Important quotes of Adam Smith

Who is the famous economist, defender of free-markets, author of The Wealth of Nations? His writings are considered a foundation for the economic system of capitalism.

• Adam Smith
• Karl Marx
• Friedrich Engels
• Weyland Yutani

How would you summarize this quote: "As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it."

• In conclusion, each person makes the most of his own work, and without realizing it helps others. What is good for the society, also happens to be good for individuals
• In conclusion, each person should focus on his own work and give his yearly salary to the public 

How would you summarize this key point? "...every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him. The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it …."

• Lawmakers should have the authority to direct citizens in work and what to do with the money they make. 
• Lawmakers are not as capable of making decisions about the work people do and the money they make.

How would you summarize this key point? "The property which every man has in his own labor, as it is the original foundation of all other property, so it is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbor, is a plain violation of this most sacred property."

• A person's ability to work is the foundation of all other property. It is a freedom that should be highly protected. 
• A poor man should be allowed to work with his hands but with sacred guidance from neighbors.

Review this quote: "...he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, 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 no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.  What is meant by the invisible hand?

• An actual invisible hand guides economic outcomes, and freedom is created. 
• The invisible hand is a metaphor or a symbol of "market forces" in the free-market system.  These market forces lead to good outcomes without any central planning. 

Adam Smith wrote the The Wealth of Nations during the same year the Declaration of Independence was written, as well as, the start of the American Revolution. Which statement is accurate?

• In 1776, many English and North American citizens wanted more government intervention in their lives. 
• In 1776, many English and North American citizens wanted freedom from government intervention.