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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

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

Gold Money Pay Price Purchase Wealth Work World
A power to dispose of estates for ever is manifestly absurd. The earth and the fulness of it belongs to every generation, and the preceding one can have no right to bind it up from posterity. Such extension of property is quite unnatural.
ADAM SMITH

Earth Generation Mad Nature Power Property Right
It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.
ADAM SMITH

Active Country Greatness Production
Whatever work he does, beyond what is sufficient to purchase his own maintenance, can be squeezed out of him by violence only, and not by any interest of his own.
ADAM SMITH

Beyond Himself Maintain Violence Work
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

Consumption End Necessary Production Purpose
It appears, accordingly, from the experience of all ages and nations, I believe, that the work done by freemen comes cheaper in the end than that performed by slaves.
ADAM SMITH

Age Believe End Experience Freedom Man Nation Performance Slave
Nothing but the most exemplary morals can give dignity to a man of small fortune.
ADAM SMITH

Dignity Fortune Man Moral Small
He is led by an invisible hand to promote an end which was no part of his intention.
ADAM SMITH

End Hands Himself Intention Leadership
Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.
ADAM SMITH

Animal Attitude Character Dog Man
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
Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.
ADAM SMITH

Consience Fear Vice Virtue
A nation is not made wealthy by the childish accumulation of shiny metals, but it enriched by the economic prosperity of it’s people.
ADAM SMITH

Children Material Nation People Prosperity Wealth
The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.
ADAM SMITH

Cost Man Price Reality Trouble
Consumption is the sole end and purpose of all production.
ADAM SMITH

Consumption End Production Purpose
When profit diminishes, merchants are very apt to complain that trade decays; though the diminution of profit is the natural effect of its prosperity, or of a greater stock being employed in it than before.
ADAM SMITH

Employment Greatness Loss Natural Profit Prosperity Trade
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

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.

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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.

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Popular Authors

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