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 otherwise in estates above ground. The value, both of their produce
and of their rent, is in proportion to their absolute, and not to their
relative fertility. The land which produces a certain quantity of food,
clothes, and lodging, can always feed, clothe, and lodge, a certain number
of people; and whatever may be the proportion of the landlord, it will
always give him a proportionable command of the labour of those people,
and of the commodities with which that labour can supply him. The value of
the most barren land is not diminished by the neighbourhood of the most
fertile. On the contrary, it is generally increased by it. The great
number of people maintained by the fertile lands afford a market to many
parts of the produce of the barren, which they could never have found
among those whom their own produce could maintain.
Whatever increases the fertility of land in producing food, increases not
only the value of the lands upon which the improvement is bestowed, but
contributes likewise to increase that of many other lands, by creating a
new demand for their produce. That abundance of food, of which, in
consequence of the improvement of land, many people have the disposal
beyond what they themselves can consume, is the great cause of the demand,
both for the precious metals and the precious stones, as well as for every
other conveniency and ornament of dress, lodging, household furniture, and
equipage. Food not only constitutes the principal part of the riches of
the world, but it is the abundance of food which gives the principal part
of their value to many other sorts of riches. The poor inhabitants of Cuba
and St. Domingo, when they were first discovered by the Spaniards, used to
wear little bits of gold as ornaments in their hair and other parts of
their dress. They seemed to value them as we would do any little pebbles
of somewhat more than ordinary beauty, and to consider them as just worth
the picking up, but not worth the refusing to any body who asked them,
They gave them to their new guests at the first request, without seeming
to think that they had made them any very valuable present. They were
astonished to observe the rage of the Spaniards to obtain them; and had no
notion that there could anywhere be a country in which many people had the
disposal of so great a superfluity of food; so scanty always among
themselves, that, for a very small quantity of those glittering baubles,
they would willingly give as much as might maintain a whole family for
many years. Could they have been made to understand this, the passion of
the Spaniards would not have surprised them.
Public-domain text, read in full here on John Shaqi.
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