In the middle of the nineteenth century Charles Dickens in Hard Times was arguing that a utilitarian education based on facts and statistics deadened the capacity for sympathy.

.The first stage is filled with the mercantile system, which was rather a practical policy than a speculative doctrine, and which came into existence as the spontaneous growth of social conditions acting on minds not trained to scientific habits.^ The first stage is filled with the mercantile system , which was rather a practical policy than a speculative doctrine, and which came into existence as the spontaneous growth of social conditions acting on minds not trained to scientific habits.

^ In the area of social interaction, the impartial spectator allows us to see things from another's perspective rather than to be blinded by our own needs.
  • Adam Smith, Behavioral Economist? — HBS Working Knowledge 19 January 2010 9:51 UTC hbswk.hbs.edu [Source type: FILTERED WITH BAYES]
  • Adam Smith, Behavioral Economist? — HBS Working Knowledge 19 January 2010 9:51 UTC www.hightrust.net [Source type: FILTERED WITH BAYES]

^ He divided his course into four parts, the first relating to Natural Theology, the second to Ethics, the third to the subject of Justice and the growth of Jurisprudence, the fourth to Politics.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.The second stage is occupied with the gradual rise and ultimate ascendancy of another system founded on the idea of the right of the individual to an unimpeded sphere for the exercise of his economic activity.^ The second stage is occupied with the gradual rise and ultimate ascendancy of another system founded on the idea of the right of the individual to an unimpeded sphere for the exercise of his economic activity.

^ How juvenile of us to think that we have any choice in the matter of loving another individual, right?
  • Charles Darwin and Adam Smith, Arnold Kling | EconLog | Library of Economics and Liberty 1 February 2010 6:54 UTC econlog.econlib.org [Source type: FILTERED WITH BAYES]

^ Economics and politics are intertwined, Smith observes, and a feudal system could not have a republican government as is found in commercial societies.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

.With the latter, which is best designated as the "system of natural liberty," we ought to associate the memory of the physiocrats as well as that of Smith, without, however, maintaining their services to have been equal to his.^ With the latter, which is best designated as the "system of natural liberty," we ought to associate the memory of the physiocrats as well as that of Smith, without, however, maintaining their services to have been equal to his.

^ Smith met and associated with many of the leading Continental philosophers of the physiocratic school, which based its political and economic doctrines on the supremacy of natural law, wealth, and order.
  • SMITH, Adam 19 January 2010 9:51 UTC www.history.com [Source type: General]

^ "But these 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."
  • Adam Smith, 1776: Banks Must Be Regulated | Drudge Retort 19 January 2010 9:51 UTC www.drudge.com [Source type: FILTERED WITH BAYES]

.The teaching of political ecomomy was associated in the Scottish universities with that of moral philosophy.^ The teaching of political ecomomy was associated in the Scottish universities with that of moral philosophy.

^ His teaching and writing interests include political philosophy, literature, and popular culture, as well as the intersection of science, theology, and the arts in a democratic society.
  • The Theology of Adam Smith - New Media 19 January 2010 9:51 UTC www.newmedia.ufm.edu [Source type: Original source]

^ The success of these lectures led ultimately to Smith's election to the Chair of Moral Philosophy at the University of Glasgow in 1752, where he distinguished himself as a teacher.
  • Smith Adam - The Theory of Moral Sentiments - AbeBooks 1 February 2010 6:54 UTC dogbert.abebooks.com [Source type: General]

.Smith conceived the entire subject he had to treat in his public lectures as divisible into four heads, the first of which was natural theology, the second ethics, the third jurisprudence; whilst in the fourth "he examined those political regulations which are founded upon expediency, and which are calculated to increase the riches, the power, and the prosperity of a state."^ He divided his course into four parts, the first relating to Natural Theology, the second to Ethics, the third to the subject of Justice and the growth of Jurisprudence, the fourth to Politics.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ The main cause of prosperity, argued Smith, was increasing division of labor.
  • Adam Smith - Books, Biography, Quotes - Read Print 19 January 2010 9:51 UTC www.readprint.com [Source type: FILTERED WITH BAYES]

^ In the last part of his lectures he examined those political regulations which are founded, not upon the principle of justice, but that of expediency, and which are calculated to increase the riches, the power, and the prosperity of a state.

