A Quote by Adam Smith

Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.

Adam Smith

Quote Topics

Attended Consumer Consumption End Far Interest May Necessary Only Ought Producer Production Promoting Purpose Sole

Quote Author

Adam Smith
Scottish - Economist
June 5, 1723 - July 17, 1790

Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer. The maxim is so perfectly self-evident that it would be absurd to attempt to prove it. But in the mercantile system the interest of the consumer is almost constantly sacrificed to that of the producer; and it seems to consider production, and not consumption, as the ultimate end and object of all industry and commerce.

Adam Smith

Consumption is the sole end and purpose of all production.

Adam Smith

I shall argue that it is the capital stock from which we derive satisfaction, not from the additions to it (production) or the subtractions from it (consumption): that consumption, far from being a desideratum, is a deplorable property of the capital stock which necessitates the equally deplorable activity of production: and that the objective of economic policy should not be to maximize consumption or production, but rather to minimize it, i.e. to enable us to maintain our capital stock with as little consumption or production as possible.

Kenneth E. Boulding

An individual, in promoting his own interest, may injure the public interest; a nation, in promoting the general welfare, may check the interest of a part of its members.

Friedrich List

Smith, as we have said, was not the proponent of any one class. He was a slave to his system. His whole economic philosophy stemmed from his unquestioning faith in the ability of the market to guide the system to its point of highest return. The market — that wonderful social machine — would take care of society's needs if it was left alone. "Consumption is the sole end and purpose of all production," he wrote.

Robert Heilbroner

The local interest of a State ought in every case to give way to the interests of the Union. For when a sacrifice of one or the other is necessary, the former becomes only an apparent, partial interest, and should yield, on the principle that the smaller good ought never to oppose the greater good.

Alexander Hamilton

It was only in the late nineteenth century and then the twentieth century, with the maturation of consumer capitalism, that a shift was made toward the cultivation of unbounded desire. We must appreciate this to realize that late modern consumption, consumption as we now know it, is not fundamentally about materialism or the consumption of physical goods. Affluence and consumer-oriented capitalism have moved us well beyond the undeniable efficiencies and benefits of refrigeration and indoor plumbing.

Rodney Clapp

It is too narrow an understanding of production which confines it merely to the making of things. Production includes not merely the making of things, but the bringing of them to the consumer. The merchant or storekeeper is thus as truly a producer as is the manufacturer, or farmer, and his stock or capital is as much devoted to production as is theirs.

Henry George

Consumption is also immediately production, just as in nature the consumption of the elements and chemical substances is the production of the plant.

Karl Marx

Developed and benefited from the unsustainable patterns of production and consumption which have produced our present dilemma. It is clear that current lifestyles and consumption patterns of the affluent middle class-involving high meat intake, consumption of large amounts of frozen and convenience foods, use of fossil fuels, appliances, home and work-place air-conditioning, and suburban housing-are not sustainable. A shift is necessary toward lifestyles less geared to environmentally damaging consumption patterns.

Maurice Strong

Every man is a consumer, and ought to be a producer. He is by constitution expensive, and needs to be rich.

Ralph Waldo Emerson

Today a record producer is even more involved and is often the production's sole musician, one person playing all the instruments one-by-one.

Tony Visconti

All production is for the purpose of ultimately satisfying a consumer.

John Maynard Keynes

Frequent elections are unquestionably the only policy by which this dependence and sympathy can be effectually secured. But what particular degree of frequency may be absolutely necessary for the purpose, does not appear to be susceptible of any precise calculation; and must depend on a variety of circumstances with which it may be connected. Let us consult experience, the guide that ought always to be followed, whenever it can be found.