Adam Smith, The Wealth of Nation Quotes

A collection of quotes by Adam Smith, The Wealth of Nation.

Adam Smith was a renowned Scottish philosopher and economist, widely regarded as the father of modern economics. He was born in Kirkcaldy, Scotland, in 1723. Smith's most influential work, "The Wealth of Nations," published in 1776, established him as a seminal figure in the development of capitalism and free-market economics.

Smith studied at the University of Glasgow and later became a professor of logic at the university. He continued his academic pursuits and became a prominent figure in the Scottish Enlightenment, a movement focused on intellectual and scientific advancements.

In "The Wealth of Nations," Smith analyzed the economic system of his time, questioning prevailing mercantilist policies and advocating for free trade and the division of labor. He emphasized that individual pursuit of self-interest, when in a competitive market, can lead to the welfare of society as a whole—a concept often referred to as the "invisible hand."

This groundbreaking work presented Smith's ideas on the division of labor, the importance of productivity, the theory of value, and the role of the state in economic affairs. His ideas had a lasting impact, shaping economic thought and policy-making for centuries to come.

Adam Smith's contributions to the field of economics revolutionized how society understood and practiced economic systems, earning him a prominent place in the history of economic thought. He passed away in 1790 but left an enduring legacy that continues to shape the modern understanding of economic principles.

A gardener who cultivates his own garden with his own hands,

A gardener who cultivates his own garden with his own hands, unites in his own person the three different characters, of landlord, farmer, and labourer. His produce, therefore, should pay him the rent of the first, the profit of the second, and the wages of the third.

Adam Smith, The Wealth of Nation

Capitalism