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
In that rude state of society, in which there is no division of labour, in
which exchanges are seldom made, and in which every man provides every
thing for himself, it is not necessary that any stock should be
accumulated, or stored up before-hand, in order to carry on the business
of the society. Every man endeavours to supply, by his own industry, his
own occasional wants, as they occur. When he is hungry, he goes to the
forest to hunt; when his coat is worn out, he clothes himself with the
skin of the first large animal he kills: and when his hut begins to go to
ruin, he repairs it, as well as he can, with the trees and the turf that
are nearest it.
But when the division of labour has once been thoroughly introduced, the
produce of a man’s own labour can supply but a very small part of his
occasional wants. The far greater part of them are supplied by the produce
of other men’s labour, which he purchases with the produce, or, what is
the same thing, with the price of the produce, of his own. But this
purchase cannot be made till such time as the produce of his own labour
has not only been completed, but sold. A stock of goods of different
kinds, therefore, must be stored up somewhere, sufficient to maintain him,
and to supply him with the materials and tools of his work, till such time
at least as both these events can be brought about. A weaver cannot apply
himself entirely to his peculiar business, unless there is before-hand
stored up somewhere, either in his own possession, or in that of some
other person, a stock sufficient to maintain him, and to supply him with
the materials and tools of his work, till he has not only completed, but
sold his web. This accumulation must evidently be previous to his applying
his industry for so long a time to such a peculiar business.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account