Adam Smith, The Wealth of Nations (1776) Book IV: On Systems of Political Economy

The agricultural systems of political economy will not require so long an explanation as that which I have thought it necessary to bestow upon the mercantile or commercial system. That system which represents the produce of land as the sole source of the revenue and wealth of every country has, so far as I know, never been adopted by any nation, and it at present exists only in the speculations of a few men of great learning and ingenuity in France. It would not, surely, be worth while to examine at great length the errors of a system which never has done, and probably never will do, any harm in any part of the world. I shall endeavour to explain, however, as distinctly as I can, the great outlines of this very ingenious system.

— Adam Smith on Physiocracy

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "The agricultural systems of political economy will not require so long an explanation as that which I have thought it necessary to bestow upon the mercantile or commercial system. That system which represents the produce of land as the sole source of the revenue and wealth of every country has, so far as I know, never been adopted by any nation, and it at present exists only in the speculations of a few men of great learning and ingenuity in France. It would not, surely, be worth while to examine at great length the errors of a system which never has done, and probably never will do, any harm in any part of the world. I shall endeavour to explain, however, as distinctly as I can, the great outlines of this very ingenious system." in the context of "Adam Smith, The Wealth of Nations (1776) Book IV: On Systems of Political Economy" to mean that wisdom is timeless.

Quote Image
Source: Wikiquote: "Physiocracy" (Quotes) The 'What it means' explanation text was generated by Google Gemini Flash (accessed January 18, 2026). https://gemini.google.com/app
Adam Smith

About Adam Smith

Adam Smith (16 June 1723 – 17 July 1790) was a Scottish-born economist and philosopher, widely considered the "father of modern economics".