The true wealth of a nation consists not in the stored- up gold but in the intellectual and physical strength of its people.

The Wealth of Nations may not be an original book, but it is unquestionably a masterpiece.

Adam Smith began his Wealth of Nations with an examination of the internal works of a pin factory, but he soon turned his attention to other things: the coordination of a market system and the economics of growth and development. For more than a century and a half following the publication of Smith's masterpiece, the nature and internal organization of the firm received little attention in mainstream economic theory.

Millions of human beings have labored to create this civilization on which we pride ourselves today. Other millions, scattered through the globe, labor to maintain it. Without them nothing would be left in fifty years but ruins.

A nation's wealth is too serious a matter to be left to the wealthy. The riches of a nation belong to all, to be shared among all for the general welfare.

Wealth in the modern world does not come merely from individual effort; it results from a combination of individual effort and of the manifold uses to which the community puts that effort. The individual does not create the product of his industry with his own hands; he utilizes the many processes and forces of mass production to meet the demands of a national and international market. Therefore, in spite of the great importance in our national life of the efforts and ingenuity of unusual individuals, the people in the mass have inevitably helped to make large fortunes possible. Without mass cooperation great accumulations of wealth would be impossible save by unhealthy speculation. As Andrew Carnegie put it, "Where wealth accrues honorably, the people are always silent partners." Whether it be wealth achieved through the cooperation of the entire community or riches gained by speculation — in either case the ownership of such wealth or riches represents a great public interest and a great ability to pay.

World investment will be made in the production of fulfilled human lives. The wealth of the community will be assessed by the number of human beings it embraces who are qualified to carry on and to improve... the development and the exchange of knowledge, art and science between all peoples. Nations, communities... will be valued only by this criterion — their contribution to the whole, not to their environment alone but to mankind.

Economists have long known that people are an important part of the wealth of nations.

The habit of looking at the last ten thousand years as well as at the array of early societies as a mere prelude to the true history of our civilization which started approximately with the publication of the Wealth of Nations in 1776, is, to say the least, out of date.

Wealth comes from industry and from the hard experience of human toil. To dissipate it in waste and extravagance is disloyalty to humanity. This is by no means a doctrine of parsimony. Both men and nations should live in accordance with their means and devote their substance not only to productive industry, but to the creation of the various forms of beauty and the pursuit of culture which give adornments to the art of life.

Wealth is what Nature gives us and what a reasonable man can make out of the gifts of Nature for his reasonable use. The sunlight, the fresh air, the unspoiled face of the earth, food, raiment and housing necessary and decent; the storing up of knowledge of all kinds, and the power of disseminating it; means of free communication between man and man; works of art, the beauty which man creates when he is most a man, most aspiring and thoughtful — all things which serve the pleasure of people ... This is wealth. Nor can I think of anything worth having which does not come under one or other of these heads. But think, I beseech you, of the product of ... the workshop of the world, and will you not be bewildered, as I am, at the thought of the mass of things which no sane man could desire, but which our useless toil makes — and sells?

Wealth owes its existence to labour, not labour to wealth

All wealth is the product of labor.

The creation of wealth is not simply a physical process and cannot be explained by a chain of cause and effect. It is determined not by objective physical facts known to any one mind but by the separate, differing, information of millions, which is precipitated in prices that serve to guide further decisions.