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
when given with the greatest candour (which it has not been upon every
occasion), is much more to be depended upon with regard to the former of
those two objects, than with regard to the latter. Their superiority over
the country gentleman is, not so much in their knowledge of the public
interest, as in their having a better knowledge of their own interest than
he has of his. It is by this superior knowledge of their own interest that
they have frequently imposed upon his generosity, and persuaded him to
give up both his own interest and that of the public, from a very simple
but honest conviction, that their interest, and not his, was the interest
of the public. The interest of the dealers, however, in any particular
branch of trade or manufactures, is always in some respects different
from, and even opposite to, that of the public. To widen the market, and
to narrow the competition, is always the interest of the dealers. To widen
the market may frequently be agreeable enough to the interest of the
public; but to narrow the competition must always be against it, and can
only serve to enable the dealers, by raising their profits above what they
naturally would be, to levy, for their own benefit, an absurd tax upon the
rest of their fellow-citizens. The proposal of any new law or regulation
of commerce which comes from this order, ought always to be listened to
with great precaution, and ought never to be adopted till after having
been long and carefully examined, not only with the most scrupulous, but
with the most suspicious attention. It comes from an order of men, whose
interest is never exactly the same with that of the public, who have
generally an interest to deceive and even to oppress the public, and who
accordingly have, upon many occasions, both deceived and oppressed it.
# PRICES OF WHEAT
Year Prices/Quarter Average of different Average prices of
in each year prices in one year each year in money
of 1776
Public-domain text, read in full here on John Shaqi.
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