H E T   

 

  

 Adam Smith

 

  LINKS:  X X X  


..individual.. 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... led by an

 invisible hand  to promote an end which was no part of his intention.

 

"It is  not from the benevolence  of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard  to their own interest . We address ourselves,   not to their humanity  but   to  their self-love , and never talk to them of our necessities but of their advantages."     

 

"It is the highest  impertinence  and presumption, ... in kings and ministers , to pretend  to watch over  the economy of  private people , and to restrain their expense... They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expense, and they may safely trust private people with theirs. If their own extravagance does not ruin the state, that of their subjects never will."

    Excerpts from the Wealth of  Nations.
 

 

 

 

 

 

 

OK Economics was designed and it is maintained by Oldrich Kyn.
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This website contains the following sections:

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http://econc10.bu.edu/Ec341_money/ec341_frame.htm

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