An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
An Inquiry Into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
We trust our health to the physician, our fortune, and sometimes our
life and reputation, to the lawyer and attorney. Such confidence could
not safely be reposed in people of a very mean or low condition. Their
reward must be such, therefore, as may give them that rank in the
society which so important a trust requires. The long time and the great
expense which must be laid out in their education, when combined with
this circumstance, necessarily enhance still further the price of their
labour.
When a person employs only his own stock in trade, there is no trust;
and the credit which he may get from other people, depends, not upon the
nature of the trade, but upon their opinion of his fortune, probity and
prudence. The different rates of profit, therefore, in the different
branches of trade, cannot arise from the different degrees of trust
reposed in the traders.
Fifthly, the wages of labour in different employments vary according to
the probability or improbability of success in them.
The probability that any particular person shall ever be qualified for
the employments to which he is educated, is very different in different
occupations. In the greatest part of mechanic trades, success is almost
certain; but very uncertain in the liberal professions. Put your son
apprentice to a shoemaker, there is little doubt of his learning to make
a pair of shoes; but send him to study the law, it as at least twenty to
one if he ever makes such proficiency as will enable him to live by the
business. In a perfectly fair lottery, those who draw the prizes ought
to gain all that is lost by those who draw the blanks. In a profession,
where twenty fail for one that succeeds, that one ought to gain all that
should have been gained by the unsuccessful twenty. The counsellor at
law, who, perhaps, at near forty years of age, begins to make something
by his profession, ought to receive the retribution, not only of his own
so tedious and expensive education, but of that of more than twenty
others, who are never likely to make any thing by it. How extravagant
soever the fees of counsellors at law may sometimes appear, their real
retribution is never equal to this. Compute, in any particular place,
what is likely to be annually gained, and what is likely to be annually
spent, by all the different workmen in any common trade, such as that of
shoemakers or weavers, and you will find that the former sum will
generally exceed the latter. But make the same computation with regard
to all the counsellors and students of law, in all the different Inns of
court, and you will find that their annual gains bear but a very small
proportion to their annual expense, even though you rate the former as
high, and the latter as low, as can well be done. The lottery of the
law, therefore, is very far from being a perfectly fair lottery; and
that, as well as many other liberal and honourable professions, is, in
point of pecuniary gain, evidently under-recompensed.
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