Quote of the Day — Adam Smith
September 11, 2020
No society can surely be flourishing and happy of which the far greater part of the members are poor and miserable. — Adam Smith
1723–1790
View All Quotes by Adam Smith →Adam Smith
1723–1790
Adam Smith was a Scottish philosopher and economist whose 1776 masterwork ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ established the foundation of free-market economics and classical liberalism. Born in 1723, Smith pioneered revolutionary concepts including division of labor, productivity gains from specialization, and the self-regulating nature of competitive markets. His famous ‘invisible hand’ metaphor—used only once in the Wealth of Nations—described how individuals pursuing their own economic interests inadvertently promote the public good more effectively than central planning. Smith demonstrated that prosperity arises not from government direction but from voluntary exchange, property rights, and the…
View All Quotes by Adam Smith →From the Show
Adam Smith’s wisdom on societal prosperity anchored the September 11, 2020 Labor Day week broadcast, setting the stage for Lawrence Reed’s discussion of capitalism, wealth creation, and the principles that make America a productive powerhouse.
From the Same Day
September 11, 2020
Word of the Day
Self-interest
The pursuit of one’s own advantage or well-being; the motivation to act in ways that benefit oneself, particularly in economic…
Explore Word →Today’s Episode
The Tenets of Capitalism and Why Liberty Makes Life Worth Living
Lawrence Reed explains why capitalism creates prosperity through property rights and the rule of law on Friday, September 11, 2020.
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