Adam Smith / 1723–1790 / Scotland (Great Britain) / Philosopher
The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.Source: Wealth of Nations, 1776; Book IV, Chapter II.
Customers and Consumption
To found a great empire for the sole purpose of raising up a people of customers, may at first sight appear a project fit only for a nation of shopkeepers. It is, however, a project altogether unfit for a nation of shopkeepers; but extremely fit for a nation whose government is influenced by shopkeepers.Source: Wealth of Nations, 1776; Book IV, Chapter III, Part II, Chapter VII.
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.Source: Wealth of Nations, 1776; Book IV, Chapter VIII.
All systems either of preference or of restraint, therefore, being thus completely taken away, the obvious and simple system of natural liberty establishes itself of its own accord. 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.Source: Wealth of Nations, 1776; Book IV, Chapter IX.
It is the highest impertinence and presumption, therefore, in kings and ministers to pretend to watch over the economy of private people, and to restrain their expense…. They are themselves always, and without any exception, the greatest spendthrifts in the society.Source: Wealth of Nations, 1776; Book II, Chapter III.
Every individual necessarily labors 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…. 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…. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.Source: Wealth of Nations, 1776; Book IV, Chapter II.
Monopolies and Cartels
A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures.Source: Wealth of Nations, 1776; Book I, Chapter VII.
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.Source: Wealth of Nations, 1776; Book I, Chapter 10.
The discovery of America, and that of a passage to the East Indies by the Cape of Good Hope, are the two greatest and most important events recorded in the history of mankind.Source: Wealth of Nations, 1776; Book I, Chapter XI.
With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches, which in their eyes is never so complete as when they appear to possess those decisive marks of opulence which nobody can possess but themselves.Source: Wealth of Nations, 1776; Book I, Chapter XI
Self-Interest Drives Economics
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.Source: Wealth of Nations, 1776; Book I, Chapter II.