Adam Smith, Quotations

Labour force is the wealth of nations: Adam Smith

Sunday’s quotes

Adam Smith is the father of Economics. He wrote a book The Wealth of Nations in 1776, since then Economics is recognised as a different subject of study. The main focus of The Wealth of Nations is economic growth which is possible by the specialization of labour force/human resource. According to Smith the wealth of nations is labour force and education accelerates productivity of labour where division of labour  increase individual productivity and personal work satisfaction . Smith believes on laissez fair i.e. free market economy. Today, I have taken his thoughts for the Sunday’s quotes.

Our merchants and masters complain much of the bad effects of high wages in raising the price and lessening the sale of goods. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.

♦ The discipline of colleges and universities is in general contrived, not for the benefit of the students, but for the interest, or more properly speaking, for the ease of the masters.

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.

 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.

 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. 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

Adamsmith and quatation - Copy (2)


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