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
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.
In practice
During a financial literacy seminar, to explain the nature of money.
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.
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Wherever there is great property, there is great inequality.
This is one of those cases in which the imagination is baffled by the facts.
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.
Defense is superior to opulence.
I'm an entrepreneur trying to let the American people know that it's not immigrants that are causing economic problems, it is the fact that our economy is advancing in ways that is making human labor less and less essential.
Everyone may have some advise for the RBI. Some may advise, 'Cut your lending rates and raise the deposit rate.' How will a bank function? We take a medium term view. The bank has an 80-year-old history. I don't want to destroy it for a few decisions.
When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.
I'm of those who believe that excesses in all matters are not a good idea, whether it's formation of bubbles, whether it's excess in the financial market, whether it's excess of inequality, it has to be watched, it has to be measured, and it has to be anticipated in terms of consequences.
Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society.
I'm quite worried about the fiscal imbalances that we've got and what that might mean in terms of financial crisis ahead.
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