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
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
Interpretation
The quote critiques the idea of landlords profiting from property they did not cultivate or develop.
Adam Smith's quote highlights the issue of land ownership and the ensuing economic implications. It suggests that when land becomes privatized, those who own it can exploit it for profit without contributing to its cultivation or improvement, which raises questions about fairness in economic systems and the ethics of wealth generation in relation to labor and natural resources.
In practice
In a discussion about economic inequalities, one might reference this quote to illustrate the exploitative nature of land rent.
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.
Higher taxes never reduce the deficit. Governments spend whatever they take in and then whatever they can get away with.
I think if you look back through time, the history of income, wealth and taxation is full of surprise. So I am not terribly impressed by those who know in advance what will or will not happen.
The economic expansion that began in 2001, while it has been great for corporate profits, has yet to produce any significant gains for ordinary working Americans. And now it looks as if it never will.
Some degree of inequality in income and wealth, of course, would occur even with completely equal opportunity because variations in effort, skill, and luck will produce variations in outcomes.
The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers.
If developed countries' citizens want to feel slightly better about their economies' slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have.
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