Quotes about smith
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“I have to say, Mr. Deputy Speaker, the Ministers are like fraudsters in the fairy tale, telling gullible Liberal Democrat MPs about the beautiful progressive clothes that the emperor is wearing, if only they are clever enough and loyal enough to see them. And desperately, we have Liberal Democrats clinging to shreds of invisible cloth, reaching deep into their Liberal and Conservative history to pretend that they can be progressive now. They are claiming that Keynes might have backed the Budget. They are calling on Beveridge for support, kidding themselves that they can call on their history and that they are following in the footsteps of great liberal Conservatives like Winston Churchill, who supported the minimum wage, but the truth is that the emperor has no clothes.
The truth is that if you look at the detail, the Budget is nastier than any brought in by Margaret Thatcher. Instead of Churchill, Keynes or the founders of the welfare state, the Liberal Democrats have signed up, with the Right Honourable Member for Chingford and his Chancellor, to cut support for the poor. It is perhaps apt that in this week of World Cup disappointments, it was actually a footballer who got it right. In 2002, after England were defeated in the World Cup by Brazil, Gareth Southgate reflected ruefully on England's performance and said:
"We were expecting Winston Churchill and instead got Iain Duncan Smith."
That is the reality for the Liberal Democrats now. With all their high hopes, they have betrayed the poor and the vulnerable, whom they stood up to defend.
[The Minister of State, Department for Work and Pensions (Steve Webb) rose]
I will give way to the hon. Gentleman because I know he has a history of supporting people on low incomes and I do not know why he is betraying it now.”

Yvette Cooper (1969) British politician

During a budget response debate http://www.publications.parliament.uk/pa/cm201011/cmhansrd/cm100628/debtext/100628-0012.htm, 28 July, 2010. Link to the video http://www.youtube.com/watch?v=NtORBuxY0MU.

People, Truth, World, Beauty

“Capitalism in the twentieth century was dominated by finance, with the exception of that half of the century that was taken up by its world wars, the Great Depression and its Keynesian aftermath. Even before, in the nineteenth century, finance seduced industrial capitalism by offering a vision of capitalist reproduction expanded by the resources generated by financial inflation, ostensibly held in check by controls on the issue of paper money. The extensive and negative reaction of English political economy to Adam Smith’s views on usury was symptomatic of the expansion of financial markets and their growing confidence in their ability to contribute to commerce and industry. From Veblen through Keynes to Minsky, a series of critics of finance argued that economies do not operate in the benign way in which it appears in equilibrium economics. These critics can be divided into those like Veblen, Hawtrey, Kalecki, Steindl and Minsky, who took a general view of finance; those like Smith, Fisher and Breit, who saw the financial system as essentially a banking system; and those like Keynes, Kindleberger and Galbraith, who have identified the pathology of modern capitalism in its capital markets.”

Jan Toporowski (1950)

Theories of Financial Disturbance (2005), Ch. 15. Conclusion: the disturbance of economists by finance

Money, War, World, Way

“From Adam Smith through John Maynard Keynes, economics had been mostly talk. At Harvard economics was talk. At MIT, Samuelson made it math.”

William Poundstone (1955) American writer

Part Three, Arbitrage, Paul Samuelson, p. 117
Fortune's Formula (2005)

“I listen to the radio now that we seem to be on it quite a lot, but before that, I didn't really listen a great deal. I gave up for a while. But other groups… without really trying to sound terribly down on modern music, much of it really doesn't affect me a great deal. It seems tragically tidy, and everybody has their little safety nets and their little life rafts, and once people seem to get a hit they seem to just dilute the formula constantly and there's no risk involved, and it's really so desperately tidy, that… I want to change things. But I don't want to imply that The Smiths are a high-risk situation anyway, of course they're not. They're immediately listenable. But it just needs somebody with some heart and some brain. I think popular music needs brains at the moment.”

Morrissey (1959) English singer

From a radio interview with David Jensen in 1983
In interviews etc., About pop culture

Life, People, Music, Thinking

“Joseph Smith drifting into errors after translating the Book of Mormon, is a stumbling-block to many, but only those of very weak faith would stumble on this account. Greater abominations are recorded of David in the Bible, than is recorded to-day of Joseph Smith; but do you reject the Psalms on this account? Do you reject the Proverbs because Solomon was a polygamist? Stop and think, you who are hasty to condemn. If you desire to know whether or not the Book of Mormon is true, read the book and investigate it, for Christ has promised that he who seeks in the right way shall find the truth of all things. We are commanded to "Prove all things; hold fast that which is good."”

