Principium Volume II, Book 8, Quote 832 and 835

832. (5-28-2010) (An example to the extent that government did control the lives of the people, down to the very cloth they were able to wear as clothing is expressed by Adam Smith in the Wealth of Nations.)ATJ In 1643, being the 3rd of Edward IV, it was enacted that “no servant in husbandry, nor common labourer [sic], nor servant to any artificer inhabiting out of a city or burgh shall use or wear in their clothing any cloth above two shillings the broad yard.” (The Founding Fathers were very aware of these types of regulations by kings and governments. This is not an isolated, obscure rule, and for that they cast off such a restrictive, oppressive government and elected the value of freedom and liberty to each man or woman to make their own way in life. Adam Smith continues)ATJ; This is a sumptuary law too, restraining the luxury and extravagance of the poor. (And today, for comparison, the government regulates the light bulb we can buy, the toilet we can sit on and soon the car we can drive. More government has always and will always, control the people through a multitude of regulations, laws, and rules. Reference Alexis de Toqueville’s “Democracy in America” and F.A. Hayek’s “The Road to Serfdom.”)ATJ

- Adam Smith – The Wealth of Nations, 1776


835. (6-17-2010) Nature, Accumulation, and Employment of Stock: As the accumulation of stock (money or materials - capital)ATJ must, in the nature of things, be previous to the division of labour, so labour can be more and more subdivided in proportion only as stock is previously more and more accumulated….As the accumulation of stock is previously necessary for carrying on this great improvement in the productive powers of labour, so that accumulation naturally leads to this improvement….The quantity of industry, therefore, not only increases in every country with the increase of the stock which employs it, but, in consequence of that increase, the same quantity of industry produces a much greater quantity of work. Such are in general the effects of the increase of stock upon industry and its productive powers.

- Adam Smith – The Wealth of Nations, 1776

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