The last two branches of inquiry are regarded as forming but a single body of doctrine in the well-known passage of the Theory of Moral Sentiments in which the author promises to give in another discourse "an account of the general principles of law and government, and of the different revolutions they have undergone in the different ages and periods of society, not only in what concerns justice, but in what concerns police, revenue and arms, and whatever else is the subject of law." This shows how little it was Smith's habit to separate (except provisionally), in his conceptions or his researches, the economic phenomena of society from all the rest. The words above quoted have, indeed, been not unjustly described as containing "an anticipation, wonderful for his period, of general sociology." There has been much discussion on the question - What is the scientific method followed by Smith in his great work? .By some it is considered to have been purely deductive, a view which Buckle has perhaps carried to the greatest extreme.^ By some it is considered to have been purely deductive, a view which Buckle has perhaps carried to the greatest extreme.

^ In terms of what we may have experienced (some of us, not all of us, of course) during the past decade or so, it's the final bullet-point above that I believe--sadly--carried the greatest weight.
  • Adam Smith, Esq. 1 February 2010 6:54 UTC adamsmithesq.com [Source type: General]

.He asserts that in Scotland the inductive method was unknown, and that although Smith spent some of the most important years of his youth in England, where the inductive method was supreme, he yet adopted the deductive method because it was habitually followed in Scotland.^ He asserts that in Scotland the inductive method was unknown, and that although Smith spent some of the most important years of his youth in England , where the inductive method was supreme, he yet adopted the deductive method because it was habitually followed in Scotland.

^ Upon his graduation in 1740, Smith won an important scholarship (the Snell Exhibition) to Oxford, studying for six years in Balliol College.
  • The Writings of Adam Smith | The Freeman | Ideas On Liberty 19 January 2010 9:51 UTC www.thefreemanonline.org [Source type: FILTERED WITH BAYES]

^ Smith met Turgot, D'Alembert, Voltaire, Helvétius and--most important--Quesnay, the head of the Physiocratic school of French economists.

.That the inductive spirit exercised no influence on Scottish philosophers is certainly not true; Montesquieu, whose method is essentially inductive, was in Smith's time closely studied by Smith's fellow-countrymen.^ That the inductive spirit exercised no influence on Scottish philosophers is certainly not true; Montesquieu, whose method is essentially inductive, was in Smith's time closely studied by Smith's fellow-countrymen.

^ The other, which ultimately has had a far greater influence on the world in which we live, was the quiet publication of The Wealth of Nations by Scottish philosopher Adam Smith .
  • The Wealth of Nations by Adam Smith 19 January 2010 9:51 UTC www.squidoo.com [Source type: General]

^ For the first time in publishing history, Adam Smith had become rich through sales of a long, boring book that no-one ever read all the way through.
  • Adam Smith - Uncyclopedia, the content-free encyclopedia 19 January 2010 9:51 UTC mirror.uncyc.org [Source type: Original source]
  • Adam Smith - Uncyclopedia, the content-free encyclopedia 1 February 2010 6:54 UTC uncyclopedia.wikia.com [Source type: Original source]

.What may justly be said of Smith is that the deductive bent was not the predominant character of his mind, nor did his great excellence lie in the "dialectic skill" which Buckle ascribes to him.^ What may justly be said of Smith is that the deductive bent was not the predominant character of his mind, nor did his great excellence lie in the " dialectic skill" which Buckle ascribes to him.

^ Some have represented Smith's work as of so loose a texture and so defective in arrangement that it may be justly described as consisting of a series of monographs.

^ Book Read Synopsis [+] Hide Synopsis [-] Few would argue that Adam Smith was one of the great minds of the eighteenth century.
  • Adam Smith - Research and Read Books, Journals, Articles at Questia Online Library 1 February 2010 6:54 UTC www.questia.com [Source type: Academic]

.What strikes us most in his book is his wide and keen observation of social facts, and his perpetual tendency to dwell on these and elicit their significance, instead of drawing conclusions from abstract principles by elaborate chains of reasoning.^ What strikes us most in his book is his wide and keen observation of social facts, and his perpetual tendency to dwell on these and elicit their significance, instead of drawing conclusions from abstract principles by elaborate chains of reasoning.

