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
It is in this manner that the policy of Europe, by restraining the
competition in some employments to a smaller 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 would be, occasions another
inequality, of an opposite kind, in the whole of the advantages and
disadvantages of the different employments of labour and stock.
It has been considered as of so much importance that a proper number of
young people should be educated for certain professions, that sometimes
the public, and sometimes the piety of private founders, have established
many pensions, scholarships, exhibitions, bursaries, etc. for this
purpose, which draw many more people into those trades than could
otherwise pretend to follow them. In all Christian countries, I believe,
the education of the greater part of churchmen is paid for in this
manner. Very few of them are educated altogether at their own expense.
The long, tedious, and expensive education, therefore, of those who are,
will not always procure them a suitable reward, the church being crowded
with people, who, in order to get employment, are willing to accept of a
much smaller recompence than what such an education would otherwise have
entitled them to; and in this manner the competition of the poor takes
away the reward of the rich. It would be indecent, no doubt, to compare
either a curate or a chaplain with a journeyman in any common trade. The
pay of a curate or chaplain, however, may very properly be considered as
of the same nature with the wages of a journeyman. They are all three
paid for their work according to the contract which they may happen to
make with their respective superiors. Till after the middle of the
fourteenth century, five merks, containing about as much silver as ten
pounds of our present money, was in England the usual pay of a curate or
a stipendiary parish priest, as we find it regulated by the decrees of
several different national councils. At the same period, fourpence a-day,
containing the same quantity of silver as a shilling of our present
money, was declared to be the pay of a master mason; and threepence
a-day, equal to ninepence of our present money, that of a journeyman
mason. {See the Statute of Labourers, 25, Ed. III.} The wages of both
these labourers, therefore, supposing them to have been constantly
employed, were much superior to those of the curate. The wages of the
master mason, supposing him to have been without employment one-third of
the year, would have fully equalled them.
Public-domain text, read in full here on John Shaqi.
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