Principium Volume II, Book 8, Quote 815, 820, 822

815. (5-11-2010) This at least would be the case in a society where things were left to follow their natural course, where there was perfect liberty, and where every man was perfectly free both to choose what occupation he thought proper. Every man’s interest would prompt him to seek the advantageous, and to shun the disadvantageous employment.

- Adam Smith – The Wealth of Nations, 1776


820. (5-12-2010) (When considering a business location. How many people can you serve? That is why the internet is so successful!)ATJ In small towns and country villages, on account of the narrowness of the market, trade cannot always be extended as stock extends. In such places, therefore, though the rate of a particular person’s profits may be very high, the sum or amount of them can never be very great, nor consequently that of his annual accumulation. In great towns, on the contrary, trade can be extended as stock increases, and the credit of a frugal and thriving man increases much faster than his stock. His trade is extended in proportion to the amount of both, and the sum or amount of his profits in proportion to the extent of his trade, and his annual accumulation in proportion to the amount of his profits.

- Adam Smith – The Wealth of Nations, 1776


822. (5-18-2010) I shall conclude this long chapter with observing that, though anciently it was usual to rate wages, first by general laws extending over the whole kingdom, and afterwards by particular orders of the justices of peace in every particular county, both these practices have now gone entirely into disuse. “By the experience of above four hundred years,” says Doctor Burn, “it seems time to lay aside all endeavors to bring under strict regulations, what in its own nature seems incapable of minute limitation; for if all persons in the same kind of work were to receive equal wages, there would be no emulation, and no room for industry or ingenuity.”

- Adam Smith – The Wealth of Nations, 1776

2 views

Recent Posts

See All
 

702-306-3822

©2020 by BrightMind. Proudly created with Wix.com

  • Facebook
  • Twitter