10 Best Quotes on Economics by Adam Smith

Adam Smith was a Scottish philosopher and economist who is also regarded as the father of modern economics. He is well known for his works on economics which include the book - An Inquiry into the Nature and Causes of the Wealth of Nations.

His economic thoughts and sayings are still valuable as an inspiration for modern day economists and investors. Investors can learn a lot from the sayings and quotes of Adam Smith. In this post, we are sharing the 10 best quotes of Adam Smith.


10 Best Quotes on Economics by Adam Smith


1. The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.

2. All money is a matter of belief.

3. Labour was the first price, the original purchase - money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased.

4. Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition.

5. Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets the nearer your approach to this certainty.

6. Goods can serve many other purposes besides purchasing money, but money can serve no other purpose besides purchasing goods.

7. The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.

8. It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased.

9. A nation is not made wealthy by the childish accumulation of shiny metals, but it is enriched by the economic prosperity of it's people.

10. When profit diminishes, merchants are very apt to complain that trade decays; though the diminution of profit is the natural effect of its prosperity, or of a greater stock being employed in it than before.

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