Adam Smith’s suspicion of paper money and of useless professions

This one is certainly not celebrated or even mentioned when the disciples of Adam Smith wax forth: he was deeply suspicious of paper money, speaking of being ‘suspended upon the Daedalian wings of paper money’ (Wealth of Nations, II.2.86).

And he has little time for creative and unproductive activities, such as churchmen and buffoons:

In the same class must be ranked, some both of the gravest and most important, and some of the most frivolous professions: churchmen, lawyers, physicians, men of letters of all kinds; players, buffoons, musicians, opera-singers, opera dancers, &c. s The labour of the meanest of these has a certain value, regulated by the very same principles which regulate that of every other sort of labour; and that of the noblest and most useful, produces nothing which could afterwards purchase or procure an equal quantity of labour. Like the declamation of the actor, the harangue of the orator, or the tune of the musician, the work of all of them perishes in the very instant of its production (II.3.2).

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