Probably his best known quote is the following: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest.

For though he can certainly be seen as a godfather of orthodox neo-classical economics, he also was a heterodox, critical economist in several respects he certainly did not embrace markets to the extent that his best-known quotes suggest. The problem with the latter is not so much that Smith is now more quoted than read, but that he is quoted selectively. The other way round, when an economist wants a historical quote, Smith can always supply one, as economics was essayistic in the eighteenth century and not yet mathematized. In 1776 this Scottish economist and philosopher wrote the Wealth of Nations, which is widely seen as the birth of modern economics. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.The Godfather of neo-classical economics, and especially of finance, is no doubt Adam Smith (1723-1790).

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Sam smith quotes economics