David Whitmer (1805–1888) Book of Mormon witness

David Whitmer An Address to All Believers in Christ, page 4, 1887

Truth, Books, Faith, Way

“(Man on television) The investment firm of Smith Barney: they make money the old-fashioned way--they earn it. (Sylvia) Right. The rest of us pick it off trees in the backyard.”

Nicole Hollander (1939) Cartoonist

Source: Sylvia cartoon strip, p.154

Money, Way, Fashion, Tree

“Smith corks one into right, down the line! It may go!! … Go crazy, folks! Go crazy! It's a home run, and the Cardinals have won the game, by the score of 3 to 2, on a home run by the Wizard! Go crazy!”

Jack Buck (1924–2002) American sportscaster

Calling Ozzie Smith's 9th inning home run off Niedenfuer in Game 5 of the 1985 National League Championship Series.
1980s

Home, Game

“Cut is the Sure Start maternity allowance. Has [the Secretary of State for Work and Pensions, Iain Duncan Smith] no idea at all that supporting a family and getting the children out of poverty when the babies are born can save money from the public purse for years to come? Instead, he wants to cut support from the babes in their mothers' arms. At least Margaret Thatcher had the grace to wait until the children were weaned before snatching their support.”

Yvette Cooper (1969) British politician

During a budget response debate http://www.publications.parliament.uk/pa/cm201011/cmhansrd/cm100628/debtext/100628-0012.htm, 28 July, 2010.

Money, Children, Family, Idea

“In contrast to the natural sciences, where Isaac Newton and Albert Einstein made their major contributions, most economics masterpieces were written when the authors were middle aged. Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman come to mind. However, Paul started much earlier, in his 20s; and, even now, his new articles influence the fields of economics and finance.”

Michael Szenberg (1934) American economist

4.Paul Samuelson is Unique.
Ten Ways to Know Paul A. Samuelson (2006)

Age, Nature, Science

“No man can defend or palliate such conduct as that of Smith O'Brien and his confederates. It would be a mercy to shut them up in a lunatic asylum. They are not seeking a repeal of the legislative union, but the establishment of the Kings of Munster and Connaught! But the sad side of the picture is in fact that we are doing nothing to satisfy the moderate party in Ireland, nothing which strengthens the hands even of John O'Connell and the priest party, who are opposed to the 'red republicans' of the Dublin clubs. There seems to be a strong impression here that this time there is to be a rebellion in Ireland. But I confess I have ceased to fear or hope anything from that country. Its utter helplessness to do anything for itself is our great difficulty. You can't find three Irishmen who will co-operate together for any rational object.”

Richard Cobden (1804–1865) English manufacturer and Radical and Liberal statesman

Letter to Henry Ashworth (21 July 1848), quoted in John Morley, The Life of Richard Cobden (London: T. Fisher Unwin, 1905), p. 488.
1840s

Sadness, Fear, Hope, Strong

“[S]cientists are not robotic inducing machines that infer structures of explanation only from regularities observed in natural phenomena (assuming, as I doubt, that such a style of reasoning could ever achieve success in principle). Scientists are human beings, immersed in culture, and struggling with all the curious tools of inference that mind permits […]. Culture can potentiate as well as constrain—as Darwin's translation of Adam Smith's laissez-faire economic models into biology as the theory of natural selection. In any case, objective minds do not exist outside culture, so we must make the best of our ineluctable embedding.”

Stephen Jay Gould book Time's Arrow, Time's Cycle

Source: Time's Arrow, Time's Cycle (1987), pp. 6–7

Nature, Success

“All parties are alike implicated in the measures of relief now in force. All are agreed that destitution ought not to be tolerated. But are we all quite happy that in giving John Smith state benefits in this wholesale way we are not at the same time taking away from John Smith something which will make him poor indeed?”

