The Wealth of Nations by Adam Smith

Pg 112 First, improvement of the dexterity of the workman necessarily increases the quantity of the work he can perform; and the division of labour, by reducing every mans business to some one simple operation, and by making this operation the sole employment of his life, necessarily increases very much the dexterity of the workman

Pg 131 The things which have the greatest value in use have frequently little or no value in exchange; and, on the contrary, those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water, but it will purchase scarce anything.

Pg 136 In this popular sense, therefore, labour, like commodities may be said to have a real and nominal price. Its real price may be said to consist in the quantity of the necessaries and conveniences of life which are given for it, its nominal price, in the quantity of money. The labourer is rich or poor, is well or ill rewarded, in proportion to the real, not to the nominal price of his labour

Pg 208 In a perfectly fair lottery, those who draw the prizes ought to gain all that is lost by those who draw the blanks. In a profession where twenty fail where one succeeds, that one ought to gain all that should have been gained by the unsuccessful twenty

Pg 232 People of the same trade seldom meet together, even for merriment and diversion, but he conversation ends in a conspiracy against the public, or in some contrivance to raise prices

Pg 293 The quantity of the precious metals may increase in any country from two different causes: either, first, from the increased abundance of the mines which supply it; or, secondly, from the increased wealth of the people, from the increased produce of their annual labour. The first of these causes is no doubt necessarily connected with the diminution of the value of the precious metals, but the second is not

Pg 435 Its is better, says the proverb, to play for nothing than to work for nothing

Lets get 1% better everyday



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store