[PEN-L:31456] Re: Re: To Christian (was: Keen on road to debt deflation)

[Bill Lear <rael@xxxxxxxxxx>]

On Saturday, October 19, 2002 at 15:49:15 (-0700) Michael Perelman writes:
>
>As Adam Smith wrote:
>
>The over-weening conceit which the greater part of men have of their own
>abilities, is an antient evil remarked by the philosophers and moralists
>of all ages.  Their absurd presumption in their own good fortune, has been
>less taken notice of.  It is, however, if possible, still more universal
>....  The chance of gain is by every man more or less over-valued, and the
>chance of loss is by most men under-valued.  [Smith 1776, I.x.b.26, pp.
>124-25]

     But the ambitious man flatters himself that, in the splendid
     situation to which he advances, he will have so many means of
     commanding the respect and admiration of mankind, and will be
     enabled to act with such superior propriety and grace, that the
     lustre of his future conduct will entirely cover, or efface, the
     foulness of the steps by which he arrived at that elevation.

     ---Adam Smith, *The Theory of Moral Sentiments*, I.iii.3.8,
        p. 64.

Bill