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All money is a matter of belief.

Adam Smith

It must always be remembered, however, that it is the luxuries, and not the necessary expense of the inferior ranks of people, that ought ever to be taxed.
ADAM SMITH

Luxury Necessary People Price Remember Tax
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
ADAM SMITH

Flourish Greatness Happiness Misery Poor Society
In a militia, the character of the laborer, artificer, or tradesman, predominates over that of the soldier: in a standing army, that of the soldier predominates over every other character.
ADAM SMITH

Army Character Military Soldier Stand Trade
Ask any rich man of common prudence to which of the two sorts of people he has lent the greater part of his stock, to those who, he thinks, will employ it profitably, or to those who will spend it idly, and he will laugh at you for proposing the question.
ADAM SMITH

Employment Greatness Laughter Man People Propose Rich Thinking
Every man lives by exchanging.
ADAM SMITH

Generosity Live Man
A very poor man may be said in some sense to have a demand for a coach and six; he might like to have it; but his demand is not an effectual demand, as the commodity can never be brought to market in order to satisfy it.
ADAM SMITH

Demand Man Market Poor Product Satisfaction
Never complain of that of which it is at all times in your power to rid yourself.
ADAM SMITH

Complaint Power Time Yourself
Goods can serve many other purposes besides purchasing money, but money can serve no other purpose besides purchasing goods.
ADAM SMITH

Buy Material Money Price Purpose Service
Labor was the first price, the original purchase – money that was paid for all things.
ADAM SMITH

Economy Money Price Work
The theory that can absorb the greatest number of facts, and persist in doing so, generation after generation, through all changes of opinion and detail, is the one that must rule all observation.
ADAM SMITH

Change Fact Generation Greatness Mathematics Opinion Rule Theory
The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.
ADAM SMITH

Character Deep Himself Man Reaction Yourself
Justice, however, never was in reality administered gratis in any country. Lawyers and attornies, at least, must always be paid by the parties; and, if they were not, they would perform their duty still worse than they actually perform it.
ADAM SMITH

Administration Country Justice Party Pay Performance Reality Responsibility Worst
Consumption is the sole end and purpose of all production.
ADAM SMITH

Consumption End Production Purpose
The learned ignore the evidence of their senses to preserve the coherence of the ideas of their imagination.
ADAM SMITH

Evidence Ideas Ignorance Imagination Learning
Fear is in almost all cases a wretched instrument of government, and ought in particular never to be employed against any order of men who have the smallest pretensions to independency.
ADAM SMITH

Employment Fear Government Independent Instrument Man Order
The interest of the dealers, however, in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public. To widen the market and to narrow the competition, is always the interest of the dealers.
ADAM SMITH

Deal Different Manufacture Respect Trade

All money is a matter of belief.

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All money is a matter of belief.

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