The Principles of Economics: A Fragment of a Treatise on the Industrial Mechanism of Society and Other Papers |
Contents
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Common terms and phrases
according Adam Smith advantage amount appears arise boxes bread bricklayers Cantillon capital capitalist cent chap chapter classes Commerce commodity consumed consumption corn duty cost County Kerry dealers definition degree desire diamond division of labour doctrine doubt economists effect employed employment English Essai estimate exchange expenditure fact French friendly societies hedonic ideas important income instance J. S. Mill Jevons kind land less London luxury maker manufacturers Match Tax material matter means merchant Mill Mill's modity natural necessary obvious persons Physiocratic Political Economy Political Economy Club poor present Principles probably production profit proportion proposition purchasing quantity question regards remarks result revenue rich Richard Cantillon saving stamp statistical subsidiary trades sugar supply and demand supposed taxation theory of value things tion Traité treatise unproductive utilisation utility wages wants Wealth of Nations whole
Popular passages
Page 61 - the word Value has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called value in use; the other value in exchange.
Page 127 - What supports and employs productive labour, is the capital expended in setting it to work, and not the demand of purchasers for the produce of the labour when completed.
Page 100 - Men are much more likely to discover easier and readier methods of attaining any object, when the whole attention of their minds is directed towards that single object, than when it is dissipated among a great variety of things.
Page 165 - Labour is the Father and active principle of Wealth, as Lands are the Mother...
Page 55 - ... upon the ratio between the effectual demand, as thus defined, and the supply. " These phrases, however, fail to satisfy any one who requires clear ideas, and a perfectly precise expression of them. Some confusion must always attach to a phrase so inappropriate as that of a ratio between two things not of the same denomination. What ratio can there be between a quantity and a desire, or even a desire combined with a power...
Page 169 - But that which I would say upon this matter is, that all things ought to be valued by two natural Denominations, which is Land and Labour; that is, we ought to say, a Ship or garment is worth such a measure of Land, with such another measure of Labour; forasmuch as both Ships and Garments were the creatures of Lands and mens Labours...
Page 101 - A great part of the machines made use of in those manufactures in which labour is most subdivided, were originally the inventions of common workmen, who being each of them employed in some very simple operation, naturally turned their thoughts towards finding out easier and readier methods of performing it.
Page 169 - All things ought to be valued by two natural denominations, which is land and labour; that is, we ought to say, a ship or garment is worth such a measure of land, with such another measure of labour; forasmuch as both ships and garments were the creatures of lands and men's labours thereupon.
Page 121 - This implies that industry cannot be employed to any greater extent than there is capital to invest. The proposition, indeed, must be assented to as soon as it is distinctly apprehended. The expression "applying capital" is of course metaphorical: what is really applied is labour ; capital being an indispensable condition.