“The establishment of any new manufacture, of any new branch of commerce, or any new practice in agriculture, is always a speculation, from which the projector promises himself extraordinary profits. These profits sometimes are very great, and sometimes, more frequently, perhaps, they are quite otherwise; but in general they bear no regular proportion to those of other older trades in the neighbourhood. If the project succeeds, they are commonly at first very high. When the trade or practice becomes thoroughly established and well known, the competition reduces them to the level of other trades.”

— Adam Smith

Source: (1776), Book I, Chapter X, Part I, p. 136 (tendency of the rate of profit to fall).

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Adam Smith 175

Scottish moral philosopher and political economist 1723–1790

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“Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from these rules, in consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book V, Chapter I, Part III, p. 820.

“The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: The Wealth of Nations (1776), Book I, Chapter XI, Part III, Conclusion of the Chapter, p. 292.
Context: The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it.

“Indeed, the financial world is such that any insight is almost immediately used to trade for a profit.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 5, Modeling Financial Bubbles And Market Crashes, p. 136.

“When the profits of trade happen to be greater than ordinary, over-trading becomes a general error both among great and small dealers.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book IV, Chapter I, p. 469.

“As many more individuals of each species are born than can possibly survive; and as, consequently, there is a frequently recurring struggle for existence, it follows that any being, if it vary however slightly in any manner profitable to itself, under the complex and sometimes varying conditions of life, will have a better chance of surviving, and thus be naturally selected. From the strong principle of inheritance, any selected variety will tend to propagate its new and modified form.”

Charles Darwin book On the Origin of Species (1859)

"Introduction", page 5 http://darwin-online.org.uk/content/frameset?pageseq=20&itemID=F373&viewtype=image
On the Origin of Species (1859)

“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 (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book I, Chapter XI, Part III, Conclusion of the Chapter, p. 292.

“It is a trade like any other; quite useless, of course — but, then, many reputable trades are quite useless.”

George Orwell book Down and Out in Paris and London

Source: Down and out in Paris and London (1933), Ch. 31
Context: Beggars do not work, it is said; but then, what is work? A navvy works by swinging a pick. An accountant works by adding up figures. A beggar works by standing out of doors in all weathers and getting varicose veins, bronchitis etc. It is a trade like any other; quite useless, of course — but, then, many reputable trades are quite useless. And as a social type a beggar compares well with scores of others. He is honest compared with the sellers of most patent medicines, high-minded compared with a Sunday newspaper proprietor, amiable compared with a hire-purchase tout-in short, a parasite, but a fairly harmless parasite. He seldom extracts more than a bare living from the community, and, what should justify him according to our ethical ideas, he pays for it over and over in suffering.

“Though the defects in Diophantus' proofs are in general due to the limitation of his symbolism, it is not so always. Very frequently indeed Diophantus introduces into a solution arbitrary conditions and determinations which are not in the problem. Of such "fudged" solutions, as a schoolboy would call them, two particular kinds are very frequent. Sometimes an unknown is assumed at a determinate value… Sometimes a new condition is introduced.”

James Gow (scholar) (1854–1923) scholar

A Short History of Greek Mathematics (1884)

“Taxing is an easy business. Any projector can contrive new impositions, any bungler can add to the old.”

Edmund Burke (1729–1797) Anglo-Irish statesman

Speech on the Independence of Parliament (1780)

“Agriculture is a trade with the purpose… to produce profit or to gain money. The higher this benefit in the long run, the more complete this purpose is fulfilled.”

Albrecht Thaer (1752–1828) German agronomist and an avid supporter of the humus theory for plant nutrition

Thaer (1810) cited in: Martin Frielinghaus and Claus Dalchow. " Thaer 200 years at Möglin (Germany) http://horizon.documentation.ird.fr/exl-doc/pleins_textes/ed-06-08/010039833.pdf." in documentation.ird.fr. (2007): 259-267.
Opening sentence of Thaer's four-volume Grundsatze der rationellen Landwirthschaft (Principles of Efficient Agriculture, 1809-1812).

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Adam Smith 175

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