Stanley Baldwin (1867–1947) Former Prime Minister of the United Kingdom

The John Clifford Lecture at Coventry (14 July 1930), published in This Torch of Freedom (1935), p. 48.
1930

Happiness, Way, Time

“Writers after Coase have referred to the authority structure of the firm as a "visible hand" that works in combination with Smith's invisible hand. The everyday fact that employers exercise power over their employees — not news to most employees — had been a central theme in Marx's economics, but it was (and generally continues to be) overlooked by most neoclassical economists. Early in his studies Coase noted the similarity between the hierarchical organization of capitalist firms, with their reliance on command relations, and the then-existing system of centralized economic planning in the Communist countries, where production was carried out in accordance with orders from higher authorities and where market competition played little role.”

Samuel Bowles (1939) American economist

Source: Understanding Capitalism: Competition, Command, and Change, 2005, p. 85

Exercises, Study, Country

“A very useful book might be written with the sole object of advising what parts of what books should be read. It should not be a book of elegant extracts, but should merely refer to the passages which are advised to be read. It might also indicate what are the chief works upon any given subject. For example, take rent; the important passages in Adam Smith, Ricardo, Jones, Mill, and other writers, should be referred to.”

Arthur Helps (1813–1875) British writer

Source: Brevia: Short Essays and Aphorisms. (1871), p. 37

Books, Reading, Parting

“Economic history has contributed significantly to the formulation of economic theory. Among the economists who have found history an important source for their ideas are Smith, Malthus, Marx, Marshall, Keynes, Hicks, Arrow, Friedman, Solow, and Becker. Failure to take account of history, as Simon Kuznets (1941) stressed, has often led to a misunderstanding of current economic problems by investigators who have not realized that their generalizations rested upon transient circumstances. Nowhere is the need to recognize the role of long-run dynamics more relevant than in such pressing current issues as medical care, pension policies, and development policies.”

Robert Fogel (1926–2013) American economist, historian

Robert Fogel (1993) " Economic Growth, Population Theory, And Physiology: The Bearing Of Long-Term Processes On The Making Of Economic Policy http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1993/fogel-lecture.pdf." Nobel lecture.

History, Idea, Failure, Problem

“Dan Smith: I've tried (in vi) 'g/[ a-z] \n[ a-z]/s//_/'…but that doesn't cut it. Any ideas? (I take it that it may be a two-pass sort of solution).
Larry Wall: In the first pass, install perl.”

Larry Wall (1954) American computer programmer and author, creator of Perl

[6849@jpl-devvax.JPL.NASA.GOV, 1990]
Usenet postings, 1990

Idea

“To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith’s invisible hand is the keynote of classical economics, Keynes’ animal spirits are the keynote to a different view of the economy — a view that explains the underlying instabilities of capitalism.”

George Akerlof book Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

George Akerlof and Robert Shiller. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, 2009, Preface

Understanding, Animals

“It is not for nothing that Skaldin in one part of his book quotes Adam Smith: we have seen that both his views and the character of his arguments in many respects repeat the theses of that great ideologist of the progressive bourgeoisie.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

Lenin᾿s Collected Works, Vol. 2, pp. 491–534
Collected Works

Books, Quotes, Parting

“Bedell Smith: Well, in any case, you are going to be shot.
Seyss-Inquart: That leaves me cold.
Bedell Smith: It will.”

Arthur Seyss-Inquart (1892–1946) austrian chancellor and politician, convicted of crimes against humanity in Nuremberg Trials and sentenced …

During surrender negotiations in Achterveld. Quoted in "United States Amy in World War II: Civil affairs: soldiers become governors" - Page 831 - by Harry L. Coles and Albert K. Weinberg

“Nonsatiation (Smith, 1976a). Given a costless choice be ween two alternatives which differ only in that the first yields more of the reward medium (e. g., currency) than the second, the first will always be chosen (preferred) over the second by an autonomous individual, i. e., utility U(M) is a monotone increasing function of the reward medium.”

Vernon L. Smith (1927) American economist

Source: "Relevance of laboratory experiments to testing resource allocation theory," 1980, p. 346.

