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
complied with, the consequences are often dangerous and sometimes fatal,
and such as almost always, sooner or later, bring on the peculiar
infirmity of the trade. If masters would always listen to the dictates of
reason and humanity, they have frequently occasion rather to moderate,
than to animate the application of many of their workmen. It will be
found, I believe, in every sort of trade, that the man who works so
moderately, as to be able to work constantly, not only preserves his
health the longest, but, in the course of the year, executes the greatest
quantity of work.
In cheap years it is pretended, workmen are generally more idle, and in
dear times more industrious than ordinary. A plentiful subsistence,
therefore, it has been concluded, relaxes, and a scanty one quickens their
industry. That a little more plenty than ordinary may render some workmen
idle, cannot be well doubted; but that it should have this effect upon the
greater part, or that men in general should work better when they are ill
fed, than when they are well fed, when they are disheartened than when
they are in good spirits, when they are frequently sick than when they are
generally in good health, seems not very probable. Years of dearth, it is
to be observed, are generally among the common people years of sickness
and mortality, which cannot fail to diminish the produce of their
industry.
In years of plenty, servants frequently leave their masters, and trust
their subsistence to what they can make by their own industry. But the
same cheapness of provisions, by increasing the fund which is destined for
the maintenance of servants, encourages masters, farmers especially, to
employ a greater number. Farmers, upon such occasions, expect more profit
from their corn by maintaining a few more labouring servants, than by
selling it at a low price in the market. The demand for servants
increases, while the number of those who offer to supply that demand
diminishes. The price of labour, therefore, frequently rises in cheap
years.
In years of scarcity, the difficulty and uncertainty of subsistence make
all such people eager to return to service. But the high price of
provisions, by diminishing the funds destined for the maintenance of
servants, disposes masters rather to diminish than to increase the number
of those they have. In dear years, too, poor independent workmen
frequently consume the little stock with which they had used to supply
themselves with the materials of their work, and are obliged to become
journeymen for subsistence. More people want employment than easily get
it; many are willing to take it upon lower terms than ordinary; and the
wages of both servants and journeymen frequently sink in dear years.
Public-domain text, read in full here on John Shaqi.
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