An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
To excel in any profession, in which but few arrive at mediocrity, is the
most decisive mark of what is called genius, or superior talents. The
public admiration which attends upon such distinguished abilities makes
always a part of their reward; a greater or smaller, in proportion as it
is higher or lower in degree. It makes a considerable part of that reward
in the profession of physic; a still greater, perhaps, in that of law; in
poetry and philosophy it makes almost the whole.
There are some very agreeable and beautiful talents, of which the
possession commands a certain sort of admiration, but of which the
exercise, for the sake of gain, is considered, whether from reason or
prejudice, as a sort of public prostitution. The pecuniary recompence,
therefore, of those who exercise them in this manner, must be sufficient,
not only to pay for the time, labour, and expense of acquiring the
talents, but for the discredit which attends the employment of them as the
means of subsistence. The exorbitant rewards of players, opera-singers,
opera-dancers, etc. are founded upon those two principles; the rarity and
beauty of the talents, and the discredit of employing them in this manner.
It seems absurd at first sight, that we should despise their persons, and
yet reward their talents with the most profuse liberality. While we do the
one, however, we must of necessity do the other, Should the public opinion
or prejudice ever alter with regard to such occupations, their pecuniary
recompence would quickly diminish. More people would apply to them, and
the competition would quickly reduce the price of their labour. Such
talents, though far from being common, are by no means so rare as
imagined. Many people possess them in great perfection, who disdain to
make this use of them; and many more are capable of acquiring them, if any
thing could be made honourably by them.
The over-weening conceit which the greater part of men have of their own
abilities, is an ancient evil remarked by the philosophers and moralists
of all ages. Their absurd presumption in their own good fortune has been
less taken notice of. It is, however, if possible, still more universal.
There is no man living, who, when in tolerable health and spirits, has not
some share of it. The chance of gain is by every man more or less
over-valued, and the chance of loss is by most men under-valued, and by
scarce any man, who is in tolerable health and spirits, valued more than
it is worth.
Public-domain text, read in full here on John Shaqi.
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