“In like manner the Reverend Dr. William A. Smith, President of the Randolph-Macon College in Virginia, in his work upon the Philosophy and Practice of Slavery, deliberately repudiates Mr. Jefferson's view of slavery as a 'grossly offensive error', and attributes the anti-slavery movement to him – which is as wise as to attribute the motion of the earth to Galileo. Judge Wayne, in his late charge at Savannah upon the law against the slave-trade, confirms Mr. Stephens's statement. And, as if to establish it by the most unexpected testimony, Mr. Edward Everett, in his late discourse upon Daniel Webster, said, 'In common with all, or nearly all, the statesmen of the last generation, he believed that free labor would ultimately prevail throughout the continent.”

George William Curtis (1824–1892) American writer

1850s, The Present Aspect of the Slavery Question (1859)

Law, Error

“Will the tax cut destroy America’s prosperity? Probably not. As Adam Smith observed, there’s a deal of ruin in a nation. We have a huge, resilient economy that can survive and recover from even quite bad government policies.
Yet while the tax cut may not be a matter of economic life or death, it is a very serious issue. For one thing, like it or not, the tax cut has become the central political issue in the United States right now. Conservatives who want to reshape America view passage of a large tax cut as a first step toward realizing their vision. For that reason, those who do not share this vision feel, rightly, that they must oppose the plan.”

Paul Krugman (1953) American economist

Introduction
Fuzzy Math: The Essential Guide to the Bush Tax Plan (2001)

Life, Death, Feeling

“Luther understands monasticism as a product of an egoistic lovelessness that withdraws from one's duties in the world. By contrast, this-worldly work in a vocation appears to him to be a visible expression of brotherly love, a notion he anchors in a highly unrealistic manner indeed and in contrast—almost grotesquely—to the well-known passages of Adam Smith.”

Max Weber book The Protestant Ethic and the Spirit of Capitalism

Source: The Protestant Ethic and the Spirit of Capitalism (1905; 1920), Ch. 3 : Luther's Conception of the Calling

Love, World, Understanding, Appearance

“One of the most difficult aspects of being an actor is trying to find the right work. Work that speaks to an audience, that you enjoy doing and that is reflective of your artistic sensibility. To be a contemporary movie actor, you have to kill people - that's basically it. If you don't cock'n'load'n'fire a Smith&Wesson at some point in your film career, you're not going to have a film career. There just aren't enough movies that I like to keep me working in movies all the time. Well, let me rephrase that: there aren't enough available parts.”

Ethan Hawke (1970) American actor and writer

The Guardian http://www.guardian.co.uk/stage/2009/may/16/ethan-hawke-cherry-orchard-old-vic-mendes (2009-05-16) <br class="br">2005&ndash;2009

People, Time, Parting

“[Roger B. Smith] identified the following skills and mental processes required of today’s managers as those acquired and sharpened in the study of the liberal arts.”

Roger Smith (executive) (1925–2007) CEO

Art, Study

“In February 1860 Jeff Davis offered a bill in the Senate wh. passed, making all the territories slave territory. See Davis' book. He was opposed to letting the people decide whether or not they would have slavery – Wm. A. Smith, President of Randolph Macon quit his duties as a teacher and in 1857-8-9-60 traveled all over Virginia preaching slavery and proving it was right by the bible.”

John S. Mosby (1833–1916) Confederate Army officer

Letter to Samuel "Sam" Chapman (June 1907)

People, Books, Travel, Teachers

“GQ: “Who’ll be the first of the Smiths to die?”
M: “Me. I’ll be shot – probably by one of the ex-Smiths.””

Morrissey (1959) English singer

From an interview by Adrian Deevoy in GQ http://s15.photobucket.com/albums/a366/gqarrific/, October 2005, p. 278 <br class="br">In interviews etc., About The Smiths

“The human heart is a roaring forge where night and day the smiths are busy fashioning swords and silver cups, mitres and engine-wheels, the tools of *labor, and the gauds of precedence.”

Frank Crane (1861–1928) American Presbyterian minister

Four Minute Essays Vol. 5 (1919), The Human Heart

Fashion, Business, Heart, Night

“People do not give it credence that a fourteen-year-old girl could leave home and go off in the wintertime to avenge her father's blood but it did not seem so strange then, although I will say it did not happen every day. I was just fourteen years of age when a coward going by the name of Tom Chaney shot my father down in Fort Smith, Arkansas, and robbed him of his life and his horse and $150 in cash money plus two California gold pieces that he carried in his trouser band.”

