Economists -- Great Britain -- Biography; Smith, Adam, 1723-1790
“Euge! Belle! Dear Mr. Smith,—I am much pleased with your performance;
and the perusal of it has taken me from a state of great anxiety. It
was a work of so much expectation, by yourself, by your friends, and
by the public, that I trembled for its appearance, but am now much
relieved. Not but that the reading of it necessarily requires so much
attention, and the public is disposed to give so little, that I shall
still doubt for some time of its being at first very popular. But it
has depth, and solidity, and acuteness, and is so much illustrated by
curious facts that it must at last take the public attention. It is
probably much improved by your last abode in London. If you were here
at my fireside, I should dispute some of your principles. I cannot
think that the rent of farms makes any part of the price of the
produce, but that the price is determined altogether by the quantity
and the demand.”
On the publication of the book Sir John Pringle observed to Boswell that
Dr. Smith, who had never been in trade, could not be expected to write
well on that subject any more than a lawyer upon physic. Boswell passed
this on to Johnson, who replied: “He is mistaken, sir; a man who has
never been engaged in trade may undoubtedly write well upon trade, and
there is nothing which requires more to be illustrated by philosophy
than trade does.” Johnson added, as if he had already turned over with
profit the pages of the new book, that trade promises what is more
valuable than money, “the reciprocation of the peculiar advantages of
different countries.” Gibbon was no less delighted than Hume with the
new philosophy. “What an excellent work!” he exclaimed; “an extensive
science in a single book, and the most profound ideas expressed in the
most perspicuous language.” Gibbon’s judgment has been confirmed by the
tribunals of Time, and the world places the _Wealth of Nations_ in the
small library of masterpieces that receives, as the years roll by, so
surprisingly few accessions.
Public-domain text, read in full here on John Shaqi.
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