Adam Smith: Common Scarcity

Posted by admin on Monday, January 6, 2020

Adam Smith Money Quote saying (The Wealth of Nations, 1776) that one of the most frequent complaints heard is that there isn’t enough money. Adam Smith said:
 
No complaint... is more common than that of a scarcity of money Quote
 

“No complaint… is more common than that of a scarcity of money” — Adam Smith

 

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In this quote, Adam Smith seems to be commenting on a common public perception regarding money availability. By stating that “no complaint…is more common than that of a scarcity of money”, Smith implies that shortages of currency available in circulation are frequently cited as an economic concern.

However, Smith’s broader work indicated a more nuanced understanding of money supply. The quote conveys Smith’s observation that lack of money on hand is a frequent public talking point, yet his economic philosophy recognized money’s role is to enable exchange, not be hoarded, and that a growing economy and innovation tend to self-regulate money availability through market forces as needs and production expand.

Overall, while acknowledging money shortage complaints, Smith appeared to believe well-functioning free markets could generally meet liquidity needs, and that broader economic growth and trade were more important to overall prosperity than money’s physical quantity alone according to the principles in his seminal book The Wealth of Nations.

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