@AdamSmithQuotes
Joined February 2014
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We are pleased, not only with praise, but with having done what is praise-worthy.
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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, (1)
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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.(2)
On this day in 1723 Adam Smith was born. Best known for his 'Wealth of Nations' in which he systematically set out the principles of the market economy.
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On Money And Trust
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The sovereign is completely discharged from the duty of superintending the industry of private people...
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On this day in 1776, #AdamSmith's first edition of 'An Inquiry into the Nature and Causes of the Wealth of Nations' was published. Since then it has gone through numerous editions and has been translated into every major modern language. panmurehouse.org/adam-smith/… 1/3
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What is prudence in the conduct of private family, can scarce be folly in that of a kingdom. If a foreign country can supply us with a commodity cheaper than we can make it, better buy it of them with part of the produce of our industry, employed in a way we have some advantage.
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This self-deceit is the source of half the disorders of human life. If we saw ourselves as others see us, a reformation would be unavoidable
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"The weak, the vain and the frivolous, indeed, may be mortified by the most groundless censure or elated by the most absurd applause. ( TMS)
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pscp.tv/w/cYQp7XR3LTIzMjI5OT…
Test
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“Of all the corrupters of moral sentiments, therefore, faction and fanaticism have always been by far the greatest." (TMS III i 85)
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Science is the great antidote to the poison of enthusiasm and superstition” (WN V i g 14)
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The “science of a legislator, whose deliberations ought to be governed by general principles which are always the same” (WN IV ii 39)
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