Resentment seems to have been given us by nature for a defense, and for a defense only! It is the safeguard of justice and the security of innocence.
Adam SmithRead
The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence.
Interpretation
Customers play a crucial role in regulating a worker's performance through the fear of job loss.
Adam Smith highlights the importance of accountability in the workplace, suggesting that the true discipline imposed on workers comes not from their employers but from the expectations of their customers. The fear of losing their job drives workers to maintain integrity and diligence, as their livelihood depends on satisfying the needs of those they serve.
In practice
In a business presentation to emphasize the importance of customer feedback.
Resentment seems to have been given us by nature for a defense, and for a defense only! It is the safeguard of justice and the security of innocence.
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Wherever there is great property, there is great inequality.
This is one of those cases in which the imagination is baffled by the facts.
Defense is superior to opulence.
I have never known much good done by those who affected to trade for the public good.
Obama had to save the banks, sure, but he didn't have to save the bankers and the shareholders and the bondholders. We broke the rules of capitalism in order to save those at the top - as we always do.
The poor don't live in functional market economies as the rest of us do, but in political economies where corruption and broken systems extend from local government to moneylenders.
Competition is the most promising means to achieve and secure prosperity. It alone enables people in their role of consumer to gain from economic progress. It ensures that all advantages which result from higher productivity may eventually be enjoyed.
The Reichswirtschaftsministerium ('Reich Ministry of Economic Affairs') tells the shop managers what and how to produce, at what prices and from whom to buy, at what prices and to whom to sell. It assigns every worker to his job and fixes his wages. It decrees to whom and on what terms the capitalists must entrust their funds. Market exchange is merely a sham.
Regulation has gone astray. . . . Either because they have become captives of regulated industries or captains of outmoded administrative agencies, regulators all too often encourage or approve unreasonably high prices, inadequate service, and anticompetitive behavior. The cost of this regulation is always passed on to the consumer. And that cost is astronomical.
All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation.
Subscribe for the occasional hand-picked quote. No noise.