Jeffrey Schwartz, Josie Thomson, Art Kleiner, Adam Smith
The 18th-century economic philosopher Adam Smith, best known for his foundational book The Wealth of Nations, spent his last two decades considering the problem of virtue in capitalism. The vitality of the industrializing world was based on the good faith of energetic, creative people, acting individually. But no human society had ever resisted the temptations of corruption and exploitation. How would capitalism survive? Smith said … [ Read more ]
Authors: Adam Smith, Art Kleiner, Jeffrey Schwartz, Josie Thomson | Source: strategy+business | Subjects: Capitalism, Economics
Adam Smith
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, but to no council or senate whatever, and which would be nowhere so dangerous as in the hands of a man who … [ Read more ]
Content: Quotation | Author: Adam Smith | Source: Capital Ideas | Subjects: Capitalism, Economics
Adam Smith
The uniform, constant, and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things towards improvement, in spite both of the extravagance of government, and of the greatest errors of administration.
Content: Quotation | Author: Adam Smith | Source: Capital Ideas | Subjects: Capitalism, Economics, Government
The Theory of Moral Sentiments
Adam Smith’s The Wealth of Nations, first published in 1776, helped create the discipline of economics with its conjuring of the invisible hand, self-interest, and other explanations of market forces that have influenced academics, governments, and business leaders ever since. But insights from one of Smith’s earlier works, The Theory of Moral Sentiments, can contribute to modern thinking on everything from our fascination with celebrity … [ Read more ]
Content: Book | Author: Adam Smith | Subjects: Economics, Miscellaneous
Adam Smith
Every individual necessarily labors to render the annual revenue of the society as great as he can. He generally neither intends to promote the public interest, nor knows how much he is promoting it … 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 no part of … [ Read more ]
Content: Quotation | Author: Adam Smith | Source: Knowledge@Wharton | Subjects: Capitalism, Economics, Personality / Behavior