“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

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.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with …" by Adam Smith?
Adam Smith photo
Adam Smith 175
Scottish moral philosopher and political economist 1723–1790

Related quotes

Robert Gascoyne-Cecil, 3rd Marquess of Salisbury photo

“[Most legislation] will have the effect of surrounding the industry which it touches with precautions and investigations, inspections and regulations, in which it will be slowly enveloped and stifled.”

Robert Gascoyne-Cecil, 3rd Marquess of Salisbury (1830–1903) British politician

Statement to the Associated Chambers of Commerce (March 1891)
1890s

Theodore Roosevelt photo

“Such laws as the franchise-tax law in this State, which the Court of Appeals recently unanimously decided constitutional -- such a law as that passed in Congress last year for the purpose of establishing a Department of Commerce and Labor, under which there should be a bureau to oversee and secure publicity from the great corporations which do an interstate business -- such a law as that passed at the same time for the regulation of the great highways of commerce so as to keep these roads clear on fair terms to all producers in getting their goods to market -- these laws are in the interest not merely of the people as a whole, but of the propertied classes. For in no way is the stability of property better assured than by making it patent to our people that property bears its proper share of the burdens of the State; that property is handled not only in the interest of the owner, but in the interest of the whole community.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

1900s, A Square Deal (1903)

“When law was held to come direct from the gods, it required a bold man and a prophet to propose a change in it. Perhaps it is still true that a law-maker ought to be something of a prophet. But if so, we are committed in western lands to the belief that prophetic capacity is widespread: the making of law goes on everywhere merrily and apace.”

William Ernest Hocking (1873–1966) American philosopher

Source: Present Status of the Philosophy of Law and of Rights (1926), Ch. I : What is Behind Us?, p. 1.
Context: When law was held to come direct from the gods, it required a bold man and a prophet to propose a change in it. Perhaps it is still true that a law-maker ought to be something of a prophet. But if so, we are committed in western lands to the belief that prophetic capacity is widespread: the making of law goes on everywhere merrily and apace.
In the midst of this vast labor it becomes clear to us that the more we relieve the gods of their burdens, the more we need to know what the gods know, the general principles on which law should be made. And if this knowledge were universal, and were applied in good faith, the law-makers themselves would in turn be relieved! In either case, then, we are bound to keep trying for a systematic grasp of those principles of law which we now possess in vague and fragmentary fashion.

Diogenes Laërtius photo

“There is a written and an unwritten law. The one by which we regulate our constitutions in our cities is the written law; that which arises from customs is the unwritten law.”

Diogenes Laërtius (180–240) biographer of ancient Greek philosophers

Plato, 51.
The Lives and Opinions of Eminent Philosophers (c. 200 A.D.), Book 3: Plato

Adam Smith photo

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

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

C. A. R. Hoare photo

“In any respectable branch of engineering, failure to observe such elementary precautions would have long been against the law”

C. A. R. Hoare (1934) British computer scientist

The Emperor's Old Clothes
Context: [About Algol 60 subset implementation] [E]very occurrence of every subscript of every subscripted variable was on every occasion checked at run time against both the upper and the lower declared bounds of the array. Many years later we asked our customers whether they wished us to provide an option to switch off these checks in the interests of efficiency on production runs. Unanimously, they urged us not to - they already knew how frequently subscript errors occur on production runs where failure to detect them could be disastrous. I note with fear and horror that even in 1980, language designers and users have not learned this lesson. In any respectable branch of engineering, failure to observe such elementary precautions would have long been against the law.

Laurence Tribe photo

“[T]he "dormant Commerce Clause" [is] a set of unwritten constitutional principles limiting state commercial regulation in the face of congressional silence coupled with the Constitution’s delegation to Congress of the power to regulate interstate commerce.”

Laurence Tribe (1941) American lawyer and law school professor

Source: Soundings and Silences (2016)

“Paper currency, guarded by proper regulations and restrictions, is the life of commerce.”

William Henry Ashurst (judge) (1725–1807) English judge

Jordaine v. Lashbrooke (1798), 7 T. R. 605.

Algernon Sidney photo

“That which is not just, is not Law; and that which is not Law, ought not to be obeyed.”

Algernon Sidney (1623–1683) British politician and political theorist

Ch. 3, Sect. 11 http://www.constitution.org/as/dcg_311.htm
Discourses Concerning Government (1689)

Calvin Coolidge photo

“It is characteristic of the unlearned that they are forever proposing something which is old, and because it has recently come to their own attention, supposing it to be new.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

From 'Address at Holy Cross' (25 June 1919), published in Have Faith In Massachusetts: A Collection of Speeches and Messages (2nd Ed.) http://www.archive.org/details/havefaithinmassa00cooluoft, Coolidge, Houghton Mifflin, p. 231.
1910s, Address at Holy Cross (1919)

Related topics