Quotation of the Day…

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… is from page 200 of a 1961 edition of James Boswell’s 1791 The Life of Samuel Johnson as this passage is found on the back cover of the December 1992 issue of the Journal of Political Economy:

I mentioned Dr. Adam Smith’s book on the “Wealth of Nations” which was just published, and that Sir John Pringle had observed to me, that Dr. Smith, who had never been in trade, could not be expected to write well on that subject any more than a lawyer upon physick. JOHNSON. “He is mistaken, Sir; a man who has never been engaged in trade himself may undoubtedly write well upon trade, and there is nothing which requires more to be illustrated by philosophy than trade does. As to mere wealth, that is to say, money, it is clear that one nation or individual cannot increase its store but by making another poorer: but trade procures what is more valuable, the reciprocation of the particular advantages of different countries. A merchant seldom thinks but of his own particular trade. To write a good book upon it, a man must have extensive views. It is not necessary to have practised, to write well upon a subject.”

DBx: It’s worth noting that the tory Samuel Johnson (pictured here) and the liberal Adam Smith were not deep admirers of each other, although there was mutual respect.