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
The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with most unnecessary attention but assume an authority which could safely be trusted to no council and senate whatever, and which would nowhere be so dangerous as in the hands of man who have folly and presumption enough to fancy himself fit to exercise it.
Interpretation
What this quote means
This quote critiques the idea of government intervention in private financial decisions, emphasizing the dangers of misplaced authority.
Adam Smith's quote highlights the risks associated with a statesman trying to regulate how private individuals use their capital. He argues that such authority should not be wielded lightly, as it could lead to folly in those who overestimate their qualifications to make economic decisions for others, ultimately causing more harm than good. The quote underscores the importance of individual judgment in financial matters and the potential dangers of centralized control.
Themes
AuthorityCapitalEconomicsStatesmanInterventionDecision-Making
In practice
Example use cases
In a debate on government oversight of businesses, this quote can illustrate the dangers of excessive authority.
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