Adam Smith Quotes


Whenever the legislature attempts to regulate the differences between masters [employers] and their workmen, its counselors [members of the legislature] are always the masters. When the regulation, therefore, is in favor of the workmen, it is always just and equitable; but it is sometimes otherwise when in favor of the masters.


Citations

Adam Smith, 1723-1790, Scottish Political Economist, The Wealth of Nations, 1776

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Jefferson was one of the first political and economic thinkers to express concern over the “wage slave” concept of the industrial revolution. This was one of the major reasons that he was not in consonance with Alexander Hamilton in his economic vision for America. While we followed the Hamilton direction, there are still issues of maintaining freedom and independence for an employee in modern nations and economies.


He had squads of thugs that he would “rent” out to other gangsters for their enforcement activities and to unions to protect themselves from goons and intimidate non union workers. However, he would not let his men work as goons and strike busters or for companies—despite huge pay offers—to keep their workers in line, a common practice at the time.


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Adam Smith
Adam Smith
  • Born: June 16, 1723
  • Died: July 17, 1790
  • Nationality: Scottish
  • Profession: Economist

Adam Smith FRSA was a Scottish economist, philosopher as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment, also known as ''The Father of Economics'' or ''The Father of Capitalism''. Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. In his work, Adam Smith introduced his theory of absolute advantage.