^ Society benefits for obvious reasons such as accelerated solutions for significant challenges and more widespread acknowledgment that these issues affect society as a whole.
  • Irving Wladawsky-Berger: Adam Smith 2.0 19 January 2010 9:51 UTC blog.irvingwb.com [Source type: FILTERED WITH BAYES]

^ The longest and most elaborate of these occupies the third book ; it is an account of the course followed by the nations of modern Europe in the successive development of the several forms of industry.

.That Smith does, however, largely employ the deductive method is certain; and that method is legitimate when the premises from which the deduction sets out are known universal facts of human nature and properties of external objects.^ That Smith does, however, largely employ the deductive method is certain; and that method is legitimate when the premises from which the deduction sets out are known universal facts of human nature and properties of external objects.

^ Ernest Campbell Mossner and Ian Simpson Ross, Glasgow...the fact that we are induced by nature to hold certain beliefs is not in itself a warrant for the truth of those beliefs ...
  • adam smith beliefs - Books, journals, articles @ The Questia Online Library 19 January 2010 9:51 UTC www.questia.com [Source type: Academic]

^ At the age of 14, in 1737, Smith entered the University of Glasgow , already remarkable as a centre of what was to become known as the Scottish Enlightenment .
  • Adam Smith (Scottish philosopher) -- Britannica Online Encyclopedia 19 January 2010 9:51 UTC www.britannica.com [Source type: FILTERED WITH BAYES]

.But there is another species of deduction which, as Cliffe Leslie has shown, seriously tainted the philosophy of Smith - in which the premises are not facts ascertained by observation, but the a priori assumptions which we found in the physiocrats.^ But there is another species of deduction which, as Cliffe Leslie has shown, seriously tainted the philosophy of Smith - in which the premises are not facts ascertained by observation, but the a priori assumptions which we found in the physiocrats.

^ Smith regarded the corporation as another impediment to free trade, which needed to be weakened by removing its special privileges.
  • Free-market activists distort original message of Adam Smith�s �invisible hand� 19 January 2010 9:51 UTC onlinejournal.com [Source type: Original source]

^ There is no gainsaying the fact that Smith totally contradicted himself between Book I and Book V of the Wealth of Nations.
  • The Adam Smith Myth by Murray N. Rothbard 19 January 2010 9:51 UTC www.lewrockwell.com [Source type: FILTERED WITH BAYES]
  • The Adam Smith Myth - Murray N. Rothbard - Mises Institute 19 January 2010 9:51 UTC mises.org [Source type: FILTERED WITH BAYES]
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

In his view, Nature has made provision for social wellbeing by the principle of the human constitution which prompts every man to better his condition: the individual aims only at his private gain, but is "led by an invisible hand" to promote the public good; human institutions, by interfering with this principle in the name of the public interest, defeat their own end; but, when all systems of preference or restraint are taken away, "the obvious and simple system of natural liberty establishes itself of its own accord." This theory is, of course, not explicitly presented by Smith as a foundation of his economic doctrines, but it is really the secret substratum on which they rest. .Yet, whilst such latent postulates warped his view of things, they did not entirely determine his method.^ Yet, whilst such latent postulates warped his view of things, they did not entirely determine his method.

^ Still, the actions inspired by such sentiments tended to have beneficial results, even if they did inevitably shade sometimes into hypocritical posturing.
  • What Haiti needs is Adam Smith 1 February 2010 6:54 UTC www.nationalpost.com [Source type: General]

^ And you are the one frequently saying that there has never been such a thing, yet you blame all ills on it.
  • Adam Smith and Financial Regulation 19 January 2010 9:51 UTC cafehayek.com [Source type: General]

.His native bent towards the study of things as they are preserved him from extravagances into which many of his followers have fallen.^ His native bent towards the study of things as they are preserved him from extravagances into which many of his followers have fallen.

