Tuesday, February 10, 2009

Financial Quote of the day

From Adam Smith whose most famous work, The Wealth of Nations, was published in 1776, but still resonates today.

Adam Smith Quotes:
"It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country"
Quoted is from BrainyQuote.com

Which in the language of class says that Financial Intermediaries exist to lower transaction costs.

No comments: