Adam Smith (1723–1790) was a Scottish economist, philosopher, and author who is widely regarded as the father of modern economics. Born in Kirkcaldy, Scotland, Smith is best known for his seminal work, “The Wealth of Nations,” published in 1776. In this groundbreaking book, he laid the foundation for classical economics by exploring the principles of free-market capitalism, the division of labor, and the invisible hand theory, which greatly influenced economic thought and policy.
Famous 20 Quotes of Adam Smith:
- “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 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.”
- “Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.”
- “Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.”
- “Labor was the first price, the original purchase – money that was paid for all things.”
- “Science is the great antidote to the poison of enthusiasm and superstition.”
- “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.”
- “The real tragedy of the poor is the poverty of their aspirations.”
- “The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.”
- “What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?”
- “To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.”
- “No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.”
- “All money is a matter of belief.”
- “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.”
- “With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches.”
- “The prudent man always studies seriously and earnestly to understand whatever he professes to understand and not merely to persuade other people that he understands it.”
- “No complaint… is more common than that of a scarcity of money.”
- “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.”
- “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.”
Adam Smith’s ideas laid the groundwork for economic theories that continue to shape discussions on capitalism, market economies, and government policies. His legacy endures as a foundational figure in the field of economics.
