Economic Lessons

Adam Smith – Self Interest

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest. We address ourselves not to their humanity but to their self-love, and never talk to them of our own necessities, but...

Hayek – Central Planning

This is not a dispute about whether planning is to be done or not. It is a dispute as to whether planning is to be done centrally, by one authority for the whole economic system, or is to be divided among many individuals.

Adam Smith – Invisible Hand

From An Inquiry into the Nature and Causes of the Wealth of Nations, Book IV, Chap. 2 by Adam Smith.  By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its...

Adam Smith – All Quotes

“No human wisdom or knowledge could ever be sufficient [for] the duty of superintending the industry of private people…” “[Governments are] …without exception, the greatest spendthrifts in the society.” “The agents of...