Charles Portis book True Grit

Source: True Grit (1968), Chapter 1, p. 9 : thoughts of 'Mattie Ross'

Life, Money, People, Age

“The Lord took twice the time making thee, Alvin Smith, cause it took that long to put the mischief in.”

Orson Scott Card (1951) American science fiction novelist

Source: The Tales of Alvin Maker, Heartfire (1998), Chapter 1.

Time

“In the sight of my beloved, I am like iron that the smith has heated at his furnace: iron whose surface gives heat. I am a bar that is rigid and will not bend.”

William March book The Tallons

The Tallons (1936)

“Hello you little charmers… We're The Smiths…”

Morrissey (1959) English singer

The Smiths, live at the Hacienda (1983)
In Concert

“Shall the iron argue with the smith what it would be?
Or, shall the wrought iron reason with the monger
To whom it would be sold?”

Richard Hovey (1864–1900) American writer

"Benzaquen", p. 113.
Along the Trail (1898)

“Mr. Malthus says, " It has been justly observed by Adam Smith that no equal quantity of productive labour employed in manufactures can ever occasion so great a reproduction as in agriculture. " If Adam Smith speaks of value, he is correct; but if he speaks of riches, which is the important point, he is mistaken; for he has himself defined riches to consist of the necessaries, conveniences, and enjoyments of human life. One set of necessaries and conveniences admits of no comparison with another set; value in use cannot be measured by any known standard; it is differently estimated by different persons.”

David Ricardo (1772–1823) British political economist, broker and politician

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXXII, Malthus on Rent, p. 292

Life, Personality

“Economists must leave to Adam Smith alone the glory of the Quarto, must pluck the day, fling pamphlets into the wind, write always sub specie temporis, and achieve immortality by accident, if at all.”

John Maynard Keynes (1883–1946) British economist

Source: Essays In Biography (1933), Alfred Marshall, p. 212

“I asked the smith what news? He told me that there was no news that he knew of, since the good news of the beating of the rogues the Scots.”

Charles II of England (1630–1685) King of England, Ireland and Scotland

As quoted by Philibert de Gramont (1701), in Memoirs of the Court of Charles the Second (1846) by Anthony Hamilton, edited by Sir Walter Scott.
Context: Mrs. Lane and I took our journey towards Bristol, resolving to lie at a place called Long Marson, in the vale of Esham.
But we had not gone two hours on our way but the mare I rode on cast a shoe; so we were forced to ride to get another shoe at a scattering village, whose name begins with something like Long—. And as I was holding my horse's foot, I asked the smith what news? He told me that there was no news that he knew of, since the good news of the beating of the rogues the Scots. I asked him whether there was none of the English taken that joined with the Scots? He answered, that he did not hear that that rogue Charles Stewart was taken; but some of the others, he said, were taken, but not Charles Stewart. I told him, that if that rogue were taken he deserved to be hanged, more than all the rest, for bringing in the Scots. Upon which he said, that I spoke like an honest man, and so we parted.

“Smith didn't pay attention to that, he was looking the horse in the eye.”

Gary Ross (1956) American film director

Seabiscuit (2003)
Context: He was a small horse, barely fifteen hands. He was hurting, too. There was a limp in his walk, a wheezing when he breathed. Smith didn't pay attention to that, he was looking the horse in the eye.

Horse

“I really like Neil a whole, whole, whole lot, and I really do not want to marry Kevin Smith, even a little.”

Amanda Palmer (1976) American punk-cabaret musician

On a humorous twitter courtship by Kevin Smith, as quoted in "Amanda Palmer Freaks Out With Evelyn Evelyn" by Scott Thill in WIRED (29 March 2010)
Context: I really like Neil a whole, whole, whole lot, and I really do not want to marry Kevin Smith, even a little. Do you remember the Trojan War, dude? I’m just saying. Can you imagine what a world war between a Neil Gaiman army and a Kevin Smith army would actually look like? Their fans are serious. I predict there would be lots of very high-fallutin’, toilet-based name-calling, confusing many. And possibly foam swords swinging at hockey sticks. Actually, that’s bullshit. There’s no way anybody would leave their Twitter feeds for long enough to pull out a foam sword or a hockey stick. Maybe it’ll be the world’s first full-on digital war and people will just head over to Second Life to duke it out. I hope Neil’s army wins.

