Academics From Scotland

"I just want always to be a little boy and have fun."

"Do you believe in fairies?...If you believe, clap your hands!"

"To die will be an awfully big adventure."

"You just think lovely wonderful thoughts and they lift you up in the air."

"I'll teach you to jump on the wind's back and then away we go."

"Do you know why swallows build in the eaves of houses? It is to listen to the stories."

"Second to the right and then straight on till morning."

"Wendy, one girl is worth more than twenty boys."

""In twenty years," I said, smiling at her tears, "a man grows humble, Mary. I have stored within me a great fund of affection, with nobody to give it to, and I swear to you, on the word of a soldier, that if there is one of those ladies who can be got to care for me I shall be very proud." Despite her semblance of delight I knew that she was wondering at me, and I wondered at myself, but it was true."

"Wise children always choose a mother who was a shocking flirt in her maiden days, and so had several offers before she accepted their fortunate papa."

"When you were a bird you knew the fairies pretty well, and you remember a good deal about them in your babyhood, which it is a great pity you can't write down, for gradually you forget, and I have heard of children who declared that they had never once seen a fairy. Very likely if they said this in the Kensington Gardens, they were standing looking at a fairy all the time. The reason they were cheated was that she pretended to be something else. This is one of their best tricks."

"It is frightfully difficult to know much about the fairies, and almost the only thing known for certain is that there are fairies wherever there are children."

"Every living thing was shunning him. Poor little Peter Pan, he sat down and cried, and even then he did not know that, for a bird, he was sitting on his wrong part. It is a blessing that he did not know, for otherwise he would have lost faith in his power to fly, and the moment you doubt whether you can fly, you cease forever to be able to do it. The reason birds can fly and we can't is simply that they have perfect faith, for to have faith is to have wings."

"If I were five-and-twenty or thirty, instead of, unhappily, twice that number of years, I would take Adam Smith in hand—I would not go beyond him, I would have no politics in it—I would take Adam Smith in hand, and I would have a League for free trade in Land just as we had a League for free trade in Corn. You will find just the same authority in Adam Smith for the one as for the other; and if it were only taken up as it must be taken up to succeed, not as a political, revolutionary, Radical, Chartist notion, but taken up on politico-economic grounds, the agitation would be certain to succeed; and if you apply free trade in land and to labour too—that is, by getting rid of those abominable restrictions in your parish settlements, and the like—then, I say, the men who do that will have done for England probably more than we have been able to do by making free trade in corn."

"Smith "wrote that the ultimate goal of business is not to make a profit. Profit is just the means. The goal is general welfare.""

"Here is the picture of this Old Master: a quiet, awkward, forceful Scotchman, whose philosophy has entered everywhere into the life of politics and become a world-force in thought; an impracticable Commissioner of Customs, who has left for the instruction of statesmen the best theory of taxation; an unbusiness-like professor, who established the science of business; a man of books, who is universally honored by men of action; plain, eccentric, learned, inspired. The things that strike us most about him are, his boldness of conception and wideness of outlook, his breadth and comprehensiveness of treatment, and his carefully clarified and beautified style."

"He was a great thinker,—and that was much; but he also made men recognize him as a great thinker, because he was a great master of style,—which was more."

"It is worth remembering that Adam Smith, the founder of classical economics, was first and foremost a philosopher. He strove to be a moralist and in doing so, became an economist. When he published The Theory of Moral Sentiments in 1759, modern capitalism was just getting under way. Smith was entranced by the sweeping changes wrought by this new force, but it wasn’t just the numbers that interested him. It was the human effect, the fact that economic forces were vastly changing the way a person thought and behaved in a given situation. What might lead one person to cheat or steal while another didn’t? How would one person’s seemingly innocuous choice, good or bad, affect a great number of people down the line? In Smith’s era, cause and effect had begun to wildly accelerate; incentives were magnified tenfold. The gravity and shock of these changes were as overwhelming to the citizens of his time as the gravity and shock of modern life may seem to us today."

"He now and then revisited London. The last time he was there, he had engaged to dine with Lord Melville, then Mr Dundas, at Wimbledon; Mr Pitt, Mr Grenville, Mr Addington, afterwards Lord Sidmouth, and some other of his lordship's friends were there. Dr Smith happened to come late, and the company had sat down to dinner. The moment, however, he came into the room, the company all rose up; he made an apology for being late, and entreated them to sit down. "No," said the gentlemen, "we will stand till you are seated, for we are all your scholars.""

"Smith argued in 1776 that the division of labor was the basis for the separation between mental and manual labor, and therefore between natural philosopher and laborer."

"Upon the whole, I have always considered him, both in his lifetime and since his death, as approaching as nearly to the idea of a perfectly wise and virtuous man, as perhaps the nature of human frailty will permit."

"Perhaps no economist will ever again so utterly encompass his age as Adam Smith. Certainly none was ever so serene, so devoid of contumacy, so penetratingly critical without rancor, and so optimistic without being utopian."

