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Adam Smith business concern business enterprise businesslike management capitalised circumstances classes common commonly community's constituent principles corporate capital corporation finance counted course disallowance divine right duction dustrial earning-capacity economic effect efficiency eighteenth century fact free bargaining free income gible habits of thought habitually immaterial imponderables indus industrial arts industrial system iness intangible assets investors knowledge and belief law and custom less Let Live Live and Let margin material science means mechanical mechanistic ment modern point national establishment national pretensions nature net margin order of industry ordinary output owners perquisites persons point of view principles of self-help product over cost productive capacity question reasonable restraint of trade rule of Live sabotage scheme securities self-determination stabilised standardised system of law taken tangible assets tangible performance tariff technological knowledge tion trade traffic will bear unearned income usufruct vested interests vested rights wealth workmen
24 psl. - The law, in its majestic equality, forbids the rich as well as the poor to sleep under bridges, to beg in the streets, and to steal bread'.
84 psl. - Hitherto it is questionable if all the mechanical inventions yet made have lightened the day's toil of any human being. They have enabled a greater population to live the same life of drudgery and imprisonment, and an increased number of manufacturers and others to make fortunes.
92 psl. - ... make money," not to produce goods. The production of goods is a mechanical process, incidental to the making of money; whereas the making of money is a pecuniary operation, carried on by bargain and sale, not by mechanical appliances and powers. The business men make use of the mechanical appliances and powers of the industrial system, but they make a pecuniary use of them.
160 psl. - So that the population of these civilised countries now falls into two main classes: those who own wealth invested in large holdings and who thereby control the conditions of life for the rest; and those who do not own wealth in sufficiently large holdings, and whose conditions of life are therefore controlled by these others.
163 psl. - It is more usual to speak of them as "the better classes," because they are in better circumstances and are better able to do as they like. Their place in the economic scheme of the civilised world is to consume the net product of the country's industry over cost, and so prevent a glut of the market. But this broad distinction between the kept classes and their vested interests on the one side and the common man on the other side is by no means hard and fast. There are many doubtful cases, and a...
96 psl. - Our people, moreover, do not wait to be coached and led. They know their own business, are quick and resourceful at every readjustment, definite in purpose, and selfreliant in action. Any leading strings we might seek to put them in would speedily become hopelessly tangled because they would pay no attention to them and go their own way.
9 psl. - ... character alien to the traditional point of view. It is, in other words, a case of obsolescence by displacement as well as by habitual disuse. This unsettling discipline that is brought to bear by workday experience is chiefly and most immediately the discipline exercised by the material conditions of life, the exigencies that beset men in their everyday dealings with the material means of life; inasmuch as these material facts are insistent and uncompromising. And the scope and method of knowledge...
86 psl. - Now, . . . the state of the industrial arts has at no time continued unchanged during the modern era; consequently other things have never remained the same; and in the long run the outcome has always been shaped by the disturbing causes.
103 psl. - ... held loosely as an informal vested interest, as, eg, merchantable good-will, are similarly entitled to the benefit of the common law which secures any owner in the usufruct of his property. To such effect have commonly been the findings of courts and boards of inquiry, of Public Utility Commissions, of such bodies as the Interstate Commerce Commission, the Federal Trade Commission, and latterly of divers recently installed agencies for the control of prices and output in behalf of the public...