...illustrates the great doctrines of political economy by a reference to the simplest transactions. He sayp, ' It is the maxim of every prudent master of a family...him more to make than to buy. The tailor does not make his own shoes, but buys them of the shoemaker. The shoemaker does not make his own clothes, but...

...sits idle or becomes a charge upon the society. In the next two paragraphs Adam Smith argues that " It is the maxim of every prudent master of a family...home what it will cost him more to make than to buy," and that " What is prudence in the conduct of every private family can scarce be folly in that of a...

...but amplified, and we might almost say perverted, by Sir Robert Peel. ' The tailor,' says Smith, ' does not attempt to make his own shoes, but buys them...shoemaker does not attempt to make his own clothes, but buys them of the tailor.' This merely exemplifies the advantage of division of employments. Pursuing...

...of foreign industry, the regulation is evidently useless. If it cannot, it must generally be hurtfuL It is the maxim of every prudent master of a family,...attempt to make his own clothes, but employs a tailor. What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom."...

...of foreign industry, the regulation is evidently useless. If it cannot, it must generally be hurtfuL It is the maxim of every prudent master of a family,...attempt to make his own clothes, but employs a tailor. What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom."...

...foreign industry, the regulation is evidently useless. If it cannot, it must generally be hurtful. It is the maxim of every prudent master of a family,...them of the shoemaker. The shoemaker does not attempt lo make his own clothes, but employs a tailor. The farmer attempts to make neither the one nor the...

...From this consideration we pass almost insensibly into the argument from the division of labour. " It is the maxim of every prudent master of a family...what it will cost him more to make than to buy. The taylor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not...

...family never to attempt to make at home what it will cost him more to make than to buy. The taylor does not attempt to make his own shoes, but buys them...shoemaker. The shoemaker does not attempt to make hisown clothes, butemploys a taylor. The farmer attempts to make neither the one nor the other, but...

...insensibly into the argument from the division of labour. " It is the maxim of every prudent master of <i family never to attempt to make at home what it will cost him more to make than to buy. The taylor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not...

...Adam Smith puts the whole matter into a few sentences, pregnant with wisdom and common sense : — " It is the maxim of every prudent master of a family...home what it will cost him more to make than to buy. . . . What is prudence in the conduct of every private family can scarce be folly in that of a great...