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 whole annual produce of the land and labour of every country, or, what
comes to the same thing, the whole price of that annual produce, naturally
divides itself, it has already been observed, into three parts; the rent
of land, the wages of labour, and the profits of stock; and constitutes a
revenue to three different orders of people; to those who live by rent, to
those who live by wages, and to those who live by profit. These are the
three great, original, and constituent, orders of every civilized society,
from whose revenue that of every other order is ultimately derived.
The interest of the first of those three great orders, it appears from
what has been just now said, is strictly and inseparably connected with
the general interest of the society. Whatever either promotes or obstructs
the one, necessarily promotes or obstructs the other. When the public
deliberates concerning any regulation of commerce or police, the
proprietors of land never can mislead it, with a view to promote the
interest of their own particular order; at least, if they have any
tolerable knowledge of that interest. They are, indeed, too often
defective in this tolerable knowledge. They are the only one of the three
orders whose revenue costs them neither labour nor care, but comes to
them, as it were, of its own accord, and independent of any plan or
project of their own. That indolence which is the natural effect of the
ease and security of their situation, renders them too often, not only
ignorant, but incapable of that application of mind, which is necessary in
order to foresee and understand the consequence of any public regulation.
Public-domain text, read in full here on John Shaqi.
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