"For Smith’s encyclopedic scope and knowledge there can be only admiration. It was only in the eighteenth century that so huge, all-embracing, secure, caustic, and profound a book could have been written. Indeed, The Wealth of Nations and The Theory of Moral Sentiments, together with his few other essays, reveal that Smith was much more than just an economist. He was a philosopher-psychologist-historian-sociologist who conceived a vision that included human motives and historic “stages” and economic mechanisms, all of which expressed the plan of the Great Architect of Nature (as Smith called him). From this viewpoint, The Wealth of Nations is more than a masterwork of political economy. It is part of a huge conception of the human adventure itself."

"The answer is that Smith saw the all-important division of labor as a once-for-all, not a continuing, process. As has been recently pointed out, he did not see the organizational and technological core of the division of labor as a self-generating process of change, but as a discrete advance that would impart its stimulus and then disappear. Thus, in the very long run the growth momentum of society would come to a halt—Smith once mentions two hundred years as the longest period over which a society could hope to flourish. Thereafter the laborer would return to his subsistence wages, the capitalist to the modest profits of a stable market, and the landlord alone might enjoy a somewhat higher income as food production remained at the levels required by a larger, although no longer growing, population. For all its optimistic boldness, Smith’s vision is bounded, careful, sober—for the long run, even sobering."

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

"All this may seem somewhat elementary. But consider what Adam Smith has done, with his impetus of self-interest and his regulator of competition. First, he has explained how prices are kept from ranging arbitrarily away from the actual cost of producing a good. Second, he has explained how society can induce its producers of commodities to provide it with what it wants. Third, he has pointed out why high prices are a self-curing disease, for they cause production in those lines to increase. And finally, he has accounted for a basic similarity of incomes at each level of the great producing strata of the nation. In a word, he has found in the mechanism of the market a self-regulating system for society’s orderly provisioning."

"Adam Smith’s laws of the market are basically simple. They tell us that the outcome of a certain kind of behavior in a certain social framework will bring about perfectly definite and foreseeable results. Specifically they show us how the drive of individual self-interest in an environment of similarly motivated individuals will result in competition; and they further demonstrate how competition will result in the provision of those goods that society wants, in the quantities that society desires, and at the prices society is prepared to pay. […] But self-interest is only half the picture. It drives men to action. Something else must prevent the pushing of profit-hungry individuals from holding society up to exorbitant ransom: a community activated only by self-interest would be a community of ruthless profiteers. This regulator is competition, the conflict of the self-interested actors on the marketplace. For each man, out to do his best for himself with no thought of social consequences, is faced with a flock of similarly motivated individuals who are engaged in exactly the same pursuit. Hence, each is only too eager to take advantage of his neighbor’s greed. A man who permits his self-interest to run away with him will find that competitors have slipped in to take his trade away; if he charges too much for his wares or if he refuses to pay as much as everybody else for his workers, he will find himself without buyers in the one case and without employees in the other. Thus very much as in The Theory of Moral Sentiments, the selfish motives of men are transmuted by interaction to yield the most unexpected of results: social harmony."

"The Wealth of Nations is in no sense a textbook. Adam smith is writing to his age, not to his classroom; he is expounding a doctrine that is meant to be of importance in running an empire, not an abstract treatise for academic distribution. The dragons that he slays (such as the Mercantilist philosophy, which takes over two hundred pages to die) were alive and panting, if a little tired, in his day. And finally, the book is a revolutionary one. To be sure, Smith would hardly have countenanced an upheaval that disordered the gentlemanly classes and enthroned the common poor. But the import of The Wealth of Nations is revolutionary, nonetheless."

"It has been called “the outpouring not only of a great mind, but of a whole epoch.” Yet it is not, in the strict sense of the word, an “original” book. There is a long line of observers before Smith who have approached his understanding of the world: Locke, Steuart, Mandeville, Petty, Cantillon, Turgot, not to mention Quesnay and Hume again. Smith took from all of them: there are over a hundred authors mentioned by name in his treatise. But where others had fished here and there, Smith spread his net wide; where others had clarified this and that issue, Smith illuminated the entire landscape. The Wealth of Nations is not a wholly original book, but it is unquestionably a masterpiece."

"Though in Hume, and also in the works of Bernard Mandeville, we can watch the gradual emergence of the twin concepts of the formations of spontaneous orders and of selective evolution [...], it was Adam Smith and Adam Ferguson who first made systematic use of this approach. Smith's work marks the breakthrough of an evolutionary approach which has progressively displaced the stationary Aristotelian view. The nineteenth-century enthusiast who claimed that the Wealth of Nations was in importance second only to the Bible has often been ridiculed; but he may not have exaggerated so much. Even Aristotle's disciple Thomas Aquinas could not conceal from himself that multae utilitates impedirentur si omnia peccata districte prohiberentur - that much that is useful would be prevented if all sins were strictly prohibited (Summa Theologica, II, ii, q. 78 i)."

