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Quotation of the Day…

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… is from page 71 of Book I, chapter vi [2] of the 1981 Liberty Fund edition [3] of Adam Smith’s 1776 An Inquiry Into the Nature and Causes of the Wealth of Nations [4]:

But there is no country in which the whole annual produce is employed in maintaining the industrious. The idle every where consume a great part of it; and according to the different proportions in which it is annually divided between those two different orders of people, its ordinary or average value must either annually increase, or diminish, or continue the same from one year to another.

DBx: In 1790, Adam Smith died, in Edinburgh, on this date.

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