^ They are desperate, and act with the folly and extravagance of desperate men, who must either starve, or frighten their masters into an immediate compliance with their demands.
  • Adam Smith, Wealth of Nations, Book 1, Chapter 8, Of the Wages of Labour 19 January 2010 9:51 UTC geolib.com [Source type: Original source]
  • Philosopher-economist Adam Smith : A patron for 21st century trade unionism? 19 January 2010 9:51 UTC www.finfacts.com [Source type: Original source]

^ 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.
  • Adam Smith - Wikiquote 19 January 2010 9:51 UTC en.wikiquote.org [Source type: Original source]
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Adam Smith - Wikiquote 19 January 2010 9:51 UTC en.wikiquote.org [Source type: Original source]
  • Adam Smith - Wikiquote 19 January 2010 9:51 UTC cs.wikiquote.org [Source type: Original source]

.But besides this, as Leslie has pointed out, the influence of Montesquieu tended to counterbalance the theoretic prepossessions produced by the doctrine of the jus naturae. We are even informed that Smith himself in his later years was occupied in preparing a commentary on the Esprit des lois. He was thus affected by two different and incongruous systems of thought - one setting out from an imaginary code of nature intended for the benefit of man, and leading to an optimistic view of the economic constitution founded on enlightened selfinterest; the other following inductive processes, and seeking to explain the several states in which the human societies are found existing, as results of circumstances or institutions which have been in actual operation.^ But besides this, as Leslie has pointed out, the influence of Montesquieu tended to counterbalance the theoretic prepossessions produced by the doctrine of the jus naturae.

^ Mankind are benefited, human nature is ennobled by them.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ Man, having been intended by nature for society, was fitted by her for that situation.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

.And we find accordingly in his great work a combination of inductive inquiry with a priori speculation founded on the "Nature" hypothesis.^ And we find accordingly in his great work a combination of inductive inquiry with a priori speculation founded on the "Nature" hypothesis .

^ The seminal expression of those policies was An Inquiry into the Nature and Causes of the Wealth of Nations , published in 1776 and generally regarded as the first work of modern economics.
  • Irving Wladawsky-Berger: Welcome to Adam Smith's World 19 January 2010 9:51 UTC www.irvingwb.com [Source type: General]

^ Three of them are fragments of a great work which he at one time intended to write on the principles which lead and direct philosophical inquiries, but which he had long abandoned as far too extensive.

.Some have represented Smith's work as of so loose a texture and so defective in arrangement that it may be justly described as consisting of a series of monographs.^ Some have represented Smith's work as of so loose a texture and so defective in arrangement that it may be justly described as consisting of a series of monographs.

^ What may justly be said of Smith is that the deductive bent was not the predominant character of his mind, nor did his great excellence lie in the " dialectic skill" which Buckle ascribes to him.

^ Representative Smith, In listening to the president’s position with an open mind, you may have given him more deference than he has earned.
  • HorsesAss.Org » Blog Archive » Rep. Adam Smith: “Troop surge is not the answer” 19 January 2010 9:51 UTC horsesass.org [Source type: Original source]

But this is certainly an exaggeration. .The book, it is true, is not framed on a rigid mould, nor is there any parade of systematic divisions and subdivisions.^ The book, it is true, is not framed on a rigid mould , nor is there any parade of systematic divisions and subdivisions.

.But, as a body of exposition, it has the real unity which results from a mode of thinking homogeneous throughout and the general absence of such contradictions as would arise from an imperfect digestion of the subject.^ But, as a body of exposition, it has the real unity which results from a mode of thinking homogeneous throughout and the general absence of such contradictions as would arise from an imperfect digestion of the subject.

^ The general rule would be formed afterwards upon the detestation we felt at such an action, at the thought of this and every other particular action of the same kind.
  • http://socserv2.mcmaster.ca/~econ/ugcm/3ll3/smith/farrer.html 1 February 2010 6:54 UTC socserv2.mcmaster.ca [Source type: Original source]

^ His detestation of this crime, it is evident, would arise instantaneously and antecedent to his having formed to himself any such general rule.
  • Adam Smith [Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

.Smith sets out from the thought that the annual labour of a nation is the source from which it derives its supply of the necessaries and conveniences of life.^ Smith sets out from the thought that the annual labour of a nation is the source from which it derives its supply of the necessaries and conveniences of life.