"Adam Smith was the first to perceive that we have stumbled upon methods of ordering human economic cooperation that exceed the limits of our knowledge and perception. His 'invisible hand' had perhaps better have been described as an invisible or unsurveyable pattern. We are led - for example by the pricing system in market exchange - to do things by circumstances of which we are largely unaware and which produce results that we do not intend. In our economic activities we do not know the needs which we satisfy nor the sources of the things which we get."

"An idea is always older than its name. The idea of cybernetics was used implicitly by the French physiologist, Claude Bernard, in 1878. The scottish physicist, Clerk Maxwell, also used it in 1868 in developing the theory of the steam-engine governor. But long before both of them Adam Smith had just as clearly used the idea in his The Wealth of Nations (1776). The "invisible hand" that regulates prices to a nicety is clearly this idea. In a free market, says Smith in effect, prices are regulated by negative feedback."

"Smith's claim that the selfish human urge to increase private profits is the basis for collective wealth is one of the most revolutionary ideas in human history - revolutionary not just from an economic perspective, but even more so from a moral and political perspective. What Smith says is, in fact, that greed is good, and that by becoming richer I benefit everybody, not just myself. Egoism is altruism."

"Now, sir, I stand here in the land where Adam Smith was born, the parent and patriarch of political economy—the man who first taught us that in our intercourse with other nations, as well as among ourselves, it was better to have our hands free than to have our hands and arms in manacles—who taught the great doctrines of Free Trade, and who has imbued the world with these doctrines."

"What an excellent work is that with which our common friend, Mr Adam Smith, has enriched the public!—an extensive science in a single book, and the most profound ideas expressed in the most perspicuous language."

"The greatest of Scotchmen was the first economist, Adam Smith."

"The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another."

"I have found one just man in Gomorrah—Adam Smith, author of the Wealth of Nations. He was the Duke of Buccleuch's tutor, is a wise and deep philosopher, and although made commissioner of the customs here by the Duke and Lord Advocate, is what I call an honest fellow. He wrote a most kind as well as elegant letter to Burke on his resignation, as I believe I told you before; and on my mentioning it to him, he told me he was the only man here who spoke out for the Rockinghams."

"Adam Smith, had treated forestalling as an imaginary evil! Adam Smith, whom I knew well, was a man of investigation, knowledge, and sagacity; with a heart overflowing with benevolence and sociability; but he was strong tinctured with French Philosophy and systime! To mention two circumstances, in which I cannot be mistaken, because spoken to myself, and although contradictory to the sentiments that I had expressed, not spoken in publick, where men often sport opinions for argument, but in the familiarity of individual conversation, where the unreserved sentiments are spoke. These were "That the Christian Religion debased the human mind;" and that "Sodomy was a thing in itself indifferent." The considerate part of mankind will think that the opinions of such a man, or of any man, are not to be admitted as infallible dogmas; but to be fairly weighed, before they are adopted."

"The government of an exclusive company of merchants is, perhaps, the worst of all governments for any country whatever."

"Of all those expensive and uncertain projects, however, which bring bankruptcy upon the greater part of the people who engage in in them, there is none perhaps more perfectly ruinous than the search after new silver and gold mines. It is perhaps the most disadvantageous lottery in the world, or the one in which the gain of those who draw the prizes bears the least proportion to the loss of those who draw the blanks: for though the prizes are few and the blanks are many, the common price of a ticket is the whole fortune of a very rich man."

"The natural effort of every individual to better his own condition, when suffered to exert itself with freedom and security is so powerful a principle that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often incumbers its operations; though the effect of these obstructions is always more or less either to encroach upon its freedom, or to diminish its security."

"To hinder, besides, the farmer from selling his goods at all times to the best market, is evidently to sacrifice the ordinary laws of justice to an idea of public utility, to a sort of reasons of state; an act of legislative authority which ought to be exercised only, which can be pardoned only in cases of the most urgent necessity."

"I have no great faith in political arithmetic, and I mean not to warrant the exactness of either of these computations."

"The man who employs either his labour or his stock in a grater variety of ways than his situation renders necessary, can never hurt his neighbour by underselling him. He may hurt himself, and he generally does so. Jack of all trades will never be rich, says the proverb. But the law ought always to trust people with the care of their own interest, as in their local situations they must generally be able to judge better of it than the legislator can do."

"In public, as well as in private expences, great wealth may, perhaps, frequently be admitted as an apology for great folly."

"Mercantile jealousy is excited, and both inflames, and is itself inflamed, by the violence of national animosity:..."

"In every country it always is and must be the interest of the great body of the people to buy whatever they want of those who sell it cheapest. The proposition is so very manifest that it seems ridiculous to take any pains to prove it; nor could it ever have been called in question had not the interested sophistry of merchants and manufacturers confounded the common sense of mankind. Their interest is, in this respect, directly opposite to that of the great body of the people."

"The violence and injustice of the rulers of mankind is an ancient evil, for which, I am afraid, the nature of human affairs can scarce admit a remedy."

"The sneaking arts of underling tradesmen are thus erected into political maxims for the conduct of a great empire; for it is the most underling tradesmen only who make it a rule to employ chiefly their own customers. A great trader purchases his good always where they are cheapest and best, without regard to any little interest of this kind."