Adam Smith Quotes

Let's take Adam Smith, the patron-saint of capitalism, what did he think? He thought the main human instinct was sympathy. In fact, take a look at the word "invisible hand." Which, of course, you learned about, or you think you've learned about. Take a look at the actual way in which he used the phrase. There is almost no relation to what is claimed.

The reason that the invisible hand often seems invisible is that it is often not there.

I am a believer in Adam Smith, who says that if you look at something that really contributes value to society, and you can deliver it at a reasonable price, then society will recognise that at some point because rational behaviour will come into play.

That's the trick of free market economic theory: it doesn't just ask you to only be selfish and not care about others. It tells you that by being selfish, you are helping others. And, in fact, by trying to directly help others, you will hurt them.

That invisible hand of Adam Smith seems to offer an extended middle finger to an awful lot of people.

Adam Smith's 'invisible hand' is not above sudden, disturbing, movements. Since its inception, capitalism has known slumps and recessions, bubble and froth; no one has yet dis-invented the business cycle, and probably no one will; and what Schumpeter famously called the 'gales of creative destruction' still roar mightily from time to time. To lament these things is ultimately to lament the bracing blast of freedom itself.

The invisible hand of the market always moves faster and better than the heavy hand of government.

The free market is the epitome of life itself. This is something that all scientists recognise because science itself operates on free market lines.

During the two centuries since the publication of 'The Wealth of Nations,' the main activity of economists, it seems to me, has been to fill the gaps in Adam Smith's system, to correct his errors and to make his analysis vastly more exact.

We should rely on the markets to move on their own.

They say that open markets are the solution to everything and, if left alone, the invisible hand will solve all problems. Sadly, the reason the invisible hand often appears invisible is that, quite often, it is not there.

People think the free market is a philosophy, they think that it is a creed. It is none of those things. Free market is a bathroom scale, it is a measuring tape, it's simply a measurement.

Adam Smith's huge failure was the fact that he did not foresee the industrial revolution.

The free market, the people, will find solutions and they always did in the past.

Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society... 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 not part of his intention

The invisible hand in politics operates in the opposite direction to the invisible hand in the market.

There are some who maintain that trade will regulate itself, and it is not to be benefited by the encouragements or restraints of government. Such persons will imagine that there is no need of a common directing power. This is one of those wild speculative paradoxes, which have grown into credit among us, contrary to the uniform practice and sense of the most enlightened nations.

It really is not that complicated, I just don’t understand HOW people don’t grasp the concept of ‘Free Market’, and why left alone, it WORKS!

What's the single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy.

Laissez-faire, supply and demand-one begins to be weary of all that. Leave all to egotism, to ravenous greed of money, of pleasure, of applause-it is the gospel of despair.

In my book, 'The Big Three in Economics,' I found that the press has frequently and prematurely written the obituary of Adam Smith and his free-market philosophy, only to see a new and more vibrant global marketplace reemerge after being savagely attacked by Keynesians, Marxists, and assorted socialists.

I do believe in the free market.

Overcoming the myth that there is such a thing as an objectively defined 'free market' is the first step towards understanding capitalism.

I do think one success of Northern Europe, which the United States came from, was its willingness to accept innovation in business practices like Adam Smith and the whole Enlightenment. It essentially made the merchant class free instead of controlled by the king and aristocracy. That was essential.

The private sector, when left alone, can make better decisions than government can.