“When Adam Smith was being incomprehensible, he didn't have the luxury of brief, snappy technical terms as a shorthand for incoherence.”

P. J. O'Rourke (1947) American journalist

Source: On The Wealth of Nations (2007), Chapter 2: "Why Is The Wealth of Nations So Damn Long?", p. 22

“To shut our eyes to the part that John Smith plays in the perpetuation of unworkable policies, in building up the forces of which he becomes the victim, is to perpetuate his victimization. The only means by which he can be liberated from the evil power of organized minorities is by making him aware of the nature of the impulses and motives to which the exploiters so successfully appeal.”

Norman Angell (1872–1967) British politician

Peace and the Public Mind (1935)
Context: To shut our eyes to the part that John Smith plays in the perpetuation of unworkable policies, in building up the forces of which he becomes the victim, is to perpetuate his victimization. The only means by which he can be liberated from the evil power of organized minorities is by making him aware of the nature of the impulses and motives to which the exploiters so successfully appeal. If such phenomena as nationalism, for instance, can assume forms that are gravely dangerous, it is because the nationalist appeal finds response in deep human impulses, instincts, in psychological facts which we must face.

Motivation, Nature, Evil, Parting

“A certain immense aggregate of operations, is subservient to the production of the commodities useful and agreeable to man. It is of the highest importance that this aggregate should be divided into portions, consisting, each, of as small a number of operations as possible, in order that every operation may be the more quickly and perfectly, performed. If each man could, by the more frequent repetition thus occasioned, perform two of these operations, instead of one, and also perform each of them better, the powers of the community, in producing articles useful and agreeable to them, would, upon this supposition, be more than doubled. Not only would they be doubled in quantity, but a great advantage would be gained in point of quality.
This subject has been fully illustrated by Dr. Smith, in the first chapter of the first book of the "Inquiry into the Nature and Causes of the Wealth of Nations," where the extraordinary effect of the division of labour in increasing its productive powers, in the more complicated cases, is displayed in some very remarkable instances. He states that a boy, who has been accustomed to make nothing but nails, can make-upwards of two thousand three hundred in a day; while a common blacksmith, whose operations are nevertheless so much akin to those of the nailer, cannot make above three hundred, and those very bad ones.”

James Mill (1773–1836) Scottish historian, economist, political theorist and philosopher

Ch 1 : Production
Elements of Political Economy (1821)

Books, Boy, Communication, Nature

“Contrary to liberal myth, Smith was not an apologist for capitalists.”

David McNally (1953) Canadian political scientist

Source: Another World Is Possible : Globalization and Anti-capitalism (2002), Chapter 3, The Invisible Hand Is A Closed Fist, p. 61
Context: Contrary to liberal myth, Smith was not an apologist for capitalists. He argued in fact, that capitalists always seek "to deceive and oppress the public" by conspiring to inflate their prices and profits.

“Thus up from the garden to the Gardener, from the sword to the Smith. to the life-giving Life and the Beauty that makes beautiful.”

Clive Staples Lewis book A Grief Observed

A Grief Observed (1961)
Context: But perhaps I lack the gift. I see I've described her as being like a sword. That's true as far as it goes. But utterly inadequate by itself, and misleading. I ought to have said 'But also like a garden. Like a nest of gardens, wall within wall, hedge within hedge, more secret, more full of fragrant and fertile life, the further you explore.'
And then, of her, and every created thing I praise, I should say 'in some way, in its unique way, like Him who made it.'
Thus up from the garden to the Gardener, from the sword to the Smith. to the life-giving Life and the Beauty that makes beautiful.

Life, Beauty

“You learn in retrospect and appreciate as you move on. I was indeed shaped by my experience at Smith—it was the first time I had to struggle. It was the very first time I learned how to determine and focus very specifically on the things that I felt were important, to strategize and to learn how to go about getting them and making them happen.”

