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Economy Lessons - Consumers and Merchants


We have not long ago discussed some aspects of sociology. There is an opinion that theories of 17-19th centuries are not applicable today - in the 21st century.

However as I am reading Adam Smith at the moment, here's quite an interesting quote:

"In every country it always is, and must be, the interest of the great body of the people, to buy whatever they want of those who sell it cheapest. The proposition is so very manifest, that it seems ridiculous to take any pains to prove it; nor could it ever have been called in question, had not the interested sophistry of merchants and manufacturers confounded the common sense of mankind. Their interest is, in this respect, directly opposite to that of the great body of the people. As it is the interest of the freemen of a corporation to hinder the rest of the inhabitants from employing any workmen but themselves; so it is the interest of the merchants and manufacturers of every country to secure to themselves the monopoly of the home market." - Adam Smith, The Wealth of Nations

Not sure how this thought of long time ago different to today.

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