1776 AnInquiryIntotheNatureandCauses

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  • (Smith, 1776) ⇒ Adam Smith. (1776). “An Inquiry Into the Nature and Causes of the Wealth of Nations...."

Subject Headings: Invisible hand, Division of Labour, Free Market.

Notes

Cited By

2014

Quotes

(Book 4, Chapter 2)

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... As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, 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 his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. ...

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References

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 AuthorvolumeDate ValuetitletypejournaltitleUrldoinoteyear
1776 AnInquiryIntotheNatureandCausesAdam Smith (1723-1790)An Inquiry Into the Nature and Causes of the Wealth of Nations...1776
AuthorAdam Smith +
titleAn Inquiry Into the Nature and Causes of the Wealth of Nations... +
year1776 +