Students,

Analyze the following quotes by Adam Smith who was a pioneer of political economy. What is he trying to say in each? Do you agree or disagree? Why?

1. "Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer." Adam Smith

2. "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." Adam Smith

3. "The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence." Adam Smith

4. "No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable." Adam Smith

5. "Labour was the first price, the original purchase - money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased." Adam Smith

6. "No complaint... is more common than that of a scarcity of money." Adam Smith

7. "What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?" Adam Smith

8. "The propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals." Adam Smith