An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
The probability that any particular person shall ever be qualified for the
employments to which he is educated, is very different in different
occupations. In the greatest part of mechanic trades success is almost
certain; but very uncertain in the liberal professions. Put your son
apprentice to a shoemaker, there is little doubt of his learning to make a
pair of shoes; but send him to study the law, it as at least twenty to one
if he ever makes such proficiency as will enable him to live by the
business. In a perfectly fair lottery, those who draw the prizes ought to
gain all that is lost by those who draw the blanks. In a profession, where
twenty fail for one that succeeds, that one ought to gain all that should
have been gained by the unsuccessful twenty. The counsellor at law, who,
perhaps, at near forty years of age, begins to make something by his
profession, ought to receive the retribution, not only of his own so
tedious and expensive education, but of that of more than twenty others,
who are never likely to make any thing by it. How extravagant soever the
fees of counsellors at law may sometimes appear, their real retribution is
never equal to this. Compute, in any particular place, what is likely to
be annually gained, and what is likely to be annually spent, by all the
different workmen in any common trade, such as that of shoemakers or
weavers, and you will find that the former sum will generally exceed the
latter. But make the same computation with regard to all the counsellors
and students of law, in all the different Inns of Court, and you will find
that their annual gains bear but a very small proportion to their annual
expense, even though you rate the former as high, and the latter as low,
as can well be done. The lottery of the law, therefore, is very far from
being a perfectly fair lottery; and that as well as many other liberal and
honourable professions, is, in point of pecuniary gain, evidently
under-recompensed.
Those professions keep their level, however, with other occupations; and,
notwithstanding these discouragements, all the most generous and liberal
spirits are eager to crowd into them. Two different causes contribute to
recommend them. First, the desire of the reputation which attends upon
superior excellence in any of them; and, secondly, the natural confidence
which every man has, more or less, not only in his own abilities, but in
his own good fortune.
Public-domain text, read in full here on John Shaqi.
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