Yolanda King (1955–2007) American actress

1980s, A Dream Deferred (1989)
Context: It is a real thrill to be back home. When I was here I was not as endeared to this institution as I am now. You learn in retrospect and appreciate as you move on. I was indeed shaped by my experience at Smith—it was the first time I had to struggle. It was the very first time I learned how to determine and focus very specifically on the things that I felt were important, to strategize and to learn how to go about getting them and making them happen. While it was painful then, I am truly thankful for that experience now.

Learning, Time

“Economic theory as derived from Adam Smith assumes first that homo economicus acts with perfect optimality on complete information, and second that when many of the species homo economicus do that, their actions add up to the best possible outcome for everybody. Neither of these assumptions stands up long against the evidence.”

Donella Meadows (1941–2001) American environmental scientist, teacher, and writer

Page 107.
Thinking in Systems: A Primer (2008), Part two: systems and us

Optimism, Perfection

“If I have to hire a labourer for a week, and instead of ten shillings I pay him eight, no variation having taken place in the value of money, the labourer can probably obtain more food and necessaries with his eight shillings than he before obtained for ten: but this is owing, not to a rise in the real value of his wages, as stated by Adam Smith, and more recently by Mr. Malthus, but to a fall in the value of the things on which his wages are expended, things perfectly distinct; and yet for calling this a fall in the real value of wages, I am told that I adopt new and unusual language, not reconcilable with the true principals of the science. To me it appears that the unusual and, indeed, inconsistent language is that used by my opponents.”

David Ricardo (1772–1823) British political economist, broker and politician

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter I, Section I, On Value, p. 11

Money, Food, Appearance, Science

“The view has been gaining widespread acceptance that corporate officials and labor leaders have a "social responsibility"... beyond serving the interests of their stockholders or their members. This view shows a fundamental misconception of the character of a free economy. In such an economy there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception fraud. Similarly, the "social responsibility" of labor leaders is to serve the interests of the members of their unions. It is the responsibility of the rest of us to establish a framework of law such that an individual... is, to quote Adam Smith... "led by an invisible hand... I have never known much good done by those who affected to trade for the public good."”

Milton Friedman book Capitalism and Freedom

Source: Capitalism and Freedom (1962), Ch. 8 Monopoly and the Social Responsibility of Business and Labor, p. 133

Law, Quotes, Game, Business

“Now, when anybody starts talking about this [an all-volunteer force] he immediately shifts language. My army is 'volunteer,' your army is 'professional,' and the enemy's army is 'mercenary.' All these three words mean exactly the same thing. I am a volunteer professor, I am a mercenary professor, and I am a professional professor. And all you people around here are mercenary professional people. And I trust you realize that. It's always a puzzle to me why people should think that the term 'mercenary' somehow has a negative connotation. I remind you of that wonderful quotation of Adam Smith when he said, 'You do not owe your daily bread to the benevolence of the baker, but to his proper regard for his own interest.'”

Milton Friedman (1912–2006) American economist, statistician, and writer

And this is much more broadly based. In fact, I think mercenary motives are among the least unattractive that we have.
Source: The Draft: A Handbook of Facts and Alternatives, Sol Tax, edit., chapter: “Recruitment of Military Manpower Solely by Voluntary Means,” chairman: Aristide Zolberg, University of Chicago Press (1967) p. 366, based on the Conference Held at the University of Chicago, December 4-7, 1966, also in Two Lucky People, Milton and Rose Friedman, Chicago: University of Chicago Press, 1998, p. 380.

People, Thinking

“For the man crucified on the crossed machine guns
Without name, without resurrection, without stars,
His dark head heavy with death and his flesh long sour
With the smell of his many prisons — John Smith, John Doe,
John Nobody — oh, crack your mind for his name!
Faceless as water, naked as the dust,
Dishonored as the earth the gas-shells poison
And barbarous with portent.
This is he.
This is the man they ate at the green table
Putting their gloves on ere they touched the meat.
This is the fruit of war, the fruit of peace,
The ripeness of invention, the new lamb,
The answer to the wisdom of the wise.
And still he hangs, and still he will not die
And still, on the steel city of our years
The light falls and the terrible blood streams down.”

Stephen Vincent Benét (1898–1943) poet, short story writer, novelist

Source: Litany for Dictatorships (1935)

Death, Wisdom, War, Peace

“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

Reading, Wealth

Quotes about smith page 3

Quotes about smith
page 3