An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
An Inquiry Into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
Those professions keep their level, however, with other occupations;
and, notwithstanding these discouragements, all the most generous and
liberal spirits are eager to crowd into them. Two different causes
contribute to recommend them. First, the desire of the reputation which
attends upon superior excellence in any of them; and, secondly, the
natural confidence which every man has, more or less, not only in his
own abilities, but in his own good fortune.
To excel in any profession, in which but few arrive at mediocrity, it 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 of 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 for
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, &c. are founded upon those two
principles; the rarity and beauty of the talent, 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 of 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 great 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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