Resentment seems to have been given us by nature for a defense, and for a defense only! It is the safeguard of justice and the security of innocence.
Adam SmithRead
All money is a matter of belief.
Interpretation
What this quote means
Money's value is shaped by collective belief rather than intrinsic worth.
This quote by Adam Smith highlights the idea that money derives its value not from the physical currency itself but from the shared belief and confidence of people in its purchasing power. It emphasizes the psychological aspect of economics, where trust and perception play a crucial role in the functioning of monetary systems.
Themes
MoneyBeliefValueEconomicsPerception
In practice
Example use cases
During a financial literacy seminar, to explain the nature of money.
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This is one of those cases in which the imagination is baffled by the facts.
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The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence.
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