...ridiculous to take any pains to prove it." 1 In the second, with the same crushing air of certitude : " Consumption is the sole end and purpose of all production...self-evident, that it would be absurd to attempt to prove it." 2 The third passage is a compact summary of the system he founded. It is that in which he speaks, as...

...ridiculous to take any pains to prove it." 1 In the second, with the same crushing air of certitude : " Consumption is the sole end and purpose of all production...self-evident, that it would be absurd to attempt to prove it." 2 The third passage is a compact summary of the system he founded. It is that in which he speaks, as...

...the "Wealth of Nations," Adam Smith laid down the principle that "consumption is the end and aim of production; and the interest of the producer ought to be attended to only so far as may be necessary to promote the interest of the consumer." In any interpretation of this statement,...

...ridiculous to take any pains to prove it.' 90 In the second, with the same crushing air of certitude : ' Consumption is the sole end and purpose of all production...self-evident, that it would be absurd to attempt to prove it.' 9l The third passage is a compact summary of the system he founded. It is that in which he speaks,...

...generally treated by English writers in connection with production. " Consumption," says Adam Smith, "is the sole end and purpose of all production, and...may be necessary for promoting that of the consumer. " Later criticism has thrown doubt on the possibility of making such a sharp distinction between the...

...was to be kept from moving KG far as possible (297, 298). "Consumption is the sole end and pui~po.se of all production ; and the interest of the producer...promoting that of the consumer. The maxim is so perfectly self- evident that it would be absurd to attempt to prove it " (2i>S). The agricultural systems (ch....

...place of consumption in orthodox political economy was formally pointed out when Adam Smith wrote: "Consumption is the sole end and purpose of all production...self-evident, that it would be absurd to attempt to prove it."'1' While this is a clear cut statement of what has since come to be held as a truism, it is interesting...

...Exchequer, the planters and the shareholders may think, people who still believe in the maxim that " consumption is the sole end and purpose of all production,...the producer ought to be attended to, only so far as may be necessary for promoting that of the consumer," must disapprove of this particular example of...

...Smith conceded the importance of protecting the con- / sumer when he made the following observation: "Consumption is the sole end and purpose of all production,...self-evident that it would be absurd to attempt to prove it." * He complained that the mercantile system, with its protective tariff and its balance of trade theory,...

...willing to admit the soundness of the philosophy propounded by Adam Smith in 1775, when he said, ' Consumption is the sole end and purpose of all production,...interest of the producer ought to be attended to only in so far as it may be necessary for promoting the interest of the consumer.' "The public will buy...