^ Monks first point is that Smith saw that corporations tended to seek unlimited life, and argued that their charters be terminated upon completion of whatever task they originally had set out to accomplish.
  • Free-market activists distort original message of Adam Smith�s �invisible hand� 19 January 2010 9:51 UTC onlinejournal.com [Source type: Original source]

^ "Whatever be the soil, climate, or extent of territory of any particular nation, the abundance or scantiness of its annual supply must in that particular situation, depend upon ...
  • FRB: Speech, Greenspan�Adam Smith�February 6, 2005 19 January 2010 9:51 UTC www.federalreserve.gov [Source type: Original source]
  • Philosopher-economist Adam Smith : A patron for 21st century trade unionism? 19 January 2010 9:51 UTC www.finfacts.com [Source type: Original source]

.He does not of course contemplate labour as the only factor in production; but it has been supposed that by emphasizing it at the outset he at once strikes the note of difference between himself on the one hand, and both the mercantilists and the physiocrats on the other.^ He does not of course contemplate labour as the only factor in production; but it has been supposed that by emphasizing it at the outset he at once strikes the note of difference between himself on the one hand, and both the mercantilists and the physiocrats on the other.

^ The difference between one item and another.
  • Economics A-Z | Economist.com 19 January 2010 9:51 UTC www.economist.com [Source type: FILTERED WITH BAYES]

^ "The whole of the advantages and disadvantages of the different employments of labour and stock must, in the same neighbourhood, be either perfectly equal or continually tending to equality"; if one had greatly the advantage over the others, people would crowd into it, and the level would soon be restored.

.The improvement in the productiveness of labour depends largely on its division; and he proceeds accordingly to give his unrivalled exposition of that principle, of the grounds on which it rests, and of its greater applicability to manufactures than to agriculture, in consequence of which the latter relatively lags behind in the course of economic development.^ This leads to division of labour, which leads to increased productivity.

^ The improvement in the productiveness of labour depends largely on its division; and he proceeds accordingly to give his unrivalled exposition of that principle, of the grounds on which it rests, and of its greater applicability to manufactures than to agriculture , in consequence of which the latter relatively lags behind in the course of economic development.

^ Smith instead took the egalitarian-environmentalist position, still dominant today in neoclassical economics, that all labourers are equal, and therefore that differences between them can only be the result rather than a cause of the system of the division of labour.
  • The Adam Smith Myth by Murray N. Rothbard 19 January 2010 9:51 UTC www.lewrockwell.com [Source type: FILTERED WITH BAYES]

The origin of the division of labour he finds in the propensity of human nature "to truck, barter or exchange one thing for another." He shows that a certain accumulation of capital is a condition precedent of this division, and that the degree to which it can be carried is dependent on the extent of the market. .When the division of labour has been established, each member of the society must have recourse to the others for the supply of most of his wants; a medium of exchange is thus found to be necessary, and money comes into use.^ In this chapter money comes into use from the first as a medium of exchange, and its use as a measure of value is not mentioned.
  • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

^ When the division of labour has been established, each member of the society must have recourse to the others for the supply of most of his wants; a medium of exchange is thus found to be necessary, and money comes into use.

^ "The whole of the advantages and disadvantages of the different employments of labour and stock must, in the same neighbourhood, be either perfectly equal or continually tending to equality"; if one had greatly the advantage over the others, people would crowd into it, and the level would soon be restored.

.The exchange of goods against each other or against money gives rise to the notion of value.^ Among the Tartars, as among all other nations of shepherds, who are generally ignorant of the use of money, cattle are the instruments of commerce and the measures of value.
  • Wealth of Nations — Bk 4 Chpt 01 1 February 2010 6:54 UTC www.marxists.org [Source type: Original source]

^ Money is said to have had its origin in the fact that men naturally fell upon one commodity with which to compare the value of all other commodities.
  • Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty 19 January 2010 9:51 UTC www.econlib.org [Source type: Original source]

^ But though all things would have become cheaper in reality, in appearance many things might have become dearer than before, or have been exchanged for a greater quantity of other goods.
  • Adam Smith, Wealth of Nations, Book 1, Chapter 8, Of the Wages of Labour 19 January 2010 9:51 UTC geolib.com [Source type: Original source]

.This word has two meanings - that of utility, and that of purchasing power; the one may be called value in use, the other value in exchange.^ This word has two meanings - that of utility, and that of purchasing power; the one may be called value in use, the other value in exchange.

