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 not the actual greatness of national wealth, but its continual
increase, which occasions a rise in the wages of labour. It is not,
accordingly, in the richest countries, but in the most thriving, or in
those which are growing rich the fastest, that the wages of labour are
highest. England is certainly, in the present times, a much richer country
than any part of North America. The wages of labour, however, are much
higher in North America than in any part of England. In the province of
New York, common labourers earned in 1773, before the commencement of the
late disturbances, three shillings and sixpence currency, equal to two
shillings sterling, a-day; ship-carpenters, ten shillings and sixpence
currency, with a pint of rum, worth sixpence sterling, equal in all to six
shillings and sixpence sterling; house-carpenters and bricklayers, eight
shillings currency, equal to four shillings and sixpence sterling;
journeymen tailors, five shillings currency, equal to about two shillings
and tenpence sterling. These prices are all above the London price; and
wages are said to be as high in the other colonies as in New York. The
price of provisions is everywhere in North America much lower than in
England. A dearth has never been known there. In the worst seasons they
have always had a sufficiency for themselves, though less for exportation.
If the money price of labour, therefore, be higher than it is anywhere in
the mother-country, its real price, the real command of the necessaries
and conveniencies of life which it conveys to the labourer, must be higher
in a still greater proportion.
Public-domain text, read in full here on John Shaqi.
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