Adam Smith

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Biography

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.For other authors of this name, see Adam Smith

  • Real name
  • Adam Smith
  • Name variations
  • A. Smith·Adam
  • Necropolis (3)·The Altered States Of The United Snakes·The Unholy Two
  • Primary profession
  • Writer
  • Country
  • Canada
  • Nationality
  • Canadian
  • Gender
  • Male
  • Birth date
  • 28 December 1903
  • Place of birth
  • Kirkcaldy
  • Death date
  • 1790-07-17
  • Death age
  • 67
  • Place of death
  • Edinburgh
  • Children
  • Education
  • Lycée François-Ier
  • Knows language
  • English language
  • Member of
  • Royal Society of Edinburgh
  • Parents
  • Margaret Douglas
  • Influence
  • Henry Home·James Watt·David Hume·Joseph Black·Immanuel Kant·Jeremy Bentham·Anders Chydenius·Richard Cantillon·Joseph Butler·Aristotle·

Music

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Awards

Trivia

Educated at Greenfaulds High School, Cumbernauld.

Trained as a Journalist at Glasgow Metropolitan College after leaving school.

Served as producer on "The 1 Second film".

Served as producer on "Invasion Of The Not Quite Dead".

(September 2009) Playing a Virology Technician on the new Ewan McGregor movie "The Last Word"

(April 2008) Filming another two episodes of River City. Also filming a new BBC murder mystery called "New Town" with Mark Gatiss and Omid Djalili.

(May 2008) Filming scenes near Inverary for Norwegian war movie "Max Manus", playing an army corporal.

(May 2007) Filming scenes on another four episodes of "River City"

(June 2008) After a successful audition for the new "Subway" Commercial, filming has just taken place in Glasgow.

(February 2010) Filming at Stirling Castle on the new John Landis movie, "Burke and Hare"

(August 2006) Just outside Inverary, north-west Scotland, filming "The Waterhorse".

Studying Acting at Strathclyde University

Voted Best Director by readers of Doctor Who Magazine for his work on the 2010 season.

Ranking member, U.S. House Armed Services Committee.

U.S. Representative (D-Wash) (?-present).

Quotes

Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all.

The great source of both the misery and disorders of human life, seems to arise from over-rating the difference between one permanent situation and another. Avarice over-rates the difference between poverty and riches: ambition, that between a private and a public station: vain-glory, that between obscurity and extensive reputation. The person under the influence of any of those extravagant passions, is not only miserable in his actual situation, but is often disposed to disturb the peace of society, in order to arrive at that which he so foolishly admires. The slightest observation, however, might satisfy him, that, in all the ordinary situations of human life, a well-disposed mind may be equally calm, equally cheerful, and equally contented. Some of those situations may, no doubt, deserve to be preferred to others: but none of them can deserve to be pursued with that passionate ardour which drives us to violate the rules either of prudence or of justice; or to corrupt the future tranquillity of our minds, either by shame from the remembrance of our own folly, or by remorse from the horror of our own injustice.

There is a great deal of ruin in a nation.

Science is the great antidote to the poison of enthusiasm and superstition.

Public services are never better performed than when their reward comes only in consequence of their being performed, and is proportioned to the diligence employed in performing them.

The natural effort of every individual to better his own condition, when suffered to exert itself with freedom and security, is so powerful a principle, that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often encumbers its operations,No apprenticeship has ever been thought necessary to qualify for husbandry, the great trade of the country. After what are called the fine arts, and the liberal professions, however, there is perhaps no trade which requires so great a variety of knowledge and experience.

The man whose whole life is spent in performing a few simple operations, of which the effects are perhaps always the same, or very nearly the same, has no occasion to exert his understanding or to exercise his invention in finding out expedients for removing difficulties which never occur. He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become.

In regards to the price of commodities, the rise of wages operates as simple interest does, the rise of profit operates like compound interest. 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.

All money is a matter of belief.

No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable.

If there is any societyamong robbers and murderers, they must at least. abstainfrom robbing and murdering one another. So beneficenceis less essential than justice is to the existence of society; alack of beneficence will make a society uncomfortable, butthe prevalence of injustice will utterly destroy it.

The great source of both the misery and disorders of human life, seems to arise from over-rating the difference between one permanent situation and another. . .

The interest of [businessmen] is always in some respects different from, and even opposite to, that of the public . . . The proposal of any new law or regulation of commerce which comes from this order . . . ought never to be adopted, till after having been long and carefully examined . . . with the most suspicious attention. It comes from an order of men . . . who have generally an interest to deceive and even oppress the public,No paint or dye can give so splendid a colour as gilding. The merit of their beauty is greatly enhanced by their scarcity. With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches, which in their eye is never so complete as when they appear to possess those decisive marks of opulence which nobody can possess but themselves. In their eyes the merit of an object which is in any degree either useful or beautiful is greatly enhanced by its scarcity, or by the great labour which it requires to collect any considerable quantity of it, a labour which nobody can afford to pay but themselves. Book I, Chapter 11 - Rent of Land, part II,To attempt to increase the wealth of any country, either by introducing or by detaining in it an unnecessary quantity of gold and silver, is as absurd as it would be to attempt to increase the good cheer of private families by obliging them to keep an unnecessary number of kitchen utensils.

The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities.

