...remuneration of the different occupations as either imaginary or else transient. It is thus he writes : " The whole of the advantages and disadvantages of the different employments of labor and stock must, in the same neighborhood, be either perfectly equal or continually tending to...

...still better seen if we enumerate the factors which ' "In order that this equality may take place in the whole of the advantages and disadvantages of the different employments of labor and stock, three things are requisite, even where there is the most perfect freedom. First, the...

...that 1 I use this term — taken from the Economics nf Industry — to denote what Adam Smith calls "the whole of the advantages and disadvantages" of the different employments of labour : which is a somewhat loose phrase to express the ' balance of advantages after compensating for extra...

...of twopcnces CHAP. X. OF «AGES AND РВОПТ IN THE DIFFEIlENT El! PIAYMENTS OF LADOfK AND STÜCK. THE whole of the advantages and disadvantages of the...or continually tending to equality. If, in the same neighbour. hood, there was any employment evidently either more or less advantageous than the rest,...

...stock, which raises wages, tending to lower profit through the Tnuj..iml f-nmppt.j^on of capitalists. " The whole of the advantages and disadvantages of the...perfectly equal or continually tending to equality ; " if one had greatly the advantage over the others, people would crowd into it, and the level would soon...

...numbers of individuals engaged in different occupations were determined by self-interest alone : ' The whole of the advantages and disadvantages of the different employments of labour . . . must, in the same neighbourhood, be either perfectly equal or continually tending to equality....

...number than would otherwise be disposed to enter into them, occasions a very important inequality in the whole of the advantages and disadvantages of the different employments of labour and stock. Secondly, The policy of Europe, by increasing the competition in some employments beyond what it naturally...

...causes of differences of wages in different occupations. Adani Smith lays down the proposition that "the whole of the advantages and disadvantages of the different employments of labor and *Thia may be illustrated by the familiar diagram. Let the number of labor units be measured...

...the tendency of the rate of profits to equality, or, in Adam Smith's phraseology, the ' equality in the whole of the advantages and disadvantages of the different employments of stock.' 8. Examine the doctrine that ' the value of money depends on its quantity,' noticing (a) the...

...most difficult to be transported," * forgets the significance of his own warning, and assumes that " the whole of the advantages and disadvantages of the different employments of labor . . . must, in the same neighborhood, be either perfectly equal or continually tending to equality...