8 Quotes by Adam Smith about economics

  • Author Adam Smith
  • Quote

    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.

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  • Author Adam Smith
  • Quote

    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.

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  • Author Adam Smith
  • Quote

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

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  • Author Adam Smith
  • Quote

    It is the industry which is carried on for the benefit of the rich and powerful, that is principally encouraged by our mercantile system. That which is carried on for the benefit of the poor and the indigent, is too often, either neglected, or oppressed

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  • Author Adam Smith
  • Quote

    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.

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  • Author Adam Smith
  • Quote

    A nation is not made wealthy by the childish accumulation of shiny metals, but it enriched by the economic prosperity of it's people.

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