Principium Volume II, Book 8, Quote 826, 828, 830

826. (5-23-2010) When we are in want of necessaries we must part with all superfluities, of which the value, as it rises in times of poverty and distress. It is otherwise with necessaries. Their real price, the quantity of labour [sic] which they can purchase or command, rises in times of poverty and distress, and sinks in times of opulence and prosperity, which are always times of great abundance;…

- Adam Smith – The Wealth of Nations, 1776

828. (5-24-2010) Gold and silver naturally resort to a rich country, for the same reason that all sorts of luxuries and curiosities resort to it; not because they are cheaper there than in poorer countries, but because they are dearer, or because a better price is given for them. It is the superiority of price which attracts them, and as soon as that superiority ceases, they necessarily cease to go thither.

- Adam Smith – The Wealth of Nations, 1776

830. (5-27-2010) [T]he increase of…manufactures and agriculture [can be attributed to] the fall of the feudal system, and from the establishment of a government which afforded to industry the only encouragement which it requires, some tolerable security that it shall enjoy the fruits of its own labour [sic].

- Adam Smith – The Wealth of Nations, 1776

2 views0 comments

Recent Posts

See All

1331. (3-3-2011) (The book “On Power” is going to be much more cerebral and feel abstract, but lend your mental faculties to it and bits of truth begin to come. Like the leaks in a dam, dike, or levy,