An Inquiry into the Nature and Causes of the Wealth of Nations

by Adam Smith

it is subdivided into a great number of different branches, each of which affords occupation to a peculiar ...

opulence

and they accommodate him as amply with what he has occasion for, and a general plenty diffuses itself through all the different ranks of the society.

requisite

millwright,

propensity

original principles in human nature,

But man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only. He will be more likely to prevail if he can interest their self-love in his favour, and shew them that it is for their own advantage to do for him what he requires of them.

As it is by treaty, by barter, and by purchase, that we obtain from one another the greater part of those mutual good offices which we stand in need of,

CHAPTER III. THAT THE DIVISION OF LABOUR IS LIMITED BY THE EXTENT OF THE MARKET.

surplus

produce

porter,

As by means of water-carriage, a more

extensive market is opened to every sort of industry than what land-carriage alone can afford it, so it is upon the sea-coast, and along the banks of navigable rivers, that industry of every kind naturally begins to subdivide and improve itself, and it is frequently not till a long time after that those improvements extend themselves to the inland parts of the country.

burthen,

Calcutta?

posterior

Gibraltar,

Phoenicians

Carthaginians,

Euxine

CHAPTER IV. OF THE ORIGIN AND USE OF MONEY.

He supplies the far greater part of them by exchanging that surplus part of the produce of his own labour,

which is over and above his own consumption,

for such parts of the produce of other men's labour a...

for.

Every man thus lives by e...

be divided into any number of parts, as by fusion those parts can easily be re-united again;

assaying

nicety

aulnagers

exchequer,

tale.

the Roman as or pondo contained a Roman pound of good copper.

These rules determine what may be called the

relative or exchangeable value of goods.

V...

'value in use;'

'value in exchange.'

commodities,

the real price of all commodities.

real price

market price, that is, the actual price of commodities,

explication

perspicuous;

NOMINAL

Labour therefore, is the real measure of the exchangeable value of all commodities.

The real price of every thing, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.

What every thing is really worth to the man who has acquired it and who wants to dispose of it, or exchange it for something else, is the toil a...