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activity actual advantage analysis applied become behavior capital cause common competition concerned conclusions cost course definite demand desire determined differential direct discussion distribution Econ economic theory economists effect enterprise equal ethical existing experience fact factors field forces functional give given greater human important income increase individual inductive industry institutions interest involved knowledge labor laws less limited marginal material matter means measure method mind motives nature never objective organization pecuniary persons physical possible practical present principles probability problems production profits psychology pure question reason relations scientific seems sense situation social society standard statistical supply things thought tion true truth University utility wages welfare whole workers
Página 106 - By preferring the support of domestic to that of foreign industry 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.
Página 437 - Subduct from any phenomenon such part as is known by previous inductions to be the effect of certain antecedents, and the residue of the phenomenon is the effect of the remaining antecedents.
Página 37 - I often say that when you can measure what you are speaking about and express it in numbers you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meagre and unsatisfactory kind: it may be the beginning of knowledge, but you have scarcely, in your thoughts, advanced to the stage of science, whatever the matter may be.
Página 6 - The natural price of labour is that price which is necessary to enable the labourers, one with another, to subsist and to perpetuate their race, without either increase or diminution.
Página 106 - Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily leads him to prefer that employment which is most advantageous to the society.
Página 45 - I repeat that if a cause is an invariable and necessary condition of an event, we can never know certainly whether the cause exists or not. To us, then, a cause is not to be distinguished from the group of positive or negative conditions which, with more or less probability, precede an event.
Página 158 - Without thinking of the effect it might have upon distinguished men of science, or upon the minds of those who, stimulated to exertion, might become distinguished, I do think that a Government should for its own sake honour the men who do honour and service to the country. I refer now to honours only, not to beneficial rewards ; of such honours I think there are none. Knighthoods and baronetcies are sometimes conferred with such intentions, but I think them utterly unfit for that purpose. Instead...
Página 8 - Long indeed before this period, the very low rate of profits will have arrested all accumulation, and almost the whole produce of the country, after paying the labourers, will be the property of the owners of land and the receivers of tithes and taxes.