Famous quotes

"Happiness can be defined, in part at least, as the fruit of the desire and ability to sacrifice what we want now for what we want eventually" - Stephen Covey

Tuesday, April 20, 2010

Capitalist mantra - Adam smith

Capitalism utilizes the willpower of individuals, especially entrepreneurs, to foment economic activity. Capitalism is based on the assumption that individuals operate based on self interest; however, by doing so they not only help themselves, but also propel others towards economic success.
As Adam Smith put it, "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. Nor is it always the worse for society that it was no part of his intention. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it."

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