A history of economic doctrines : $b from the time of the physiocrats to the present dayGide, Charles
History
A history of economic doctrines : $b from the time of the physiocrats to the present day
Gide, Charles
Economics -- History
The first concerns population. Population, like commodities, may be
superabundant or it may be insufficient. What regulates its numbers? “The
number of people,” Smith replies, “depends upon the demand of society,
and this is how it works. Among the proletariat, generally speaking,
children are plentiful enough. It is only when wages are very low that
poverty and misery cause the death of many of them; but when wages are
fairly high several of them manage to reach maturity.” “It deserves to be
remarked, too,” he continues, “that it necessarily does this as nearly as
possible in the proportion which the demand for labour requires. If this
demand is continually increasing, the reward of labour must necessarily
encourage in such a manner the marriage and multiplication of labourers
as may enable them to supply that continually increasing demand by a
continually increasing population. If the reward should at any time
be less than what was requisite for this purpose, the deficiency of
hands would soon raise it; and if it should at any time be more, their
excessive multiplication would soon lower it to this necessary rate. The
market would be so much under-stocked with labour in the one case, and
so much over-stocked in the other, as would soon force back its price
to that proper rate which the circumstances of the society required.
It is in this manner that the demand for men, like that for any other
commodity, necessarily regulates the production of men; quickens it when
it goes on too slowly, and stops it when it advances too fast.”[186]
Public-domain text, read in full here on John Shaqi.
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