^ The word value… has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ Adam is the author of two books, including She's Got Handle , called one of the top sports books of 2001 by The New York Times.
  • ZagsBlog.com – Roscoe Smith Picks UConn 19 January 2010 9:51 UTC www.zagsblog.com [Source type: FILTERED WITH BAYES]

.Merely mentioning the former, Smith goes on to study the latter.^ Merely mentioning the former, Smith goes on to study the latter.

.What, he asks, is the measure of value?^ What, he asks, is the measure of value?

what regulates the amount of one thing which will be given for another? ."Labour," Smith answers, "is the real measure of the exchangeable value of all commodities."^ "Labour," Smith answers, "is the real measure of the exchangeable value of all commodities."

^ Labor, therefore, is the real measure of the exchangeable value of all commodities....
  • Modern History Sourcebook: Adam Smith: The Wealth of Nations, 1776 (Epitome) 19 January 2010 9:51 UTC www.fordham.edu [Source type: Original source]

^ Smith seeks a more universal criterion and looks towards labor to anchor his notion of value: “labour,” he writes, “is the real measure of the exchangeable value of all commodities” ( WN I.v).
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]
  • Smith, Adam [The Internet Encyclopedia of Philosophy] 19 January 2010 9:51 UTC www.iep.utm.edu [Source type: Original source]

."Equal quantities of labour at all times and places, are of equal value to the labourer."^ "Equal quantities of labour at all times and places, are of equal value to the labourer."

^ Fourthly, the variations in the price of labour not only do not correspond either in place or time with those in the price of provisions, but they are frequently quite opposite.
  • Adam Smith, Wealth of Nations, Book 1, Chapter 8, Of the Wages of Labour 19 January 2010 9:51 UTC geolib.com [Source type: Original source]

^ If labour quantity is the source and measure of all value, how can the mere quantity of labour hours be equated to the quantity of labour pain or labour toil?
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

."Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared.^ "Equal quantities of labour at all times and places, are of equal value to the labourer."

^ "Labour," Smith answers, "is the real measure of the exchangeable value of all commodities."

^ Labor, therefore, is the real measure of the exchangeable value of all commodities....
  • Modern History Sourcebook: Adam Smith: The Wealth of Nations, 1776 (Epitome) 19 January 2010 9:51 UTC www.fordham.edu [Source type: Original source]

.It is their real price; money is their nominal price only."^ It is their real price; money is their nominal price only."

^ Only the market price is the real price.
  • The Celebrated Adam Smith 1 February 2010 6:54 UTC mises.org [Source type: Original source]

^ This chapter complicates the theory of relative prices: not only labour, but also stock (real capital--tools, raw materials, goods awaiting sale, etc.

.Money, however, is in men's actual transactions the measure of value, as well as the vehicle of exchange; and the precious metals are best suited for this function, as varying little in their own value for periods of moderate length; for distant times, corn is a better standard of comparison.^ Money, however, is in men's actual transactions the measure of value, as well as the vehicle of exchange; and the precious metals are best suited for this function, as varying little in their own value for periods of moderate length; for distant times, corn is a better standard of comparison.

^ Money is used as a measure of value, but fundamentally the measure of value is the labour put into making the thing and bringing it to market.

^ Among the Tartars, as among all other nations of shepherds, who are generally ignorant of the use of money, cattle are the instruments of commerce and the measures of value.
  • Wealth of Nations — Bk 4 Chpt 01 1 February 2010 6:54 UTC www.marxists.org [Source type: Original source]

.In relation to the earliest social stage, we need consider nothing but the amount of labour employed in the production of an article as determining its exchange value; but in more advanced periods price is complex, and consists in the most general case of three elements - wages, profit and rent.^ High or low wages and profit are the causes of high or low price; high or low rent is the effect of it."

^ In relation to the earliest social stage, we need consider nothing but the amount of labour employed in the production of an article as determining its exchange value; but in more advanced periods price is complex, and consists in the most general case of three elements - wages , profit and rent .
  • Adam Smith - LoveToKnow 1911 19 January 2010 9:51 UTC