Thursday, December 07, 2006
Quote - Adam Smith
My last blog entry, about Milton Friedman, attributes a quote to the great man. That quote I believe encapsulates his theory, philosophy and belief. I discovered a similar quote by Adam Smith, which, though a lot more verbose, conveys a similar message:
The uniform, constant and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things toward improvement, in spite both of the extravagance of government, and of the greatest errors of administration. Like the unknown principle of animal life, it frequently restores health and vigour to the constitution, in spite, not only of the disease, but of the absurd prescriptions of the doctor.
Adam Smith
No prizes for guessing who was inspired by whom. ¶ 1:28 PM
The uniform, constant and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things toward improvement, in spite both of the extravagance of government, and of the greatest errors of administration. Like the unknown principle of animal life, it frequently restores health and vigour to the constitution, in spite, not only of the disease, but of the absurd prescriptions of the doctor.
Adam Smith
No prizes for guessing who was inspired by whom. ¶ 1:28 PM
Comments:
<< Home
The one question that has bothered me often is how do we define "progress"? Is increasing GDP per capita the meaning of progress? Is that the only parameter?
And I dont mean to nitpick, but its "prize", not "price".
Dunbar.
Post a Comment
And I dont mean to nitpick, but its "prize", not "price".
Dunbar.
# posted by 
: 10:35 PM
: 10:35 PM
<< Home
