Although the exact date of Smith’s birth is unknown, his baptism was recorded on 16 June 1723 at Kirkcaldy. A Scottish moral philosopher and a pioneer of political economy. 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. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Adam Smith is widely cited as the father of modern economics.
Science is the great antidote to the poison of enthusiasm and superstition.
The real tragedy of the poor is the poverty of their aspirations.
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
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.
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.
Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.
All money is a matter of belief.
Happiness never lays its finger on its pulse.
To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.
Labour was the first price, the original purchase – money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased.
Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.
No complaint… is more common than that of a scarcity of money.
The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence.
I have never known much good done by those who affected to trade for the public good.
On the road from the City of Skepticism, I had to pass through the Valley of Ambiguity.
Labor was the first price, the original purchase – money that was paid for all things.
This is one of those cases in which the imagination is baffled by the facts.
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.
Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.
What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?
The theory that can absorb the greatest number of facts, and persist in doing so, generation after generation, through all changes of opinion and detail, is the one that must rule all observation.
Poor David Hume is dying fast, but with more real cheerfulness and good humor and with more real resignation to the necessary course of things, than any whining Christian ever dyed with pretended resignation to the will of God.
Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition.
Resentment seems to have been given us by nature for a defense, and for a defense only! It is the safeguard of justice and the security of innocence.
It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.
Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets the nearer your approach to this certainty.
Defense is superior to opulence.
With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches.
The propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals.