A Quote by Adam Smith
By pursuing his own interest (the individual) frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.
Related Quotes
Every individual necessarily labors to render the annual revenue of society as great as he can. He generally neither intends to promote the public interest, nor knows how much he is promoting it. He intends only his own gain, and he is, in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention.
I have never known much good done by those who affected to trade for the public good.
Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society... He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention
There is a very broad theory that society gets the right to hang, as the individual gets the right to defend himself. Suppose she does; there are certain principles which limit this right. Society has got the murderer within four walls; he never can do any more harm. Has society any need to take that man's life to protect itself? If any society has only the right that the individual has, she has no right to inflict the penalty of death, because she can effectually restrain the individual from ever again committing his offence.
Those laws, being forged for universal application, are in perpetual conflict with personal interest, just as personal interest is always in contradiction with the general interest. Good for society, our laws are very bad for the individuals whereof it is composed; for, if they one time protect the individual, they hinder, trouble, fetter him for three quarters of his life.
Fruits are always of the same nature with the seeds and roots from which they come, and trees are known by the fruits they bear: as a man begets a man, and a beast a beast, that society of men which constitutes a government upon the foundation of justice, virtue, and the common good, will always have men to promote those ends; and that which intends the advancement of one man's desire and vanity, will abound in those that will foment them.
In all His acts God orders all things, whether good or evil, for the good of those who know Him and seek Him and who strive to bring their own freedom under obedience to His divine purpose. All that is done by the will of God in secret is done for His glory and for the good of those whom He has chosen to share in His glory.
To say that only those businesses affected with a public interest may be regulated is but another way of stating that all those businesses which may be regulated are affected with a public interest.
Honor sets all the parts of the body politic in motion, and by its very action connects them; thus each individual advances the public good, while he only thinks of promoting his own interest.
Society, civilized society at least, is never very ready to believe anything to the detriment of those who are both rich and fascinating. It feels instinctively that manners are of more importance than morals, and, in its opinion, the highest respectability is of much less value than the possession of a good chef.
The passages in which Milton has alluded to his own circumstances are perhaps read more frequently, and with more interest, than any other lines in his poems.
Each pursues his private interest and only his private interest; and thereby serves the private interests of all, the general interest, without willing it or knowing it. The real point is not that each individual's pursuit of his private interest promotes the totality of private interests, the general interest. One could just as well deduce from this abstract phrase that each individual reciprocally blocks the assertion of the others' interests, so that, instead of a general affirmation, this war of all against all produces a general negation.
The public good is promoted best by people pursuing their own private interests. This bothers some people because they're more concerned with motives than with results.
Since the social victim has been oppressed by society, he comes to feel that his individual life will be improved more by changes in society than by his own initiative. Without realizing it, he makes society rather than himself the agent of change. The power he finds in his victimization may lead him to collective action against society, but it also encourages passivity within the sphere of his personal life.
We now possess four principles of morality: 1) a philosophical: do good for its own sake, out of respect for the law; 2) a religious: do good because it is God's will, out of love of God; 3) a human: do good because it will promote your happiness, out of self-love; 4) a political: do good because it will promote the welfare of the society of which you are a part, out of love of society having regard to yourself. But is this not all one single principle, only viewed from different sides?
In the future it's very possible you could have an artificial intelligence system that can run the country better than a human being. Because human beings are naturally selfish. Human beings are naturally after their own interests. We are geared towards pursuing our own desires, but oftentimes, those desires have contrasts to the benefit of society, at large, or against the benefit of the greater good. Whereas, if you have a machine, you will be able to program that machine to, hopefully, benefit the greatest good, and really go after that.
Related Authors
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Craig Roberts Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist