“No human wisdom or knowledge could ever be sufficient the duty of superintending the industry of private people … towards the employment most suitable to the interest of the society.” “Let us not, however, upon this account rashly conclude that she is capable of supporting any burden, nor even be too confident that she could support, without great distress, a burden a little greater than what has already been laid upon her.” “In the midst of all the exactions of government … It is this effort, protected by law and allowed by liberty to exert itself in the manner that is most advantageous, which has maintained the progress.” “The uniform, constant and uninterrupted effort of every man to better his condition … is frequently powerful enough to maintain the natural progress of things toward improvement, in spite both of the extravagance of government, and of the greatest errors of administration … surmounting a hundred impertinent obstructions with which the folly of human laws too often encumbers its operations.” “There is no art which one government sooner learns of another than that of draining money from the pockets of the people.” “After all the proper subjects of taxation have been exhausted, if the exigencies of the state still continue to require new taxes, they must be imposed upon improper ones.” “The profusion of government … retarded the natural progress.” “Those unproductive hands … may consume so great a share … that all the frugality and good conduct of individuals may not be able to compensate … this violent and forced encroachment.” “The agents of regard the wealth of their master as inexhaustible are careless at what price they buy … at what price they sell.” without exception, the greatest spendthrifts in the society.” That is why we must also recall his understanding of government, the coercive “panacea” proposed for every problem, real or imagined, in society. Unfortunately, Smith’s crucial insights are overlooked by politicians who may talk of liberty, but legislate and regulate away its centerpiece-voluntary arrangements. Smith is most famous for articulating how the “invisible hand” of market interactions can coordinate a society based upon liberty-i.e., private property and voluntary exchange-more effectively than the coercive power of the state. However, we know he was baptized on June 5th, making that an appropriate date to remember him on. But some birthdays are unknown, like Adam Smith, history’s most famous economist. Now that I have read more quotes by Adam Smith I see clearly now that while he clearly believed in free enterprise he was not as much of an advocate for limited government as many “free market” ideologues make him out to be.” Stan Burman About Stan Burman.Important people are commemorated on their birthdays. I despise the people who mindlessly spout the quotes of Adam Smith to suit their own agenda. I do agree that the invisible hand can work wonders but I also realize that there are many individuals and in particular, large corporation that act only in their own self-interest without any regard for the rest of society such as the big banks and other politically connected companies. “This is an excellent quote by Adam Smith and one that I totally agree with as people who are acting in their own self-interest do tend to provide an overall benefit to society. 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 not part of his intention.” Adam Smith But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society. It is his own advantage, indeed, and not that of the society which he has in view. “Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. A quote by Adam Smith on the invisible hand is the topic of this blog post.
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