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Currently viewing the category: "Adam Smith"

The Wealth of Nations by Adams Smith

By Steve Straub On January 4, 2013 · 2 Comments · In Adam Smith, Ebooks

The-Wealth-of-Nations-Book-CoverGet a FREE copy of “The Wealth of Nations” by Adam Smith

Adam Smith’s masterpiece, first published in 1776, is the foundation of modern economic thought and remains the single most important account of the rise of, and the principles behind, modern capitalism. Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society.

An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith. It is a clearly written account of economics at the dawn of the Industrial Revolution, as well as a rhetorical piece written for the generally educated individual of the 18th century – advocating a free market economy.

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Adams Smith, The Theory of Moral Sentiments, 1759

By Steve Straub On July 30, 2011 · 36 Comments · In Adam Smith

Adam Smith, the Theory of Moral Sentiments 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.

Adam Smith, The Wealth of Nations, Book V, Chapter III, Part V, pg.1012

By Steve Straub On July 30, 2011 · 30 Comments · In Adam Smith

Adam Smith, Wealth of NationsWhen 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.

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.

Adam Smith, The Wealth of Nations, Book I, Chapter V, pg.38, 1776

By Steve Straub On May 13, 2011 · 10 Comments · In Adam Smith

Labour was the first price, the original purchase-money that was paid for all things. It was not by gold or by silver, but by labour, that all 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.

Adam Smith, The Wealth of Nations, Book I, Chapter II, pg.17, 1776

By Steve Straub On May 13, 2011 · 9 Comments · In Adam Smith

Adam Smith, Wealth of NationsThe 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.

Adam Smith, Wealth of Nation, Book I, Chapter II, pg.19

By Steve Straub On April 27, 2011 · 7 Comments · In Adam Smith

Adam Smith, Wealth of NationsBut 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.

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.

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.

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

Adam Smith, Wealth of Nations, Book IV, 1776

By Steve Straub On April 25, 2011 · 19 Comments · In Adam Smith

Adam Smith, Wealth of NationsAs 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.

He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it.

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.

Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it

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