“But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral Sentiments as for The Wealth of Nations. And as he understood so well, society is more than the sum of its individual parts.”

— Paul Ormerod, book The Death of Economics

Source: The Death of Economics (1994), Chapter 10, Economics Revisited, p. 212

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Paul Ormerod20

English economist

John H. Holland (1929–2015) US university professor

Source: Hidden Order - How Adaptation Builds Complexity (1995), Ch 3. Echoing Emergence, p. 97

“Those who wish to be inspired by the glory of the British Empire would do well to avoid reading Adam Smith's The Wealth of Nations ...”

Amartya Sen (1933) Indian economist

2020s pg. 164

“The well understood equity as well as interest of society demand that we work on much more to prevent crime and offenses than to punish them.”

African Spir (1837–1890) Russian philosopher

Source: Words of a Sage : Selected thoughts of African Spir (1937), p. 52.

“Adam Smith’s image of competition in the marketplace was intended as an adjunct to his detailed description of human motivation in The Theory of Moral Sentiments, in which the pursuit of profit is tempered at every juncture by sympathy and benevolence, and by the posture of the “impartial spectator” which is forced on us by our moral nature.”

Ted Malloch (1952) American businessman

Source: Doing Virtuous Business (Thomas Nelson, 2011), p. 108.

“I wish to suggest that a man may be very industrious, and yet not spend his time well. There is no more fatal blunderer than he who consumes the greater part of his life getting his living.”

Henry David Thoreau book Life Without Principle

Life Without Principle (1863)
Context: I wish to suggest that a man may be very industrious, and yet not spend his time well. There is no more fatal blunderer than he who consumes the greater part of his life getting his living. All great enterprises are self-supporting. The poet, for instance, must sustain his body by his poetry, as a steam planing-mill feeds its boilers with the shavings it makes. You must get your living by loving.

“One source of misunderstanding is that many of the commentators have been economists who have looked at the Moral Sentiments simply in order to find some relevance for The Wealth of Nations. This gave rise to the so-called Adam Smith problem, a supposed inconsistency between the psychological assumptions of the two books. Another source of error has been a failure to note whether a particular passage was written for the first or for the sixth edition.”

D. D. Raphael (1916–2015) Philosopher

The Impartial Spectator: Adam Smith's Moral Philosophy (2007), Ch. 1: Two Versions

“I think very much of the people, as an old friend said he thought of woman. He said when he lost his first wife, who had been a great help to him in his business, he thought he was ruined — that he could never find another to fill her place. At length, however, he married another, who he found did quite as well as the first, and that his opinion now was that any woman would do well who was well done by. So I think of the whole people of this nation — they will ever do well if well done by. We will try to do well by them in all parts of the country, North and South, with entire confidence that all will be well with all of us.”

Abraham Lincoln (1809–1865) 16th President of the United States

Remarks at Bloomington, Illinois (21 November 1860); published in The Collected Works of Abraham Lincoln (1953) by Roy P. Basler, vol. 4, p. 143
1860s

“It is rare that the public sentiment decides immorally or unwisely, and the individual who differs from it ought to distrust and examine well his own opinion.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to William Findley, Washington (21 March 1801); published in Thomas Jefferson - A chronology of his thoughts (2002) by Jerry Holmes, p. 175 http://books.google.de/books?id=iOHNKGJGo94C&pg=PA175&lpg=PA175&dq=It+is+rare+that+the+public+sentiment+decides+immorally+or+unwisely,+and+the+individual+who+differs+from+it+ought+to+distrust+and+examine+well+his+own+opinion&source=bl&ots=lUHnglNeTO&sig=OfEnoz8qmlxJq-5jIEvC8dD1hOk&hl=de&sa=X&ei=V_zAUPqeCsjGtAaZ-YGYDQ&ved=0CEMQ6AEwAzgK#v=onepage&q=It%20is%20rare%20that%20the%20public%20sentiment%20decides%20immorally%20or%20unwisely%2C%20and%20the%20individual%20who%20differs%20from%20it%20ought%20to%20distrust%20and%20examine%20well%20his%20own%20opinion&f=false <br class="br">1800s, First Presidential Administration (1801&ndash;1805)

“The Methods of Industrial Management. — A committee of the American Society of Mechanical Engineers made an extensive canvass in the fall of 1912 to determine what were the new elements in modern management as well as what the committee designated as the regulative principles of industrial management. The committee confirmed Adam Smith's statement made in 1776 in his Wealth of Nations, in which he held that the application of the principle of division of labor was the basis of manufacture. The committee also agreed with Charles Babbage, who in his work entitled Economy of Machinery and Manufacture written in 1832, added another principle, namely the transference of skill.”

Hugo Diemer (1870–1937) American mechanical engineer

(1921, p. 10)
Factory organization and administration, 1910

“Even today — in blithe disregard to his actual philosophy — Smith is generally regarded as a conservative economist, whereas in fact, he is more avowedly hostile to the motives of businessman than most New Deal economists.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter III, Adam Smith, p. 62

“But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral Sentiments as for The Wealth of Nations. And as he understood so well, society is more than the sum of its individual parts.”

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Paul Ormerod20

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