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.
It is a [disputed] question, whether the circulation of paper, rather than of specie [gold and silver coin], is a good or an evil I believe it to be one of those cases where mercantile clamor will bear down reason, until it is corrected by ruin.
The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP.
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.
Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.
We need the middle class to feel more confident about its prospects and about its future. We need to cut down on this anxiety that sees some people succeeding and the majority struggling - having to make choices between paying for their kids' education or saving for their own retirement.
Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.
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