...Let us hear how Smith describes the function of what he calls stock. Stock is used by the employers "in setting to work industrious people, whom they will supply with materials and subsistence" (1904: 50 [19765: 66]), "to advance the wages and furnish the materials of labour" (51), "to purchase...

...Adam Smith (of which that effect came to appear as a particular case)".22 According to that theory "'as soon as stock has accumulated in the hands of particular persons' and 'as soon as the land of any country has all become private property', the price of commodities...

...the value of a commodity is no longer regulated by the quantity of labor required for its production. "As soon as stock has accumulated in the hands of particular persons" and "as soon as the land of any country has all become private property," the price of commodities...

...classical [economic] science by Adam Smith. Smith wrote in The Wealth of Nations, Book One, Chapter VI: As soon as stock has accumulated in the hands of particular...with materials and subsistence, in order to make a proßt by the sale of their work, or by what their labour adds to the value of the materials . . ....

...Let us hear how Smith describes the function of what he calls stock. Stock is used by the employers " in setting to work industrious people, whom they will supply with materials and subsistence" (5o), "to advance the wages and furnish the materials of labour" (51), " to purchase materials and...

...for the trouble taken, and the risks incurred, in combining the factors of production. As he put it, 'As soon as stock has accumulated in the hands of...with materials and subsistence, in order to make a prof1t by the sale of their work, by what their labour adds to the value of the materials.' (WN , I.vi.5;...

...unexplained event that somehow changed the entire nature of society. According to Smith, "As soon as a stock has accumulated in the hands of particular persons,...naturally employ it in setting to work industrious people" (Smith 1976, Iv5, 65). We might ask, why do the industrious people need these particular persons to...

...the whole produce of labour belongs to the labourer" [Smith, 1776, I.vi. 4]. 39. "As soon as capital has accumulated in the hands of particular persons,...what their labour adds to the value of the materials" [Smith, 1776, I.vi. 5]. 40. Smith commet au passage la même erreur que Locke en prétendant que, dans...

...particular persons, some of them will naturally employ it in setting to work industrious people ... in order to make a profit by the sale of their work,...what their labour adds to the value of the materials. . . . The value which the workmen add to the materials, therefore, resolves itself in this case into...

...particular persons, they will begin to hire other people to work for them for wages: "industrious people who they will supply with materials and subsistence in...profit by the sale of their work, or by what their labor adds to the value of the materials." Profit from this labor goes not to the worker (who gets,...