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

by Adam Smith

It is not because one man keeps a coach, while his neighbour walks a-foot, that the one is rich, and the other poor; but because the one is rich, he keeps a coach, and because the other is poor, he walks a-foot.

fiars,

collateral

pecuniary

price of labour,

Where wages are not regulated by law, all that we can pretend to determine is, what are the most usual; and experience seems to shew that law can never regulate them properly, though it has often pretended to do so.

recompence

diminution

No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.

equity,

Luxury, in the fair sex, while it inflames, perhaps, the passion for enjoyment, seems always to weaken, and frequently to destroy altogether, the powers of generation.

fifes,

Though their marriages are generally more fruitful than those of people of fashion, a smaller proportion of their children arrive at maturity.

foundling

p...

parsimonious

It appears, accordingly, from the experience of all ages and nations, I believe, that the work done by freemen comes cheaper in the end than that performed by slaves.

it is in the progressive state, while the

society is advancing to the further acquisition,

that the condition of the lab...

seems to be the happiest and the most...

The progressive state is, in reality, the cheerful and the hearty state to all the different orders of the society; the stationar...

propag...

The wages of labour are the encouragement of industry, which, like every other human quality, improves in proportion ...

expeditious,

infirmity

Great labour, either of mind or body, continued for several days together is, in most men, naturally followed by a great desire of relaxation, which, if not restrained by force, or by some strong necessity, is almost irresistible.

It is the call of nature, which requires to be relieved by some indulgence, sometimes of ease only, but sometimes too of dissipation and diversion.

by increasing the fund which is destined for the maintenance of servants, encourages masters, farmers especially, to employ a greater number.

But the high price of provisions, by diminishing the funds destined for the maintenance of servants, disposes masters rather to diminish than to increase the number of those they have.

Cheap years tend to increase the proportion of independent workmen to journeymen and servants of all kinds, and dear years to diminish it.

coarse woollens,

Elbeuf;

linen, and another...

R...

dear years,

woollens

West Riding

The money price of labour is necessarily regulated by two circumstances;

the demand for labour, and the price of the necessaries and conveniencies of life.

Though the money price of labour, therefore, is sometimes high where the price of provisions is low, it would be still higher, the demand continuing the same, if the price of provisions was high.

The scarcity of a dear year, by diminishing the demand for labour, tends to lower its price, as the high price of provisions tends to raise it. The plenty of a cheap year, on the contrary, by increasing the demand, tends to raise the price of labour, as the cheapness of provisions tends to lower it.

The increase in the wages of labour necessarily increases the price of many commodities, by increasing that part of it which resolves itself into wages, and so far tends to diminish their consumption, both at home and abroad.

of it; and that, wherever little can be made by it, less will commonly he given for it. Accordingly, therefore, as the usual market rate of interest varies in any country, we may be assured that the ordinary profits of stock must vary with it, must sink as it sinks, and rise as it rises.

usury.

propriety.

They seem to have followed, and not to have gone before, the market rate of interest, or the rate at which people of good credit usually borrowed.

diminution

interest

market rate