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; and though his talents may not always be very brilliant, they are always perfectly genuine. He neither endeavours to impose upon you by the cunning devices of an artful impostor, nor by the arrogant airs of an assuming pedant, nor by the confident assertions of a superficial and imprudent pretender. He is not ostentatious even of the abilities which he really possesses. His conversation is simple and modest, and he is averse to all the quackish arts by which other people so frequently thrust themselves into public notice and reputation.

Hatred and anger are the greatest poison to the happiness of a good mind. There is, in the very feeling of those passions, something harsh, jarring, and convulsive, something that tears and distracts the breast, and is altogether destructive of that composure and tranquillity of mind which is so necessary to happiness, and which is best promoted by the contrary passions of gratitude and love.

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; and though his talents may not always be very brilliant, they are always perfectly genuine,Let us suppose that the great empire of China, with all its myriads of inhabitants, was suddenly swallowed up by an earthquake, and let us consider how a man of humanity in Europe, who had no sort of connection with that part of the world, would be affected upon receiving intelligence of this dreadful calamity. He would, I imagine, first of all, express very strongly his sorrow for the misfortune of that unhappy people, he would make many melancholy reflections upon the precariousness of human life, and the vanity of all the labours of man, which could thus be annihilated in a moment. He would too, perhaps, if he was a man of speculation, enter into many reasonings concerning the effects which this disaster might produce upon the commerce of Europe, and the trade and business of the world in general. And when all this fine philosophy was over, when all these humane sentiments had been once fairly expressed, he would pursue his business or his pleasure, take his repose or his diversion, with the same ease and tranquillity, as if no such accident had happened. The most frivolous disaster which could befall himself would occasion a more real disturbance. If he was to lose his little finger to-morrow, he would not sleep to-night; but, provided he never saw them, he will snore with the most profound security over the ruin of a hundred millions of his brethren, and the destruction of that immense multitude seems plainly an object less interesting to him, than this paltry misfortune of his own. To prevent, therefore, this paltry misfortune to himself, would a man of humanity be willing to sacrifice the lives of a hundred millions of his brethren, provided he had never seen them? Human nature startles with horror at the thought, and the world, in its greatest depravity and corruption, never produced such a villain as could be capable of entertaining it. But what makes this difference? When our passive feelings are almost always so sordid and so selfish, how comes it that our active principles should often be so generous and so noble? When we are always so much more deeply affected by whatever concerns ourselves, than by whatever concerns other men; what is it which prompts the generous, upon all occasions, and the mean upon many, to sacrifice their own interests to the greater interests of others? It is not the soft power of humanity, it is not that feeble spark of benevolence which Nature has lighted up in the human heart, that is thus capable of counteracting the strongest impulses of self-love. It is a stronger power, a more forcible motive, which exerts itself upon such occasions. It is reason, principle, conscience, the inhabitant of the breast, the man within, the great judge and arbiter of our conduct.

In the common degree of the moral, there is no virtue. Virtue is excellence.

Virtue is excellence, something uncommonly great and beautiful, which rises far above what is vulgar and ordinary.

The prudent man is always sincere, and feels horror at the very thought of exposing himself to the disgrace which attends upon the detection of falsehood. But though always sincere, he is not always frank and open; and though he never tells any thing but the truth, he does not always think himself bound, when not properly called upon, to tell the whole truth. As he is cautious in his actions, so he is reserved in his speech; and never rashly or unnecessarily obtrudes his opinion concerning either things or persons.

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.

Commerce and manufactures can seldom flourish long in any state which does not enjoy a regular administration of justice, in which the people do not feel themselves secure in the possession of their property, in which the faith of contracts is not supported by law, and in which the authority of the state is not supposed to be regularly employed in enforcing the payment of debts from all those who are able to pay. Commerce and manufactures, inshort, can seldom flourish in any state in which there is not a certain degree of confidence in the justice of government.

What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.

A highway, a bridge, a navigable canal, for example, may in most cases be both made and maintained by a small toll upon the carriages which make use of them: a harbour, by moderate port-duty upon the tonnage of the shipping which load or unload in it. The coinage, another institution for facilitating commerce, in many countries, not only defrays its own expense, but affords a small revenue or seignorage to the sovereign. The post-office, another institution for the same purpose, over and above defraying its own expense, affords in almost all countries a very considerable revenue to the sovereign. When the carriages which pass over a highway or a bridge, and the lighters which sail upon a navigable canal, pay toll in proportion to their weight or their tonnage, they pay for the maintenance of those public works exactly in proportion to the wear and tear which they occasion of them. It seems scarce possible to invent a more equitable way of maintaining such works.

Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.

All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.

of their passions in the same object at that particular time.

I have always considered David Hume as approaching as nearly the idea of a perfectly wise and virtuous man as perhaps the nature of human frailty will allow.

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.

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.

By pursuing his own interest (the individual) 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.

What can be added to the happiness of man who is in health out of debt and has a clear conscience?,Man an animal that makes bargains.

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.

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.

To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.

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.

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.

Happiness never lays its finger on its pulse.

What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?,I have never known much good done by those who affected to trade for the public good.

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.

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.

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.

This is one of those cases in which the imagination is baffled by the facts.

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.

No complaint. . . is more common than that of a scarcity of money.

Labor was the first price, the original purchase - money that was paid for all things.

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.

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.

No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. .

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