...participated in the market economy.19 Market production was always to be driven by consumer demand. For Smith, "consumption is the sole end and purpose of all production;...the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer."20 This belief that the satisfaction of consumer...

...than we ourselves can make it, better buy it of them."9 This is the core of Smith's economic theory: "Consumption is the sole end and purpose of all production;...the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer. The problem is that the system of mercantilism...

...theory of David Ricardo, and focus on the benefits to consumers of import competition. Indeed, he notes that: Consumption is the sole end and purpose of all...interest of the producer ought to be attended to, 9 Speeches on Question of Public Policy by Richard Cobden, MP (Pub. T. Fisher, Unwin, 1870), Free Trade,...

...customer who was always right took hold, as Adam Smith recognized in The Wealth of Nations in 1776: 'consumption is the sole end and purpose of all production; and the interests of the producer ought to be attended to, only in so far as it may be necessary for promoting...

...are unwilling, however, that any part of this small number should go abroad to instruct foreigners. Consumption is the sole end and purpose of all production;...the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer. The maxim is so perfectly self-evident, that...